Most people who spend years struggling under a mountain of debt reach a breaking point. It could be a rude collection call or even a notice of eviction attached to their door. Chapter 7 bankruptcy offers relief from these collection efforts and the potential for a life without debt hanging over your head.
At Werner, Hoffman, Greig & Garcia, our trusted bankruptcy attorneys understand what the weight of overwhelming debt can do to you. The good news is that declaring bankruptcy could offer you a fresh start and a debt-free future. Reach out to our Miami Chapter 7 bankruptcy lawyers today to learn more.
Not everyone qualifies for protection under Chapter 7 of the Bankruptcy Code. Eligibility largely depends on your financial situation, but other facts like past bankruptcies can also have an impact. While Chapter 7 is primarily for individuals, some businesses that intend to shut down and liquidate may also qualify.
The most significant test for individuals is the means test. This test evaluates your income over the past six months and compares it to the median income for a household of your size in the state where you live. If your income is below the median, you’ve passed the first test, but there are several other factors that must be accounted for, before eligibility can be confirmed. If your income is above the median, there are some additional calculations that will ultimately determine if you can pursue this Chapter 7 bankruptcy, or if you need to consider another option like Chapter 13.
There are also timing-based restrictions. If you previously received a Chapter 7 discharge within the last eight years or a Chapter 13 discharge within the last six years, you may be barred from filing again. Our Miami Chapter 7 bankruptcy attorneys can help you understand if and how these limitations apply to you.
There are plenty of reasons why you might consider filing for Chapter 7 bankruptcy in Miami. For most people, the end goal is to complete the process and discharge many of their debts. With a discharge, you are no longer liable for that obligation and your creditors have no power to attempt to collect on it in the future.
Another important benefit is the automatic bankruptcy stay, because the moment you file your petition, all collection efforts against you must cease. This means collection calls end, lawsuits are paused, and wage garnishments are withdrawn. The stay provides you with breathing room to get your finances in order during the bankruptcy process.
While it can be difficult to qualify for a Chapter 7, it is worth noting this process is typically much shorter than a Chapter 13 plan. If you qualify, you could secure your discharge within 4 to 6 months, as opposed to 3 to 5 years. Our Miami Chapter 7 bankruptcy attorneys can answer your questions on whether this approach is right for you.
Filing for Chapter 7 bankruptcy will stay on your record for 10 years. Our experienced attorneys have extensive experience and are focused on helping you get the fresh financial start you deserve.
Werner, Hoffman, Greig & Garcia offer free consultations for prospective bankruptcy clients. At this consultation, we can evaluate your case and advise you on our fee structure.
You do not need to feel stuck with all of your debts and creditors. If you are considering bankruptcy, now is the right time to discuss your options with our team at Werner, Hoffman, Greig & Garcia. We can help you understand the process and your eligibility, and prepare you for what comes next. Call our Miami Chapter 7 bankruptcy lawyers today to get started have someone on your side as you navigate this important moment.
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