Things To Know About Bankruptcy
Tuesday, March 24th, 2009 Subscribe To Our Feed
People who find themselves terribly burdened with unfeasible debt will do well by hiring a Miami Bankruptcy lawyer to file for protection for them under the federal bankruptcy law.
There are two main ways to file for bankruptcy, depending on what you are looking to acheive. These two ways are: Chapter 7, which gets rid of your debt and Chapter 13, which helps organize your debt to pay it off in about 5 years. Chapter 7 is usually a good choice to file if you do not have any belongings that is exempt from protection. Chapter 13 which is the reorganization bankruptcy is filed by debtors who are willing to pay their debts in 3 to five years. This bankruptcy is also filed when a debtor has a wish to keep non-exempt property. There are two ways for filing bankruptcy; one is the debtor himself files a petition for bankruptcy or for the debtor to pay an experience Miami bankruptcy lawyer to file for them.
Non-exempt possessions are things like some cars, real estate equity above the state homestead value, and boats etcetera. These are liquidated by the bankruptcy trustee.
The charge for filing the Chapter 7 or Chapter 13 bankruptcy is around $300 plus your attorney fee if using an attorney. It is smart to obtain a reliable Miami bankruptcy lawyer that you can afford and of course this will depend on the lawyer’s price.
An experienced Miami bankruptcy lawyer will be able to aid you in deciding which chapter to file and whether this is the right choice for your situation.
The difference between the two chapters in bankruptcy law is that Chapter 7 involves taking the creditors non-exempt possessions and appoints a trustee to sell off the assets and then pays off the creditors with the proceeds. In Chapter 13 the trustee prepares the plan for paying back the debt in installments.
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