CHAPTER 7 BANKRUPTCY
Chapter 7 bankruptcy, also known as basic liquidation or straight bankruptcy, is the simplest and quickest form of bankruptcy available. Chapter 7 bankruptcy is usually filed by those with few assets. Chapter 7 bankruptcy can eliminate most unsecured debt, including credit card balances, medical bills, most personal loans, judgments resulting from car accidents and deficiencies on repossessed vehicles.
In addition to eliminating your overwhelming debt, filing for Chapter 7 bankruptcy usually allows you to retain ownership of some of your property. If your vehicle and home mortgage payments are up-to-date and if you hold little or no significant equity in your property, you may be able to make arrangements to reaffirm the debt. When you file Chapter 7 bankruptcy, you will be protected from creditor harassment since creditors and their representatives are forbidden by federal law to harass you, your family and even your employer once bankruptcy proceedings have begun. Although filing for a Chapter 7 bankruptcy can remain on your credit report for up to 10 years, you can start reestablishing your credit soon after your bankruptcy discharge.
Our qualified bankruptcy attorneys have years of experience in all facets of Chapter 7 bankruptcy.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy, sometimes called “reorganization”, calls for a payment plan for those who have a regular source of income and allows for a full or partial repayment of debts by the bankruptcy filer. The debtor works with the bankruptcy court to achieve a plan to repay creditors within a 3-to-5-year period. This payment plan, which begins within 30-45 days after the bankruptcy case begins, defines how all debts and liens, as well as any assets will be handled. The Chapter 13 repayment plan must meet a few requirements, including the provision that all unsecured creditors will receive at least as much through the Chapter 13 bankruptcy as they would in a Chapter 7 bankruptcy. During this 3-5 year period creditors have no rights to the debtor’s property except through permission of the bankruptcy court.
As with the filing of any bankruptcy, a record of a Chapter 13 bankruptcy filing remains on your credit report for up to 10 years. However, it is still very likely that you will be able to qualify for a new credit card, mortgage or auto loan, with the permission of the bankruptcy court.
After speaking with your experienced bankruptcy attorney from NE LAW Bankruptcy, you will soon discover that filing for your Chapter 7 or Chapter 13 bankruptcy will open new doors to a more secure financial future for you and your loved ones. Call us today, at 305-646-1460.
STUDENT LOAN DEBT RESOLUTION REQUIRES EXPERIENCED COUNSEL
Given the fact that student loans are not generally dischargeable in bankruptcy, in order to rid yourself of them for the least amount possible you must have a realistic plan and a good lawyer. The plan will depend on if the loans are Federal or Private or both. It will also depend on if there was a co-signer or not. The thing to do is to call Negrette Estopinan & Associates and see what your options are.
Child support is a monetary payment that a noncustodial parent pays toward the living expenses of their children. The amount of child support is based primarily on the noncustodial parent’s net income, although factors such as medical insurance costs, day care and school expenses and living arrangements can be considered. Although child support payments often can be agreed upon between parents, a knowledgeable Miami family lawyer can explain how it is calculated and help you finalize fair, precise terms.
The payment of child support is determined by the court taking into account the best interest of the child. It is not intended to be punishment for the parent that is required to pay support, nor should it be considered a windfall for the parent receiving support.