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Chapter 7 Bankruptcy

South Florida has been hit hard by the global pandemic. Individuals have lost jobs and small businesses have closed, and many will never reopen. Many people have lost income and increased their debt. If your circumstances have changed and you or your business no longer have the money to pay your creditors, bankruptcy is a legal option to “stop the bleeding” and allow you to get a fresh start.

Bankruptcy is not something to be ashamed of and is becoming more commonplace. Many individuals, through no fault of their own, need debt relief and protection from creditors and debt collectors. There are many benefits to bankruptcy, including:

  • Erase debt such as medical bills and credit cards
  • Wipeout unsecured loans
  • Delay evictions and foreclosures
  • Stop utility suspensions
  • End wage garnishments
  • Prevent car repossession

While some of your assets will need to be liquidated, you may be able to keep important assets such as your home or your car and personal belongings.

What Is Chapter 7 Bankruptcy for Individuals and Businesses?

Chapter 7 and Chapter 13 are the two most common types of bankruptcy for individuals and businesses. For many people and small business owners, Chapter 7 is the best option to declare that your business is bankrupt, that you personally are bankrupt or both.

  • Both individuals and businesses can file for Chapter 7 bankruptcy
  • Married couples can file for Chapter 7 jointly
  • One spouse can file for bankruptcy without the other

Speak To A Miami Chapter 7 Bankruptcy Lawyer
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Is Chapter 7 Bankruptcy Right For You?

There are pros and cons to filing for bankruptcy. Before you file for legal debt relief, you need to fully understand the long and short term consequences of filing, and how it will affect your financial future. Filing for bankruptcy typically takes 4-6 months, and if you are eligible for Chapter 7 you will be required to attend credit counseling, submit documentation verifying your income, debt and creditors, and attend budgeting classes.

After completing the paperwork and court requirements, it typically takes 60 - 90 days to discharge your debts.

There Is Life After Bankruptcy

Chapter 7 is a smart option to protect your personal finances and your business. Filing for bankruptcy is stressful and can be confusing. Not everyone qualifies for Chapter 7 and it is not something you can DIY on your own. The advice of an experienced Miami bankruptcy lawyer can be crucial to understand your options and whether you qualify, and then quickly help you get out of debt and start a new chapter in your life.

Life After Bankruptcy in Florida

A Chapter 7 bankruptcy stays on your credit report for ten years. During that 10 years, you can begin to rebuild your credit and move on with your life. Often time, it can be easy to get a loan after bankruptcy because you have no debt!

  1. Credit Report: Once you have no more debt, you can quickly rebuild your credit rating and even open credit cards with low loan amounts that you can slowly build up. At first, these credit cards may have higher interest rates and annual fees, which you can slowly work down by paying your balance on time.
  2. Home Rentals: Most apartment management companies have experience working with bankruptcy and have programs in place to help you rent if your credit report includes bankruptcy or home foreclosure.
  3. Mortgages: If you lose your home due to debt, it is possible to get a mortgage again in as few as 2 years after your debt is discharged through Chapter 7 bankruptcy.
You Deserve A Fresh Start

Are you or your business in debt, with mounting bills and not enough income to pay them? If you need to get rid of your debt and get a fresh start, contact an experienced Miami personal or business Chapter 7 bankruptcy attorney today. Our initial consultation is free and confidential. Hablamos Español.

Client Reviews
We cannot thank Miguel A. Brizuela, P.A. enough. They were professional, respectful, approachable, and knowledgeable. We did renovations to two of our properties and had bad work done by both contractors. Mr. Brizuela dealt with the contractors, hired experts to highlight the bad work, and attained favorable settlements for us. We would recommend Mr. Brizuela to anyone. Fred J.
My company works as a subcontractor on governmental projects. We have relied on Mr. Brizuela's law firm on several occasions. Mr. Brizuela successfully prosecuted a payment bond claim against a surety to obtain a favorable settlement for us. His knowledge and expertise in the field of construction law is consistently beyond that of opposing attorneys. We definitely trust him. Andres J.
Construction Law is a very complex specialty or field, several topics are involved: construction, real estate, legal. I'm a CGC and I always use Mr Brizuela when we needed help with our contracts, agreements or dispute in our projects. He is a great professional, very knowledgeable and has excellent costumers services skills. He also speak Spanish, that helps a lot here in south Florida. M. Z.