Miami Gardens Chapter 7 Bankruptcy Lawyer

The Chapter 7 bankruptcy attorney in Miami Gardens, Florida at Rodriguez Law, P.L. helps individuals and families who are struggling under the weight of debts they cannot pay. While Chapter 7 bankruptcy might not be the best option for everyone, for many families and individuals, Chapter 7 bankruptcy offers a clean slate, the elimination of debts, and a fresh start. With inflation on the rise, many families are struggling to make ends meet. Too many people are just one medical bill, emergency, or accident away from financial ruin. Chapter 7 bankruptcy offers a way out. If you are struggling financially and are tired of phone calls from debt collectors, contact Rodriguez Law, P.L. a Chapter 7 bankruptcy lawyer in Miami Gardens, Florida.

The Benefits of Chapter 7 Bankruptcy

The main benefit of filing for Chapter 7 bankruptcy is that once it is finalized, it clears most debts. Most families and individuals that file for Chapter 7 bankruptcy can get a fresh financial start. The moment you file for Chapter 7 bankruptcy, you may also put an end to debt collection. Legally, once you have filed for bankruptcy, debt collections must stop. This means that debt collectors should stop calling you and any foreclosure proceeding delayed or wage garnishment must also stop.

In a Chapter 7 bankruptcy, your assets will be assessed by the court, and any assets that are not exempt will be sold to pay your creditors or you may have the opportunity to purchase none exempt assets from the trustee. The good news is that many assets are exempt from being sold during your bankruptcy.

Certain types of property might be exempt from Chapter 7 bankruptcy. Whether you’ll need to sell property will depend largely on the value of your assets, how long you’ve had certain assets, and what kind of exemptions you choose to take. Here are some types of property that may be exempt from a Chapter 13 bankruptcy:

·     Your Home

·     Personal Property (up to $1000, or up to $4000 if you do not take the home owner’s exemption)

·     Health Savings Accounts

·     Education Savings Accounts

·     Hurricane Savings Accounts

·     Your Car (up to $1000 value)

·     Certain Pensions

·     Certain Alimony and Child Support Payments

·     Certain Personal Injury Damages

These exemptions come with very specific requirements. For example, in order to claim Florida’s generous home exemption, you must have owned your home for a specific period of time. Whether you can take $1000 in personal property exemptions or $4000 will depend on whether you need to take the homeowner’s exemption during your Chapter 7 bankruptcy. Finally, because Florida’s exemptions may change, it is important to speak to a lawyer who knows the most up-to-date laws on Chapter 7 bankruptcy exemptions. The Chapter 7 lawyer at Rodriguez Law, P.L. is up-to-date on the kinds of exemptions you can claim. If you have questions about how a bankruptcy might affect your property or assets, reach out to the Chapter 7 bankruptcy law firm in Miami Gardens, Florida at Rodriguez Law, P.L. today.

Drawbacks of Chapter 7 Bankruptcy

Chapter 7 bankruptcy might not be right for everyone. First of all, there are different types of bankruptcies available depending on your situation. If you have a mortgage and don’t want to lose your home to foreclosure, a Chapter 13 bankruptcy might be a better choice than Chapter 7. The same is true if you have a delinquent auto loan and would prefer to restructure your debt with Chapter 13 bankruptcy, rather than lose your car. Chapter 7 bankruptcy is often the best choice for individuals with few assets or no assets.

Another thing to keep in mind is that a Chapter 7 bankruptcy will have affect your credit score. A Chapter 7 bankruptcy will be reported on your credit report. This may impact your credit score,  making it more challenging for you to secure new loans.

Yet even with these drawbacks, the benefits of a Chapter 7 Bankruptcy far outweigh its potential drawbacks. If you are already taking hits to your credit due to late payments or non-payment of debt, a Chapter 7 bankruptcy might, in the long run, affect your credit less adversely. Some individuals are able to open new lines of credit within a few months of a Chapter 7 bankruptcy discharge and work to rebuild their credit and their financial lives. If you truly don’t think you’ll be able to pay off your debts, Chapter 7 bankruptcy might be the best choice to give you and your family a clean slate.

A Chapter 7 bankruptcy lawyer in Miami Gardens, Florida at Rodriguez Law, P.L. can help. We can help you understand the impact that a Chapter 7 bankruptcy might have on your life and can help you navigate the Chapter 7 bankruptcy process. We are here to help. Contact the Chapter 7 bankruptcy law firm at Rodriguez Law, P.L. in Miami Gardens, Florida today.

Reach Out to A Chapter 7 Bankruptcy Lawyer in Miami Gardens, Florida

The Chapter 7 bankruptcy lawyers in Miami Gardens, Florida at Rodriguez Law, P.L. are here to help. We understand how difficult an unexpected medical bill, unexpected emergency, or the loss of a job can be, and understand how challenging it can be to suddenly find yourself underwater in debt. Chapter 7 bankruptcy might be able to offer you a way out. Contact the Chapter 7 bankruptcy lawyers in Miami Gardens, Florida at Rodriguez Law, P.L. today. We can review your financial situation and offer guidance on the next steps.

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