Miami Lakes, Florida Chapter 7 Bankruptcy Lawyer

The Miami Lakes, Florida Chapter 7 bankruptcy lawyer at Rodriguez Law, P.L. helps clients get a fresh financial start. Chapter 7 bankruptcy allows you to clear your debts. It puts an end to debt collection phone calls, debt collection processes, and clears most debts so that you can begin to rebuild financially. A common misconception of Chapter 7 bankruptcy is that you’ll lose your home or your car. Most people who file for Chapter 7 bankruptcy lose neither their home nor their car. If you are struggling under the weight of credit card bills you can no longer afford to pay, unexpected medical bills, or are facing calls from creditors and debt collectors, you may want to speak to the Miami Lakes, Florida Chapter 7 bankruptcy lawyer at Rodriguez Law, P.L. Our Chapter 7 bankruptcy law firm works with individuals who are struggling financially. We understand how stressful it can be to receive calls from debt collectors and be unable to pay. Contact our Miami Lakes, Florida Chapter 7 bankruptcy law firm at Rodriguez Law, P.L. today.

 What Happens When I File for Chapter 7 Bankruptcy?

Chapter 7 bankruptcy can have some immediate beneficial effects for your finances. If you are struggling, Chapter 7 bankruptcy may be able to help you. Here are some things that happen immediately when you file for Chapter 7 bankruptcy:

·     All debt collections must stop.

·     Debt collectors are no longer legally allowed to call you.

·     Chapter 7 bankruptcy also put a temporary stop to a home foreclosure if that is in process. Any wage garnishment must also stop.

Once the process has begun, the court will review your assets and property and determine which assets are exempt from bankruptcy proceedings and which assets are not exempt and must be sold to pay creditors. Many bankruptcy proceedings are considered “asset-free” cases. This means that the court determines that you have no non-exempt property.

What property is exempt during a Chapter 7 bankruptcy?

·     Your Home. Under Florida’s homestead exemption, you can keep your home in a Chapter 7 bankruptcy, provided that your property isn’t more than a half acre if you live in a city nor more than 160 acres if you do not live in a municipality. You must have owned the property for at least 1,215 days in order for your property to be exempt completely under Florida law.

·     Personal Property up to $1000 in value. This includes any personal property you may have such as jewelry, furniture, electronics. And if you didn’t take Florida’s homestead exemption, your personal property exemption increases to $4000. Health aids that are medically prescribed are also exempt property.

·     Certain Savings Accounts. Health savings, education, and hurricane savings accounts are exempt under Florida’s bankruptcy laws.

·     Motor Vehicle. You can also exempt up to $1000 of the value of your vehicle.

·     Other Exemptions. Certain pensions, public benefits, alimony and child support benefits, certain personal injury damages, and certain life insurance policies may also be exempt.

Navigating Florida’s exemption laws can be complicated. This is why you’ll want to work with a Chapter 7 bankruptcy lawyer when you file for bankruptcy. The Miami Lakes, Florida Chapter 7 bankruptcy lawyer at Rodriguez Law, P.L. can review your financial situation and help you claim the greatest possible share of exemptions as permitted by law. Finally, Florida exemption laws are constantly changing and evolving. A Chapter 7 bankruptcy lawyer in Miami Lakes, Florida at Rodriguez Law, P.L. can help you understand the most up-to-date exemptions.

In a Chapter 7, asset that are not exempt may be sold by the trustee to pay creditors that why it’s important to hire an experienced Chapter 7 attorney. Some kinds of debts cannot be eliminated with bankruptcy. These debts include child support debt, alimony, and in most cases, student loan debt. If you have questions about the Chapter 7 bankruptcy process and whether bankruptcy is right for you, reach out to the Miami Lakes, Florida Chapter 7 bankruptcy lawyer at Rodriguez Law, P.L.

Is Chapter 7 Bankruptcy Right for Me?

While bankruptcy can give you a fresh start, Chapter 7 bankruptcy might not be right for you. Chapter 7 bankruptcy isn’t the only type of bankruptcy you can file. If you currently in default or behind on a mortgage on your home or are delinquent paying for a car using an auto loan, Chapter 13 bankruptcy may give you more options for keeping your home, keeping your car, and repaying some of your debts. Additionally, any kind of bankruptcy will have a major effect on your credit score but not like make your credit worst if you already have bad credit. Credit bureaus may report the filing of bankruptcy for several years, but that doesn’t mean your credit score will not improve after a bankruptcy discharge.

Even if there are drawbacks, Chapter 7 bankruptcy may still be the best option. If you are already facing blows to your credit because of late payments of bills or non-payments, Chapter 7 bankruptcy might affect your credit, but not as much as taking regular or periodic hits because you are already underwater in debt. If you are not sure about whether Chapter 7 bankruptcy is right for you, reach out to the Chapter 7 bankruptcy law firm in Miami Lakes, Florida at Rodriguez Law, P.L. Our lawyers can help you understand the consequences of filing for bankruptcy, help you understand your alternatives, and assist you with the process so that you can get the best possible outcome.

Call a Chapter 7 Bankruptcy Lawyer Today

With inflation, unexpected medical bills, higher costs of living and stagnant wages it is no wonder so many working-class Americans are finding themselves unable to pay debt and behind on bills. So many people live a delicate financial balance. All it takes is one medical bill to tip the scales. If you find yourself struggling under the weight of debts you cannot pay, reach out to the Chapter 7 bankruptcy lawyers in Miami Lakes, Florida at Rodriguez Law, P.L. today. Our Chapter 7 bankruptcy lawyers are here to assist you with the bankruptcy process every step of the way.