Miami Bankruptcy Lawyer
Florida Bankruptcy Lawyer Serving Clients in Miami, Florida
When you are facing what seems like insurmountable debt, you may be thinking about how bankruptcy can help. Whether you are an individual with consumer debts or a small business that is considering bankruptcy protection, a dedicated Miami bankruptcy lawyer at our firm can help.
Types of Bankruptcy Cases We Handle in Miami, Florida
Bankruptcy law is extremely complicated, and it is important to have an experienced advocate on your side. At Nowack & Olson, PLLC, we handle many different types of bankruptcy cases, including but not limited to the following:
- Bankruptcy & Divorce
- Bankruptcy & Retirement
- Bankruptcy & Taxes
- Chapter 7 Bankruptcy
- Chapter 11 Bankruptcy
- Chapter 13 Bankruptcy
- Credit Repair
- Creditor Harassment
- Debt Consolidation
- Family & Small Business Bankruptcy
- Foreclosure Defense
- Home Loan Modification
- Homeowners’ Association Foreclosure
- Lawsuit Judgment
- Lien Stripping
- Real Estate Bankruptcy
- Short Sale
- Strategic Default
- Wage Garnishment
Chapter 7 Bankruptcy in Plantation
Chapter 7 bankruptcy is one of the most common types of bankruptcy. Both individuals and small businesses can file for Chapter 7 bankruptcy, which is also known as liquidation bankruptcy. Chapter 7 bankruptcy is described as liquidation bankruptcy because it involves liquidating all of the debtor’s assets—except assets that are exempt—and repaying creditors with the proceeds. As long as all of the debts are dischargeable, the debtor is then able to get a new start financially and does not have to make payments on those dischargeable debts, which are wiped clean.
In order to be eligible for Chapter 7 bankruptcy, a debtor must pass what is known as a “means test.” In other words, a debtor’s income and assets cannot be too high, or else the debtor cannot qualify for Chapter 7 bankruptcy. If you cannot pass the means test, you may still be able to file for Chapter 13 or Chapter 11 bankruptcy.
The major benefit of Chapter 7 bankruptcy is that your dischargeable debts will be erased, and you can get a debt-free new start.
Miami Chapter 13 and Chapter 11 Bankruptcy Cases
Both Chapter 13 and Chapter 11 bankruptcy are known as reorganization bankruptcies, as opposed to liquidation bankruptcies. Instead of liquidating a debtor’s assets to pay debts, the individual or business’s debts are reorganized, and the debtor creates a repayment plan for those debts that typically runs anywhere from two to five years.
Chapter 13 bankruptcy is the most common type of reorganization bankruptcy for consumers, while Chapter 11 is the most common type of reorganization bankruptcy for small businesses. However, there are situations in which consumers with a very large amount of debt may file for Chapter 11 bankruptcy. A Miami bankruptcy lawyer can say more.
Differences Between Liquidation and Reorganization Bankruptcy
Unlike Chapter 7 bankruptcy, a debtor does not have to pass a “means test” in order to qualify for Chapter 13 or Chapter 11 bankruptcy. Both Chapter 13 and Chapter 11 bankruptcy can be preferable to Chapter 7 bankruptcy for some of the following reasons:
- Stop foreclosure proceedings for your home;
- Get back on track with mortgage payments; and
- Manage debts while keeping your business open.
The major benefits of Chapter 13 and Chapter 11 bankruptcy are that they allow you to retain property, which can include a consumer’s home or a small business, while repaying debts over a period of time.
Contact an Experienced Miami Bankruptcy Lawyer for Help With Your Case
Do you need help filing for bankruptcy? An experienced Miami bankruptcy lawyer can assist you. Contact Nowack & Olson, PLLC today for more information.