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Chapter 7 & 13 Bankruptcy

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Chapter 7 & Chapter 13 Bankruptcy Attorney in Miami

Are You Dealing with a Mountain of Consumer Debt?

Consumer debt isn’t always a bad thing. Paying off credit cards on time helps you establish a credit history. If you took out a mortgage, you know that debt can play a normal role in your daily life.

Some types of consumer debt, however, can make everything else difficult to manage. This is especially true if new debt, such as an unplanned medical bill, was suddenly acquired and made it difficult or impossible to afford everything else in your life. Likewise, a job loss or the death of your household’s primary earner can saddle you with serious unpaid debts in a matter of weeks.

At Wesoloski Carlson, P.A., we understand that problems with consumer debt can happen almost overnight. They can also creep up on people over the course of several years. If you are trying to get rid of the consumer debt problems in your life, our Chapter 7 and Chapter 13 bankruptcy attorney in Miami can help. With a personalized focus on your situation, we can help you explore debt relief options that can work for you.

If you want to talk to someone at Wesoloski Carlson, P.A. who can help, reach out to us online or call (800) 449-4850. When you do, be sure to request a free initial consultation with our attorney.

What Is Considered Consumer Debt?

Consumer debt is generally considered to be any kind of personal debt that you owe as a result of purchasing something for your use or benefit as an individual.

Examples of consumer debt include the following:

  • Credit card balances
  • Medical bills
  • Student loans
  • Auto loans
  • Mortgages

Most of these can be reorganized or entirely discharged in Chapter 13 or Chapter 7, respectively. Debts secured by collateral – such as your home or car – may not be able to be ejected without the risk of your creditor repossessing the property. If you are current on paying these loans, however, you can evade this risk if you demonstrate that you can continue to make payments.

It’s crucial to note that some debts can’t be discharged through bankruptcy under any circumstances. These include unpaid taxes, child support, spousal support, civil lawsuit damages, and criminal restitution.

For a better understanding of which debts you can discharge, consult with a Chapter 7 and Chapter 13 bankruptcy in Miami.

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Chapter 7 Bankruptcy

Sometimes known as “liquidation bankruptcy,” Chapter 7 earns this moniker because it requires debtors to sell-off their non-exempt property. The cash generated from liquidation is then used by your bankruptcy trustee – someone assigned by the court to facilitate the sell-off of your unsecured property – to satisfy debts with creditors. Once this is done, your debt is discharged even if the value acquired during liquidation doesn’t completely satisfy what you owed.

People often fear turning to Chapter 7 because they imagine losing everything they own – their homes, cars, clothing, furniture, family heirlooms, jewelry, and other items of real or sentimental value. The good news is that there are exemptions you can claim that bars certain property from liquidation.

Some personal property exemptions in Florida include the following:

  • Up to $1,000 in personal property such as furniture, electronics, and art
  • Savings accounts for education, healthcare, and hurricane matters
  • Prescribed health aids
  • Tax credits and refunds
  • Certain property owned in a partnership
  • Up to $4,000 in personal property can be claimed if the debtor does not claim the Homestead Exemption.

Florida’s Homestead Exemption can be used to exempt an unlimited amount of equity in your home or another property covered by this exemption. This is contingent on the property being no larger than half of an acre when located in a municipality, or 160 acres elsewhere. Prior to claiming the Homestead Exemption in a Chapter 7 bankruptcy filing, you must have owned the property for at least 1,215 days.

Florida’s Motor Vehicle Exemption similarly allows people to preserve equity in these investments. An individual can exempt up to $1,000 of equity in a motor vehicle. This amount may increase if bankruptcy is jointly filed by a married couple.

There are many other exemptions available to help you protect other assets such as wages, pensions, public benefits, insurance payouts, lawsuit judgments, and more.

If you are thinking about liquidation bankruptcy, it’s best to consult with a Chapter 7 and Chapter 13 bankruptcy attorney in Miami. Our team at Wesoloski Carlson, P.A. has the knowledge and experience to walk you through your options and help you take action to resolve your debt problems.

Chapter 13 Bankruptcy

The same kinds of consumer debt that can be discharged in Chapter 7 bankruptcy can be reorganized and settled in Chapter 13. This is also an important tool debtors can use to stop foreclosure proceedings and protect their homes.

While Chapter 7 liquidates property to pay off creditors, this isn’t required in Chapter 13. Instead, reorganizing debt obligations – also seen in Chapter 11 for businesses – to your creditors’ satisfaction is key. As with Chapter 11, you and your attorney will develop a repayment plan to help you pay back your creditors what you owe in missed payments during the duration of a plan that can last three to five years.

Request a complimentary consultation with Wesoloski Carlson, P.A. today when you reach out to us online. We offer services in English, Spanish, and Portuguese.

Contact Wesoloski Carlson, P.A.

If you need assistance from an attorney for Chapter 7 or Chapter 13 bankruptcy in Miami, turn to Wesoloski Carlson, P.A. We have nearly 20 years of experience help clients manage and overcome their problems with consumer debt. If you feel like there’s no way out from your medical bills, credit card bills, or missed payments on your mortgage, talk to someone who can provide you the guidance you need.