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Going into Bankruptcy with your Eyes Wide Open


As you consider filing for bankruptcy, you are no doubt filled with conflicting emotions.  While the thought of saying good-bye to creditors and their incessant interruptions into your life will be a weight off your shoulders, you are not looking forward to parting with assets, being held to strict repayment schedules, or the hefty ding to your credit rating.  Bankruptcy is no trifling matter, and for you to make the best decision as to how to proceed when your finances are in trouble, it behooves you to know precisely what you’ll be getting into if you do wind up moving ahead with a bankruptcy filing.

It Takes Time 

Unlike small claims court, bankruptcy lasts for months, or even years, depending on the type of bankruptcy for which you file.  If you wish to reap the benefits of this process, be prepared to dedicate some time.

You May Have Some Uncomfortable Confrontations 

You will be filling out a lot of paperwork related to your income, assets, and expenses, and will be meeting your creditors face-to-face to answer their questions.  Furthermore, the meeting will take place in a public room, meaning onlookers may attend if they wish.

It’s Complicated 

Some have compared the forms associated with bankruptcy to filing a complex tax return. Most people wouldn’t consider trying to fill them out without the help of a bankruptcy attorney who is advocating for you.  Not only is the process difficult; it requires absolute honesty.  If you withhold information and are caught, not only will your filing be denied; you could also face an FBI investigation of bankruptcy fraud.

It Often Impacts Others in your Life  

You’re seeking a discharge of debt when you file for bankruptcy.  Unfortunately, this could mean additional debt for family members who have cosigned on loans.  For example, if your parents cosigned on your car loan, they are not relieved of the debt for the car through your bankruptcy.  Likewise, if you and your spouse both signed a mortgage loan for your home, your spouse will still be responsible to creditors for the payments, even though your contribution to the payment may be impossible.

Your Lawyer Doesn’t Work for Free 

It seems counterintuitive to incur more debt as you struggle to crawl out from underneath a mountain of bills, but you will not likely complete this process successfully without the assistance of a lawyer who is familiar with the whole shebang.  Fees associated with this are a necessary part of the process.

Make the Best Decision 

If you are plagued with debt and feel overwhelmed, you’re not alone.  Many, many Americans have seen their finances destroyed by multiple factors in the last year, not the least of which is the pandemic. But you don’t have to face the remedy by yourself. At the Law Office of Julia Kefalinos, our experience and ethics will guide you to the best possible outcomes.  Contact our Miami bankruptcy attorneys for a confidential consultation today.

Miami Bankruptcy & Criminal Defense
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2121 SW 3rd Ave, Suite 600
Miami, Florida 33129

Telephone: 305.676.9545
Fax: 305.856.2715

The Law Office of Julia Kefalinos, Attorney, P.A. is located in Miami, FL and serves clients in and around Miami, Key Biscayne, North Miami Beach, Opa Locka, Hallandale, Hollywood and Broward County.

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.

Required legal notice: We are a Debt Relief Agency as is defined in 18 USC Section 101 of the US Bankruptcy Code. We assist people who file for bankruptcy protection.

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