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Is Bankruptcy the Right Move for You?

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This year more than most, many people are finding it hard to make ends meet.  January is often something of a nasty wake-up call from creditors due to holiday shopping that went a bit out of control.  On top of it this particular January, many are dealing with COVID related job loss and/or medical expenses, making the future look grim.  Should you consider simply filing bankruptcy?  The answer may be complicated.

Are you Really Unable to Pay your Debt? 

For starters, calculate your total debt that would be discharged in a bankruptcy filing.  Would you be able to tighten your belt and pay off that debt within the next couple of years?  If so, it could be worthwhile to save your credit rating.  Contacting creditors to attempt to reschedule paybacks or reduce your bottom line is a good idea, especially now when creditors are aware of the financial challenges across the country.

Are You Looking at a Home Foreclosure? 

If your house is on the line, bankruptcy could be one way to save it.  Particularly if you have a significant amount of equity built up, you want to try to hang on to the house.  But while this step will give you a bit of time to get things in order, at some point you’re still going to be responsible for those missed payments. On the other hand, if the house has become a financial millstone around your neck, you may want to cut your losses and let it go.

Are Garnishments Killing You? 

If you’re losing up to 25 percent or more of your income to creditor garnishments, bankruptcy will eliminate that problem.  Not only will the garnishments stop; so will the aggressive calls from creditors.  That’s peace of mind you won’t find otherwise.

Have you been Served in a Lawsuit? 

If your wages haven’t been garnished yet, they may be soon if legal papers have been served.  This type of notice is nothing to take lightly.  Contacting a bankruptcy attorney quickly could save you a lot of money.

Bankruptcy Discharges Debt

 If you’re burdened with payday loans, credit card bills, medical bills, back rent or old utility bills, a bankruptcy filing may discharge some or all of it.  However, taxes, student loans, and child support obligations will follow you regardless of your filing. (Penalties associated with overdue taxes could be wiped clean).

Get the Legal Advice you Need 

At the Law Office of Julia Kefalinos, we understand the challenges of modern times.  There is no shame in admitting that you’re in over your head, often due to no fault of your own.  Instead of letting the stress and guilt overwhelm you, why not sit down with an experienced Miami bankruptcy attorney to discuss your options?  Schedule a confidential consultation in our office today.

https://www.kefalinoslaw.com/hurdles-in-filing-chapter-7-bankruptcy-means-testing/

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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