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Seek Financial Peace Of Mind Through Chapter 7 Bankruptcy

Financial challenges and setbacks can be overwhelming, and so can figuring out how to get out of them. For many, Chapter 7 bankruptcy can offer a fresh start. If you are facing financial struggles in Miami-Dade and are considering Chapter 7 bankruptcy, our experienced bankruptcy lawyers are here to help. Located in Miami, Florida, our firm is committed to providing accessible, honest, and transparent legal guidance throughout the bankruptcy process.

How Chapter 7 Bankruptcy Works

Also known as liquidation bankruptcy, Chapter 7 bankruptcy allows people to discharge unsecured debts like medical debt and debt from credit card balances. The process involves liquidating nonexempt assets to repay creditors. To meet the criteria for Chapter 7, you must pass a means test. This test evaluates your income, level of debt and the amount of disposable income you have to pay off those debts. Partnerships, corporations and other business entities may also file for Chapter 7 bankruptcy relief.

What To Consider Before Filing For Chapter 7 Bankruptcy

Before filing for Chapter 7 bankruptcy, you must thoroughly evaluate your finances. Consider whether you can repay your debts through other means or if bankruptcy is viable. We can help you assess your eligibility, discuss the implications of bankruptcy on your assets, and explore various options that suit your needs.

Why Partner With De Armas & Arriete, LLC?

We differentiate ourselves apart through our commitment to accessibility and regular communication. We return calls and emails within 24 hours, ensuring you are never left in the dark about your case. Our honest and transparent approach extends to billing, setting realistic expectations and building client trust. We strive to make the bankruptcy process as easy as possible. That way, you have the confidence and clarity necessary to forge a new financial path.

Frequently Asked Questions About Chapter 7 Bankruptcy

These are some of the questions we hear most frequently from our clients:

Will bankruptcy permanently ruin my credit?

While bankruptcy can lower your credit score, it does not ruin it permanently. Chapter 7 bankruptcy can remain on your credit report for up to ten years. However, many people find that they can boost their credit score as they get more control over their finances. After filing, we can help you determine an appropriate strategy for rebuilding your finances.

If I file for bankruptcy, will I lose my house? My car?

That can depend on several circumstances, including the equity in your property and state exemption laws. In some cases, you can keep these assets. We can help you understand your situation and evaluate your options.

Can I ever qualify for a mortgage again after filing for bankruptcy?

Yes, you can still qualify for a mortgage after bankruptcy. While it can take a few years, rebuilding your credit and demonstrating financial responsibility can increase your chances of securing a mortgage.

Do my spouse and I both have to file for bankruptcy? What happens to the other when one files?

No, you and your spouse don’t both have to file for bankruptcy. If only one of you files, it primarily affects the filer’s debts and assets. However, if you have joint debts, they could still affect the non-filing spouse.

What debts can you discharge in Chapter 7 bankruptcy?

You can erase many unsecured debts, including personal loan debt, medical debt, and credit card debt, through Chapter 7 bankruptcy. However, you typically can’t discharge certain debts like student loans, child support, or tax-related debts.

What is the difference between Chapters 7, 13, and 11?

Chapter 7 involves liquidating assets to pay off unsecured debts, Chapter 13 allows for debt reorganization and repayment plans, and Chapter 11 is typically used for business reorganizations.

To learn more about these other options, visit our Chapter 11 and Chapter 13 bankruptcy pages.

Pave The Path To A Better Financial Future – Call Today.

You may feel like you cannot get out of your current financial situation. We are here to tell you that getting a fresh start is possible. Call 786-600-4437 or visit our contact page to schedule an initial consultation with our Miami-based office.