Filing bankruptcy is never a pleasurable experience. Bankruptcy can be a difficult legal cavern to navigate and unless you know the law, you may make the wrong decisions that will affect the rest of your life. Chapter 7 bankruptcy is one of the most filed bankruptcies in Miami. Chapter 7 allows for the liquidation of your assets to repay all outstanding debts you may have. Here is a few tips when considering a Chapter 7 bankruptcy in Miami.
• Always seek the counsel of a chapter 7 bankruptcy attorney in Miami before initiating a bankruptcy filing. They may be able to find other alternatives to filing bankruptcy in Miami.
• Evaluate your assets. If you can pay off your outstanding debts by liquidating your assets yourself, you should! This will help you avoid a stain on your credit report that can last for MANY years.
• Chapter 7 bankruptcy in Miami should only be considered when you retain very little in the way of assets. Chapter 7 bankruptcy in Miami is usually only used by those whom have outstanding medical bills or the like. Chapter 7 bankruptcy will liquidate all of your assets to repay your creditors, so if you only have a thousand dollars in assets you may be forgiven a massive amount of debt for a small amount of money.
Speaking with a chapter 7 bankruptcy lawyer in Miami will help you decide if a chapter 7 bankruptcy is right for you. You may need to file another type of bankruptcy, especially if you are trying to keep your home and your vehicle. A chapter 13 bankruptcy may be more preferable. A chapter 7 bankruptcy attorney will guide you through the entire process of filing for bankruptcy and explain the affects that a chapter 7 bankruptcy will have on your credit.