Saturday, November 15, 2014

Can I Buy A Home After Filing Bankruptcy?

One of the biggest myths surrounding bankruptcy has to do with credit after bankruptcy. People worry about being able to get credit cards, buy car with financing and even qualifying to buy a house! If you share these concerns you need to seek the services of a seasoned Miami bankruptcy attorney!

We are not going to lie to you! Going into bankruptcy puts a stop to your ability to borrow money or use a credit card in the short term. However, many internet articles predict that it severely lowers your credit score.  These are all half truth! Yes, bankruptcy will impacts your credit and your ability to borrow in the short run.  As a bankruptcy attorney in Miami with more than 23 years in practice our experience is been that people who come to us have already experience a huge credit score drop. These types of drops are the worse type because it is usually cause by late payments, and default on unsecure debt!

Regardless of what anyone may tell you bankruptcy is one of the best ways to reset your credit! Bankruptcy is not the end of your credit but rather a legal instrument that is an option to you and one that can reset your credit. When properly filed by a seasoned Miami bankruptcy lawyer it eliminates many if not all legal obligation of the debtor to pay the debts that existed at the time of the filing. This is why bankruptcy 7 bankruptcy is often call “a fresh start”

After filing bankruptcy and with with proper preparation, patience and financial planning, you might be able to purchase a home sooner than expected. Start by requesting your credit report about 6 month after your discharge. You need to go through it and identify any mistakes including debt that were discharge but are still showing as owed. Second, look for banks, preferably your banks, who offer secured credit cards.  Borrow small, manageable amounts and re-pay quickly. Avoid large debt such as cars etc. Third open a savings account and make it a habit to make weekly or monthly deposits. Many of our clients who follow these procedures have been able to build enough credit allowing them to apply for mortgage loans and buy a house after bankruptcy!


If you are struggling with debt, bankruptcy is not the end of your credit seek the help of an experience bankruptcy attorney. The Miamibankruptcy law firm of Alberto Hernandez has been helping people get out of debt since 1991! Contact us today for a FREE no obligation consultation.   

Saturday, November 8, 2014

What is debt reaffirmation?

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.

Wednesday, June 4, 2014

Bankruptcy help for Hialeah residents

The city of Hialeah Florida is one that was not spare from the market crash of 2007. With a population of 224,669 in 2012 compared to 226,411 in 2000 Hialeah has seen decrees of .8% in its population. This drop was due primarily to a large number of factories and small businesses closing during the recession.

Despite the number of positive signals from the economy, many families and individuals are still at the brink of bankruptcy, struggling with overwhelming debt and adjustable rate mortgages. Several federal funded programs like the LMM or loss mitigation mediation program have had some success in limiting or slowing down the rate of foreclosures in Hialeah. However, driving around East Hialeah specially in zip code 33010 and 23012 the hurting still visible with numerous abandoned residential and commercial properties. Many of these individuals chose to walk away rather than seek bankruptcy protection.

Despite popular belief, there is nothing shameful about filing for bankruptcy relief. On the contrary bankruptcy laws were put in place to help individuals who are overwhelmed with debt renegotiate or waive their debt. Had many of this families and individuals seek the help of a Hialeah bankruptcy attorney. They may have been able to renegotiate and or restructure their debt in a way that would allow them to stay in their home. A recent case study showed that those who chose to renegotiate their mortgage with a Hialeah bankruptcy attorney via the LMM program were successful 78% of the time.

In many of these cases the mortgage payment is less than what it will cost to rent an equivalent property. Hialeah is a very unique city with only about 7% of the population speaking English and about 92% speaking Spanish. Filing bankruptcy can be a tedious process and one you need to comprehend before moving forward. If you are seeking to file bankruptcy notes for a Hialeah bankruptcy attorney that speak Spanish. Alberto Hernandez P.A. is a Cuban-American bankruptcy attorney in Miami Lakes who speaks Spanish. Mr. Hernandez has over 20 years of experience in helping people get out of debt by means of the bankruptcy law.