Determining if Bankruptcy is Right for You

Dealing with a financial crisis or continued hardship may at times seems overwhelming. The good news is that you are not alone amid an experience that countless Americans and Floridians face every day. The even better news is that the law can help you emerge from financial adversity, and relatively unscathed at that. Should you require the assistance of a bankruptcy attorney in or near Miami, Florida, Adams and Associates, P.A. will represent your interests in a professional and committed fashion. You should not have to face difficulties like these without the help of a lawyer who understands what you are going through.

For now, however, you may have important questions about how bankruptcy works and what it might mean for you. Are there other alternatives? Is this just a short-term solution? Though bankruptcy is not the optimal choice for everyone, it certainly remains an effective option for many who can not afford to pay their bills and cover old debts. There is no shame in that. After losing a job, incurring medical costs or otherwise dealing with unanticipated expenses, bankruptcy may save you from further hardship.

What Exactly Would Bankruptcy Mean for Me?

The Florida Bar explains the basic implications of bankruptcy aptly, noting, “Bankruptcy is a process by which consumers can eliminate or repay some, or all, of their debts under the protection of the federal bankruptcy court. Generally, bankruptcy takes one of two forms — liquidation or reorganization.”

While there are some disadvantages associated with bankruptcy, this process can make an important difference.

As the Florida Bar adds, “In the short term, bankruptcy prevents continued efforts by creditors to collect debts. In the long term, bankruptcy can eliminate repayment obligations or provide for a restructuring of the debtor’s obligations, thus enabling the debtor to obtain a fresh start.”

Additionally, bankruptcy can, for example, prevent repossession or foreclosure, avert wage garnishment and other collections activity, and even keep a utilities company from terminating your services. The process may also enable you to lower monthly payments for debts like mortgages or car loans. For those who are overwhelmed with financial obligations, filing for bankruptcy may be all but essential. Note, however, that if you are simply looking to avoid an annoying call or two on account of credit card (or other) debt, there are slightly more basic alternatives.

Things like your income, assets, and type of debt would generally determine which kind of bankruptcy you might file, but consumers typically file either the Chapter 7 or Chapter 13 variants. There are also a number of exemptions for which you may apply in the process. Simply note that, in Florida, you must use state-based exemptions rather than those otherwise provided by federal law.

Securing Legal Help With Bankruptcy

If you have determined that bankruptcy may be a sound option on account of your financial situation, it is a good idea to consult with an attorney as soon as possible. This can assure that your debts stop piling up and potentially make that situation even worse. Adams and Associates, P.A. has extensive experience dealing with consumer bankruptcy along with the legal prowess needed to represent your affairs in professional fashion. In order to request a consultation, simply fill out the contact form at the bottom of our home page located here.