Get the Help You Need Today
Debt can feel overwhelming, especially when creditors won’t stop calling and financial uncertainty hangs over you. Filing for bankruptcy might give you the relief you need. A Coral Gables bankruptcy lawyer from Werner, Hoffman, Greig & Garcia can explain your options and guide you through the process.
Bankruptcy isn’t the end – it can be a fresh start. With the proper legal support, you can discharge certain debts, protect your assets, and feel more in control of your future. Let Werner, Hoffman, Greig & Garcia help you take that first step toward financial freedom. Call us today at 305-845-4470 to get started.
Understanding the Different Types of Bankruptcy and Related Legal Matters
Bankruptcy law covers a variety of situations, and our bankruptcy attorneys help clients with all kinds of financial challenges. Here are some of the most common types of bankruptcy cases we handle:
Chapter 7 Bankruptcy (Liquidation Bankruptcy)
Chapter 7 bankruptcy allows individuals to eliminate unsecured debts, like credit cards and medical bills, by liquidating non-exempt assets to repay creditors. A court-appointed trustee oversees this process, selling assets that do not qualify for exemptions. According to the U.S. Courts, this type of bankruptcy is often a good option for people with limited income and few assets, and many essential items, like a primary home, personal belongings, and retirement accounts, are protected under federal and state laws.
One primary benefit of Chapter 7 is how quickly the process moves. In most cases, debts are discharged within a few months, allowing individuals to move forward without the constant burden of unpaid bills. However, qualifying requires passing a means test, which compares your income to the state median.
Chapter 13 Bankruptcy (Reorganization Bankruptcy)
Chapter 13 bankruptcy is designed for individuals with regular income who want to keep their assets while managing their debts. According to the U.S. Courts, this type of bankruptcy involves creating a repayment plan that lasts three to five years, allowing debtors to catch up on missed payments for secured debts like mortgages or car loans while keeping their property.
At the end of the repayment period, any remaining eligible debts may be discharged, giving individuals a path toward long-term financial stability. This option requires consistent budgeting and a commitment to the repayment plan but can help homeowners avoid foreclosure and get back on track financially.
Chapter 11 Bankruptcy (Business Reorganization)
Chapter 11 bankruptcy is typically used by businesses looking to reorganize their debts while continuing operations. According to the U.S. Courts, this type of bankruptcy allows a company to create a reorganization plan to restructure its finances, reduce obligations, and improve long-term viability while remaining open.
Although Chapter 11 can be more expensive and complex than other types of bankruptcy, it allows businesses to protect jobs, maintain relationships with vendors, and adjust operations to build a more stable financial foundation.
Creditor Harassment and Automatic Stays
Once you file for bankruptcy, an automatic stay goes into effect, immediately stopping creditor calls, wage garnishments, and foreclosure actions. If creditors continue to contact you or violate the stay, our team can take legal action to protect your rights.
Creditor harassment is one of the most stressful aspects of financial difficulties. The constant phone calls, letters, and threats can make you feel powerless. Our attorneys will help you file for bankruptcy and take action against any creditor who violates the automatic stay.
Bankruptcy Litigation
In some cases, bankruptcy proceedings become contentious. Disputes can arise over the dischargeability of certain debts, creditor claims, or alleged fraud. Our attorneys have extensive experience handling bankruptcy litigation and will fight to protect your interests.
Bankruptcy litigation can involve complex legal arguments and detailed financial documentation. Our attorneys are prepared to represent clients in adversary proceedings, contested matters, and appeals when necessary.
Bankruptcy Statistics
According to the United States Courts, 387,721 parties filed for bankruptcy across the country in one recent year. While that was a slight drop from previous years, Florida continues to see many filings, partly because of the state’s large population and rising housing costs. According to the American Bankruptcy Institute, in just one year, more than 18,000 Chapter 7 cases were filed in Florida.
These numbers show that you are far from the only one looking for debt relief. Many people and businesses in Coral Gables have used bankruptcy to get back on track.
Examples of Bankruptcy Cases We Handle
Werner, Hoffman, Greig & Garcia understands people’s financial challenges and is here to help. Here’s how we handle cases like these:
- Medical Debt Relief – If medical bills are piling up, we can help you file for Chapter 7 bankruptcy to discharge eligible debts and allow you to focus on recovery.
- Small Business Restructuring – For businesses facing financial hardship, we guide owners through Chapter 11 bankruptcy to reorganize debts and keep operations running.
- Foreclosure Prevention – If you are behind on mortgage payments, we can help you file for Chapter 13 bankruptcy to create a repayment plan and protect your home.
- Debt from Divorce – Divorce can leave you with unexpected debts. We can assist with Chapter 7 bankruptcy to clear qualifying debts and help you start fresh.
Frequently Asked Questions About Bankruptcy in Coral Gables
Bankruptcy can be a confusing and stressful process. The Coral Gables lawyers with Werner, Hoffman, Greig & Garcia are here to answer your questions and help you understand your options. Here are some of the most common questions we receive:
How should I file for bankruptcy?
If you are struggling to pay bills, facing creditor harassment, or unable to make minimum payments on your debts, bankruptcy might be a good option. Our attorneys can assess your financial situation and help you decide the best course of action.
Will bankruptcy ruin my credit forever?
While bankruptcy does impact your credit, it does not last forever. A Chapter 7 bankruptcy remains on your credit report for 10 years, while Chapter 13 lasts seven years. Many people see improvements in their credit scores within a year or two of filing, especially with responsible financial habits.
Can bankruptcy stop foreclosure?
Yes. Filing for bankruptcy triggers an automatic stay that temporarily halts foreclosure proceedings. In Chapter 13 bankruptcy, you can create a repayment plan to catch up on missed mortgage payments and hold onto your home.
How much does it cost to hire a bankruptcy lawyer?
The cost depends on the details of your situation and the type of bankruptcy you choose. We believe in keeping things simple and upfront, so we’ll review all the fees during your consultation – no surprises, just honest answers. Give us a call, and we’ll be happy to walk you through it.
Why should I choose Werner, Hoffman, Greig & Garcia?
We know how stressful debt can be, both financially and emotionally. Our team takes the time to walk you through your options, protect what matters most, and help you move toward a better financial future.
Contact a Coral Gables Bankruptcy Attorney at Werner, Hoffman, Greig & Garcia Today
Bankruptcy can help you regain control of your finances and move forward with less stress. If you are dealing with medical bills, credit card debt, or the risk of foreclosure, filing for bankruptcy might give you the relief you need. At Werner, Hoffman, Greig & Garcia, we will explain your options and help you make a plan that works for you. Do not wait – contact us today at 305-845-4470 to schedule a consultation and get started.
