For as long as I can remember there seems to be a negative connotation to the word bankruptcy. Aside from the fact that the word highlights a broken financial state, bankruptcy should be looked at as nothing more than a financial instrument that allows those facing overwhelming debt the ability to restructure or set aside some of their financial obligations.
Bankruptcy laws were put in place to allow individuals and corporations in financial distress a way out of debt. This can be either by setting aside some of that debt liking a chapter 7 for example and or restructuring the debt in the case of a chapter 13 or Chapter 11 bankruptcy.
As a Miami bankruptcy attorney it is quite common for individuals and family seeking our services, however concerned to the number of assets they possess. If you following me to financial hardship one thing you don't want to do is ignore any type of communication with your creditors.
It is advised that you seek the help of an experience bankruptcy law firm. In the event you are the type of individual who owns multiple cars, a boat, and maybe even a motorcycle! Many Miami bankruptcy lawyers will advise you to seek a chapter 7 reaffirmation application. While a chapter 7 bankruptcy is consider a liquidation of assets with a chapter 7 reaffirmation motion you will be able to protect assets such as motorcycles, boats, motor homes, and cars as long as you are able to for fill you up are of the contract. It is extremely important that if you are seeking a chapter 7 debt reaffirmation application you seek the help of an experience bankruptcy attorney in Miami. Unlike many parts of the country South Floridians especially those living in Miami are known for their toys. It is not rare to find single individuals owning 2 or 3 cars. This of course is not practical in places like Manhattan New York and other metropolitan areas where owning a vehicle is a substantial expense.
The filing for a chapter 7 debt reaffirmation application has several pros and cons. For one you are liable for the debt. The debt listed in the agreement cannot be discharge after bankruptcy. Other things to consider are the consequences for not meeting your payment schedule. For example, in the event of a car loan the you are unable to pay for. The lender has the right and will probably reprocessed the vehicle. These vehicles are then sold on auction at a discounted price. You will be held responsible for the difference between the amount owed and the selling price. All the Chargers such as towing fees than auction fees may also be attached to the balance.
The law firm of Alberto Hernandez P.A. is an experience bankruptcy law firm in Miami Florida who has been helping families and individuals get a fresh debt-free star life. Since 1991 they have helped many South Floridians find debt solutions to their financial problems. Contact attorney Alberto Hernandez Esq. for a free consultation and advise problems including your options under a chapter 7 debt reaffirmation application.
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