Miami Bankruptcy Lawyers

Tsunami of Miami Foreclosures

Thousands of residents of the Miami are struggling to keep mortgages above water and praying that their employers will not lay them off or go out of business.  The projected recovery will come too late for many who will be forced to lose their homes and/or file for bankruptcy.  Bankruptcies filed in South Florida in May hit record levels, up 68% from a year ago.  It is estimated that 1.4 million consumer bankruptcies will be filed in the U.S. in 2009, the surge triggered by the foreclosure crisis and economic downturn.

Legal Advice in Your Miami Bankruptcy

The Federal Bankruptcy Law involves processes, procedures and evaluations which can be complex and confusing, including major revisions made in 2005.  Seek the advice of a Miami law firm with specific long-term experience in Miami bankruptcy matters.  Check references, if possible.  A competent Miami attorney will help you weigh your different options, make informed decisions, help you protect the security of your family and reduce your stress, while facing the realities of the situation.

Florida Chapter 13 Bankruptcy

Generally, all consumers considering bankruptcy in Florida will file either a Chapter 7 (liquidation) or Chapter 13 bankruptcy.  Chapter 13 provides for your creditors to be paid back all or a portion of the debt owed, over a period of three to five years.  Chapter 13 is often used in Florida to prevent a foreclosure of a home or repossession of a car.  Florida filers who do not pass the Chapter 7 “means test” will be required to file Chapter 13 or remove themselves from the bankruptcy process entirely. 

Be Careful When Paying Debts Outside of Your Miami Bankruptcy

Certain debt payments may be considered preferential and the Florida Bankruptcy Trustee carries “avoidance power” to overturn certain transfers or obligations made by the debtor prior to or during bankruptcy.  Examples include:

·         Property transferred or paid during relevant time period before bankruptcy

·         Something passed from the bankruptcy to a creditor

·         Payment occurred at a time when the bankrupt consumer/business was insolvent

·         One creditor is given advantage over another creditor

·         Creditor suspected or should have suspected that the bankrupt consumer/business was insolvent

Repair Your Credit Following Your Miami Bankruptcy

Begin working on your credit repair right away.  Try applying for credit and once accounts are open use them sparingly and pay them off on time.  Get a secured loan on a house, car or student loan and at least one credit card or home equity line.  Debts commonly remain active when they should show as discharged in bankruptcy.  Contact the credit agencies involved to correct these mistakes.

Last Words on Miami Bankruptcy

Miami residents continue to suffer, as the State’s economy struggles to recover.  Decisions you make and actions you take now can have a positive or negative effect on the outcome of your bankruptcy proceedings.  The U.S. Bankruptcy Court cautions that “Bankruptcy has long-term financial and legal consequences -- hiring a competent attorney is strongly recommended.”Click here to find Miami attorney resources in your area.

• If you are at risk of filing for bankruptcy or already in the process, Submit Your Case for a Free Review from a Bankruptcy Attorney in Miami, FL.