5 Ways Bankruptcy Will Affect You

Most people understand that when they file for bankruptcy, they will have their debts discharged and will no longer be responsible for them. Although being free of debt is one impact that bankruptcy will have–and the reason why most people file–there are others as well.

It is important to understand the full impact that filing for bankruptcy will have on your life, so you do not face any surprises once your bankruptcy case is final. While there are many ways a bankruptcy will affect your life, below are the top five impacts you will feel.

1. Personal Discharge

The most positive impact declaring bankruptcy will have on your life, and the one most people think of when they consider bankruptcy, is the personal discharge of your debts. A discharge occurs when a judge issues a permanent order that prevents creditors from collecting on debts you incurred in the past.

Credit card debt is one of the most common types of debt discharged in bankruptcy. Generally speaking, the courts believe that the credit card companies can afford to absorb one person’s debt and that it will not put them out of business. On the other hand, the courts also believe that individuals are able to be more productive if they are not in an immense amount of debt.

However, while credit card debt and other debt may be discharged in bankruptcy, there are some debts you will still be considered responsible for. These include alimony payments, child support obligations, and current tax liabilities. Still, if you have these types of debt, a Chapter 13 bankruptcy can help you restructure your debt so it is easier to pay off.

2. Automatic Stay

Once you file for bankruptcy, a judge will issue an automatic stay. The automatic stay protects you from creditors calling seeking to collect on their debt while your bankruptcy case is ongoing. An automatic stay also prohibits creditors from sending you collection notices in the mail.

Generally speaking, an automatic stay will remain in place until your bankruptcy case is over, but there are times when it can be lifted. If you are going through a divorce at the same time as your bankruptcy case is proceeding, that can affect what the automatic stay will protect. Additionally, an automatic stay on your home may be lifted if your debt on the property is greater than its value.

3. Your Credit Score

Filing for bankruptcy and getting your debt discharged by a court will certainly cause your credit score to take a hit. It is important to remember that even when your debt is discharged, the debts will remain on your credit history. That, combined with a Chapter 7 or Chapter 13 bankruptcy, will tell creditors that you are a risky borrower. In turn, you will likely have a hard time applying for loans and additional credit cards.

Although this is somewhat discouraging to consider, it is important to remember that bankruptcy is still often the right answer. A bankruptcy on your credit report will cause your score to sink, but so will drowning in debt. You must consider whether it is worthwhile to allow your credit score to drop temporarily so you can start rebuilding it now, or whether you can pay off your debts, which will help rebuild it.

4. Privacy

Bankruptcy records are public records, which means employers and anyone else that wants to dig into your financial history can find it and learn of the debt discharge. For some people, this is enough to keep them from filing for bankruptcy. However, there are many reasons why this public filing should not stop you from filing for bankruptcy.

The courts recognize that you still deserve some degree of privacy, even if you have filed for bankruptcy. For this reason, only the last four digits of your Social Security number will be shown on court documents, and the names of any minors will only be shown by their initials. Any other identification numbers will also only list the last four numbers.

Those reasons aside though, it is important to remember that very few people will go digging through public records trying to find information about you. Although certain employers may conduct these searches, such as when you are applying for a job in a financial position, there is little chance that your friends and family will conduct that type of search. As such, you can still keep your bankruptcy case fairly private.

5. Loss of Property

The bankruptcy courts do think that you will be more successful and more productive if you are not drowning in debt. However, the courts also realize that when you file for bankruptcy, you should pay back as much of your debts as possible. Due to this, if you have valuable property, such as a luxury sports car, the court may order that it be sold with the proceeds going to your creditors to try and pay off your debt. Still, not all property is subject to being sold and there are several exemptions that could help you keep your property.

Also, even when certain types of property are considered non-exempt, it still may not be worthwhile for the bankruptcy trustee to try and sell it. For example, if you have a car that is worth $800 but it will cost the trustee $1,000 to auction the car off, the trustee will likely determine that it is not worthwhile to sell that particular piece of property and will allow you to keep it.

Our Florida Bankruptcy Lawyers Can Help with Your Case

It is true that filing for bankruptcy will have several different impacts on your life, with some being good and others being fairly negative. At Loan Lawyers, our Fort Lauderdale bankruptcy attorneys know how to minimize the negative effects and maximize the positive. If you are considering filing for bankruptcy, do not go it alone. Call us at (954) 523-4357 or contact us online to schedule a free consultation and to learn more about how we can help with your case.

For more information about bankruptcy, click here to visit our website

Loan Lawyers has helped over 5,000 South Florida homeowners and consumers with their debt problems, we have saved over 2,000 homes from foreclosure, eliminated more than $100,000,000 in mortgage principal and consumer debt, and have recovered over $10,000,000 on behalf of our clients due to bank, loan servicer, and debt collector violations.  Contact us for a free consultation to see how we may be able to help you.

The post 5 Ways Bankruptcy Will Affect You appeared first on Loan Lawyers.

from Loan Lawyers https://www.fight13.com/5-ways-bankruptcy-will-affect-you/
via https://www.fight13.com

How to Protect Yourself When Facing Foreclosure

Learning that your lender has started the foreclosure process is extremely scary. You may think that you are out of options and that, inevitably, you are going to lose your home. It is at this point that many people give up and simply go through the motions of the foreclosure process. Others simply ignore the process and abandon the home. Both of these actions are big mistakes. You have many options when facing foreclosure, and some of them may even help you keep your home.

Talk to Your Mortgage Loan Servicer

It is perfectly natural to want to stick your head in the sand when you know you are behind on mortgage payments, but this is one of the biggest mistakes you can make. Your mortgage loan servicer will prefer to try to work out a payment schedule with you than they are to foreclose on your home when you have fallen on difficult times.

Foreclosing on a home is a lengthy and expensive process, and the servicer would much rather keep you in the home and continue to accept payments from you. Be honest with the mortgage loan servicer, and remain realistic about your options. The chances are quite good that you and the servicer can come to a solution.

Know Your Rights

You may not think you have any rights when you are facing foreclosure, especially if the lender has already started proceedings. However, you do have rights and it is important to know what those are so you can protect them. Review your loan document, as it will likely outline the rights the servicer or lender has, and what they are prohibited from doing during the foreclosure process.

You should also read Florida’s law on foreclosure so you know what other rights you have, such as the right to respond to the summons, so the servicer or lender does not secure a default judgment against you.

Speak to a Non-Profit Housing Counselor

Due to the fact that you are facing foreclosure and therefore, likely in financial hardship, you may find it difficult to pay someone for help and to get advice on what to do during the foreclosure process. The U.S. Department of Housing and Urban Development (HUD) can help you find a housing counselor, free of charge, that will help you understand what next steps to take, and what your rights are.

Understand the Most Relevant Terms

There will be a number of terms that come up during the foreclosure process, particularly if you are trying to work out a solution with your lender. It is important to understand what these terms are, and the options they provide.

The most common terms associated with foreclosure include:

• Reinstatement: When behind on your mortgage payments, your mortgage loan servicer may offer a reinstatement plan in which you make a lump-sum payment by a certain date. Sometimes, there are late fees and other costs associated with a reinstatement plan.
• Forbearance: Forbearance allows you to defer your mortgage payments for a certain period of time. If you can prove that you have a bonus, tax refund, or other income coming in at a future date, your servicer or lender may agree to a forbearance. Remember that a forbearance does not mean you do not have to make the payments, it only defers your payments to a future date.
• Repayment plans: These plans are often confused with reinstatement plans or forbearance, but they do differ. A repayment plan breaks up your delinquent payments into several smaller payments, and that reduced payment is added to your normal monthly payment. Over time, you pay back the delinquent amount little by little.
• Loan modification: A loan modification is an agreement you enter into with the servicer or lender that changes one or more terms of your mortgage loan. Any term can be changed in a loan modification, including the interest rate, the length of the loan, and even the principal amount.

Research Various Mortgage-Assistance Solutions

There is often help for people facing foreclosure, but they do not even know it. If you are a senior, the Florida Senior Legal Helpline can provide the necessary assistance. If you are a veteran, the U.S. Department of Veterans Affairs may also have possible solutions for you.

Carefully Review Your Finances

Again, if you are facing foreclosure it is likely because money is tight, making it difficult to make your mortgage payments. As such, you should carefully review your finances, and determine where you can either cut expenses or bring in more money to the household.

Determine if there are payments you can delay on credit cards and other unsecured debt, consider if you have any assets you can sell to help repay your loan and try to decide if any member of the household can get a second job to boost the household’s income.

Not only will all of these steps help with the cash flow inside the household, but it will also show your lender or servicer that you are serious about staying in your home. That may be enough to convince them to work with you on a loan modification or a repayment plan that can help keep you in your home.

Call a Florida Foreclosure Defense Lawyer

There are many resources available that can help you during the foreclosure process. However, you should still always enlist the help of a Fort Lauderdale foreclosure lawyer. A lawyer will ensure your rights are protected at all times, represent you during judicial proceedings, and will give you the best chance of staying in your home.

If you are facing foreclosure, or are behind on mortgage payments, call our skilled attorneys at Loan Lawyers. We can help you throughout the entire foreclosure process, help you determine which option is best for you, and negotiate with your lender or servicer when necessary to give you the best chance of a successful outcome. When you need legal foreclosure help, call us at (954) 523-4357 or contact us online to schedule a free consultation.

For more information about foreclosure defense, click here to visit our website.

Loan Lawyers has helped over 5,000 South Florida homeowners and consumers with their debt problems, we have saved over 2,000 homes from foreclosure, eliminated more than $100,000,000 in mortgage principal and consumer debt, and have recovered over $10,000,000 on behalf of our clients due to bank, loan servicer, and debt collector violations.  Contact us for a free consultation to see how we may be able to help you.

The post How to Protect Yourself When Facing Foreclosure appeared first on Loan Lawyers.

from Loan Lawyers https://www.fight13.com/protecting-yourself-from-foreclosure/
via https://www.fight13.com

Commercial Mortgage Foreclosures

There has been a large uptick in the number of commercial foreclosures that are in default.  Many office buildings, residential buildings, and shopping centers are at risk of being sold at a public foreclosure auction.  Many commercial mortgages are designed to bury the borrower with default interest, costs, special servicing fees, legal fees, and cost as soon as payment has been missed.

Commercial mortgage holders are often sitting back and waiting for default so they can go full steam ahead and take the property.  It’s the “loan to own” strategy that many commercial mortgage holders employ.  The mortgages are designed to grossly inflate costs and the reinstatement amount making it next to impossible to get caught up.  Further, most of these mortgages do not have a reinstatement provision, meaning that once the loan is in default, there is no contractual option other than to pay off the loan in full, including all of the overly inflated default interest and other costs and fees.

Personal Guarantees

Then there is the issue of personal guarantees.  If you signed a personal guarantee for a commercial mortgage, you are on the hook for the total amount due.  This can be a precarious position for someone with assets.  If the bank is successful in obtaining a judgment against you, they will try to collect from you and your personal assets will be at risk.

How Loan Lawyers Law Firm Can Help

If you find yourself behind on payments on a commercial foreclosure for a commercial building, residential building, or shopping center, do not go at it alone, you need to hire an aggressive law firm with a proven track record of fighting foreclosures in court.  The lender is most certainly working on squeezing every last penny they can to inflate the loan balance so that you lose the property and they pick it up at auction, not to mention the issue of personal liability for any guarantors.

At Loan Lawyers, we can aggressively represent your interests and have the experience and reputation to effectively fight for your rights.  We will do everything in our power to keep the bank from taking your commercial property.  Call us now to speak with one of the partners from the firm about your commercial foreclosure case.

The consultation is free and the information you receive will be priceless.  Do not let the bank walk all over you, the sooner you hire the right law firm, the better your chances of saving the property will be.  Call us 1-888-FIGHT-13 to schedule your free consultation with a firm partner.

The post Commercial Mortgage Foreclosures appeared first on Loan Lawyers.

from Loan Lawyers https://www.fight13.com/commercial-mortgage-foreclosures/
via https://www.fight13.com

Forbearance is Over, Now What? Here Are Some Options

We have been inundated with homeowners contacting us regarding their expiring forbearance plan.  Many loan mortgage servicers are requiring homeowners to pay back all of the missed payments during the forbearance period all in one shot, or face the consequences, which include foreclosure. Don’t think it cannot happen to you.  If your bank is requiring you to make up all missed payments at one time and you do not have the money, they will put you in foreclosure.  We have seen this countless times.

What About Chapter 13 Bankruptcy?

People often ask if a bankruptcy will help them.  Well, it may.  Most people think filing bankruptcy means you lose everything.  That is not necessarily the case.  A chapter 13 bankruptcy plan is a great option for many homeowners who find themselves unable to pay back those missed forbearance payments.  Your bankruptcy plan may allow you to spread those missed payments out over 5 years and stopping the bank in its tracks.  This may be a great option to protect your home and the equity you have worked so hard to build.

Other Options Available

If you chose a law firm that can advise you on all available solutions, you will also learn that there may be options other than bankruptcy that may help.  You may find that applying for a loan modification may be a better option for you, or you may find that you have a lawsuit you can file against the bank for not servicing your loan properly.

If you chose a lawyer that only handles bankruptcy, they may not be competent, or willing, to try to steer you into another option.  If all they do ins bankruptcy, then guess what, they are going to advise you to file bankruptcy even though there may be better options for you.

How Loan Lawyers Can Help you?

At Loan Lawyers, we have many ways in which we are able to assist homeowners keep roof over their head.  In addition to having extensive experience litigating foreclosures in court, we may also be able to sue your loan servicer, help you with a loan modification, or help you find other options to save your home.  Bankruptcy is one option, so do not limit yourself who limits their practice to this one option.

When you get a free consultation with Loan Lawyers, we can help you formulate a plan that is specifically tailored to your situation, and not just throw into a bankruptcy that might not be needed.

Call us at 1-888-FIGHT-13 so that we can discuss ALL of your options to see what may be best suited for your situation.

The post Forbearance is Over, Now What? Here Are Some Options appeared first on Loan Lawyers.

from Loan Lawyers https://www.fight13.com/forbearance-is-over-now-what/
via https://www.fight13.com

Your Mortgage Forbearance Plan is About Over, What is Next?

We have had many homeowners in forbearance plans that have contacted our office about what their next steps are.  There is not a one-size-fits-all response to these questions.  First, for those who got their forbearance plans in writing, the document will most likely dictate what steps you need to take now to keep your account current.

For many people, they must now pay back the 3 months’ worth of mortgage payments that they missed.  This means that families who have been struggling with unemployment must now come up with many thousands of dollars that they do not have.  The unfortunate reality is that if your forbearance plan requires this, and you do not pay all the missed payments by the due date in the forbearance agreement, the bank will start foreclosure proceedings.

We have seen this countless numbers of times over the years.  This is common during hurricane season when the bank offers forbearance plans.  Homeowners without the ability to pay are left holding the bag and find themselves in foreclosure.

If the bank is requiring you to pay back all these missed payments now and you cannot afford to do so, its time to get legal help.  The sooner, the better.  The longer you wait to figure this out, and the longer you go without making payments, the more difficult the situation becomes to resolve.

If you did not get your forbearance agreement in writing from your servicer, then it’s the Wild West.  There is a Florida statute on the point that a forbearance agreement that is not in writing is not enforceable.  The bank may be free to do with your home as they please.

If you think that the bank is here to help you and has your best interest at heart, think again. Banks have shown an absolute willingness and capacity to come after unsuspecting homeowners.  You need to put aggressive legal representation between you and the bank.

Who Can You Trust?

You need an attorney that has a proven track record of saving homes, one that has extensive trial foreclosure experience, one that handles modification and not just takes money from you and strings you along, one that handles bankruptcies in the event that you need bankruptcy to save your home, and lastly, you need a law firm with a proven track record of suing banks and loan servicers.

How Loan Lawyers Can Help You?

Loan Lawyers fits that bill perfectly.  We have helped thousands of Florida residents save their homes, we handle bankruptcies and loan modifications, both of which may be powerful tools to save your home.  Our lead trial attorney has been trying cases in court for over 2 decades and has a proven track of success.  Further, we have recovered millions of dollars for our clients from banks, loan servicers, and debt collectors for wrongdoing.

Call Loan Lawyers now at 1-888-FIGHT-13 to schedule your free consultation with one of our attorneys.  Do not hide your head in the sand and hope everything will be just fine.  Get the right legal team on your side so you can start sleeping well once again.

The post Your Mortgage Forbearance Plan is About Over, What is Next? appeared first on Loan Lawyers.

from Loan Lawyers https://www.fight13.com/mortgage-forbearance-plan/
via https://www.fight13.com

Boynton Beach Bankruptcy Attorneys

Bankruptcy is a viable option among many people or businesses who are struggling financially with debt. A big benefit of filing for bankruptcy is that creditors are immediately stopped from continuing the pursuit of collection. Your right to file for bankruptcy is backed by federal law so this protection continues until your debt situations are figured out.

Within bankruptcy law, there are three common types of bankruptcy. They are Chapter 7, Chapter 11, and Chapter 13. Usually, the easiest method of bankruptcy is Chapter 7, which is also known as “liquidation bankruptcy.” This is because it usually involves liquidating nonexempt assets to pay off debts.

Chapter 11 bankruptcy is most commonly used in situations that are a bit more complicated in terms of a reorganization of a company’s or person’s finances. Chapter 13 is also known as “a wage earner’s plan” as it allows individuals or companies to develop a plan to repay the debt over time with income earned. This allows individuals or companies to retain their assets while repaying debts owed.

Chapter 7

Our Boynton Beach bankruptcy attorneys help clients struggling with debt to file for Chapter 7 bankruptcy. For the best fit for this particular type, we recommend clients who have few assets and unsecured debts. This type helps to give a fresh start in life to clients.

Chapter 13

For Chapter 13 bankruptcy, we provide legal assistance to clients who need help reorganizing their bankruptcy. This particular type is ideal for clients who are facing imminent threats such as foreclosure or repossession. Another ideal situation for this type is for clients who have short-term debt which can be paid off in due time. We focus on creating a suitable repayment plan that benefits them.

Warning Signs

• Having to use your credit card to pay for necessities every month. These necessities include mortgage, rent, gas, food, utilities, etc.
• Emptying your savings accounts and even using your retirement accounts to get by
• Being forced to consistently borrow money from family or friends to attempt to pay off debts
• Being constantly contacted or harassed by debt collectors
• Increased credit card interest rates to amounts too high to ever get caught up on
• Being overwhelmed by mail containing court documents including lawsuits and bills that you cannot pay
• Pending foreclosure on your home
• Pending repossession of your vehicles

Foreclosure

Is it worth it? If you are failing to keep up on your payments, our foreclosure attorneys will discuss with you if it best serves you to keep your home or not. While you may be current on your home, it is still worth the discussion. Since many people owe more on their home than it is worth now, it may be an opportunity to decide if it is worth holding on to or not. This is the time to look at your past financial decisions and choose which ones are bad deals and are best to walk away from.

Contact Our Boynton Beach Bankruptcy Attorneys Today

Loan Lawyers is committed to helping our clients get out of the debt with a fresh start. Our Boynton Beach bankruptcy attorneys are dedicated to guiding you through the bankruptcy process. Contact us today to request a consultation.

The dedicated bankruptcy attorneys at Loan Lawyers have:

• helped over 5,000 South Florida homeowners and consumers with their debt problems
• saved over 2,000 homes from foreclosure
• eliminated more than $100,000,000 in mortgage principal and consumer debt
• recovered over $10,000,000 on behalf of our clients due to bank, loan servicer, and debt collector violations

Contact us for a free consultation and find out more about our money-back guarantee on credit card debt buyer lawsuits, and how we may be able to help you.

The post Boynton Beach Bankruptcy Attorneys appeared first on Loan Lawyers.

from Loan Lawyers https://www.fight13.com/boynton-beach-bankruptcy-attorneys/
via https://www.fight13.com

Greenacres Bankruptcy Attorneys

Millions of Americans file for bankruptcy every year for a variety of reasons. While there is a negative stigma associated with bankruptcy, it is a given right as an American citizen and the best way to get back on track financially.

Our experienced Greenacres bankruptcy attorneys can help to guide you through the long and often complicated bankruptcy process.

Signs You May Need a Bankruptcy Lawyer

Financial struggles are an unfortunate and often inevitable reality for many Americans and there are quite a few different ways to tell if you need to file for bankruptcy.

The following ways can tell If you need bankruptcy:

• Inability to pay mortgage, credit card, and other bills
• You are facing eviction or foreclosure
• Your wages have been garnished
• Bill collectors and creditors are harassing you by phone, mail, and e-mail.
• You’ve taken out or considered payday loans

If you find that you’re struggling to stay afloat while your debt keeps rising, bankruptcy is probably the best solution. While many people try to avoid bankruptcy and work their way out of debt, it can be extremely difficult to keep your ahead above water on your own.

Bankruptcy is not an ideal situation but if you find yourself in seemingly insurmountable debt, our Greenacres bankruptcy lawyers are here to assist with Chapter 7, 11, or Chapter 13 bankruptcy.

Chapter 7 Bankruptcy

People who are facing difficulties with little to no disposable income may qualify for Chapter 7 bankruptcy. Chapter 7 bankruptcy can potentially eliminate most unsecured debt. In order to qualify for Chapter 7, filers must take a means test that examines your debt-to-income ratio.

Chapter 13 Bankruptcy

Individuals that do not pass the means test due to higher income are able to file for Chapter 13 bankruptcy. Chapter 13 involves a repayment plan that allows the filer to make payments to creditors for 3-5 years.

Chapter 11 Bankruptcy

Chapter 11 bankruptcy is solely for businesses and organizations and it provides a means for them to restructure and repay their debts.

At Loan Lawyers, our bankruptcy attorneys can advice and guide you on which chapter to file under and help you navigate the entire process.

Contact Our Bankruptcy Attorneys In Greenacres For Help

Loan Lawyers is one of the leading bankruptcy law firms in South Florida and our bankruptcy attorneys are experienced, knowledgeable, and dedicated to helping our clients get out of debt and back on the right track financially. Our Greenacres bankruptcy attorneys have also helped many of our clients retain their homes and avoid foreclosure.

Contact us today for more information on the bankruptcy process and to schedule a consultation with our Greenacres Bankruptcy attorneys.

The post Greenacres Bankruptcy Attorneys appeared first on Loan Lawyers.

from Loan Lawyers https://www.fight13.com/greenacres-bankruptcy-attorneys/
via https://www.fight13.com

Jupiter Bankruptcy Attorneys

There are many different scenarios and circumstances that can land an individual in debt. When that individual is no longer able to make the necessary monthly payments, it is critical that he or she reaches out to a law firm that specializes in bankruptcy and debt relief. It is important to be proactive in order to regain control of your finances as quickly as possible.

If it has been determined by your bankruptcy lawyer that filing for bankruptcy is the ideal option for you, then you will need to figure out under which chapter you should file under.

Below are a few of the most common chapters that individuals will file under to start their way to a better financial situation:

Chapter 7:

If you have a large amount of unsecured debt with little to no extremely valuable assets, then filing for Chapter 7 is usually the ideal route to go.

All you have to do is pass a Means Test to determine your eligibility based on your income verse your total debt. Once approved, your bankruptcy lawyer will be able to walk you through the rest of the process.

Chapter 13:

Chapter 13 is another great option for those who do not qualify to file under Chapter 7. Here, your bankruptcy attorney will negotiate new payment terms that better fit your financial picture.

This will allow you to still make payments toward your debt but in a much easier way that will not put as much financial strain on you as in the past.

Chapter 11:

In most cases, small business owners or those with high incomes and high debt will file under Chapter 11. Chapter 11 is similar to Chapter 13 in that you will negotiate new payment terms, but it is a much more complicated process and requires the assistance of an experienced bankruptcy attorney.

How Do You Know if You Should be Considering Bankruptcy?

From maxing out credit cards to borrowing from family and friends on a consistent basis, there are some warning signs that may mean it’s time to consult with a bankruptcy attorney. For example, if you are facing the possibility of foreclosure or repossession, this is the ideal time to seek out debt relief options.

Or, if you are constantly reaching into your savings or retirement funds, this is also a good sign that filing for bankruptcy may be the best option for you. Be sure to discuss with a reputable bankruptcy law firm before making any decision to ensure you are going down the right avenue that will lead you to financial freedom once again.

Loan Lawyers – Your Reliable Jupiter Bankruptcy Attorneys

At Loan Lawyers, we have over 100 years of combined experience in helping our customers overcome their debt and have room to breathe financially. On top of bankruptcy services, we also provide foreclosure defense and many other debt relief options.

For more information on our Jupiter bankruptcy services, contact one of our Jupiter bankruptcy attorneys today.

The post Jupiter Bankruptcy Attorneys appeared first on Loan Lawyers.

from Loan Lawyers https://www.fight13.com/jupiter-bankruptcy-attorneys/
via https://www.fight13.com

Lake Worth Bankruptcy Attorneys

Bankruptcy is a way for those who have found themselves in a pile of debt that they cannot simply overcome to get a fresh start financially. It is quite common for those facing overwhelming amounts of debt to hesitate in moving forward with filing for bankruptcy because they feel as though it is embarrassing or shameful to do so. However, there are thousands of individuals, including those in high-profile positions, that file for bankruptcy to get ahead of their debt and start over.

Once you’ve consulted with an experienced law firm that specializes in bankruptcy and debt relief, you must then determine the right chapter of bankruptcy to file under. The three most common chapters of bankruptcy are Chapter 7, Chapter 11, and Chapter 13.

Chapter 7

Chapter 7 is typically one of the easier chapters to file under, especially if you do not own many assets but are facing unsecured debts. To qualify for this chapter, your income is weighed against your total debt to see if you are eligible. If so, your bankruptcy lawyer will be able to walk you through the process and get you on the path to financial freedom once again.

Chapter 13

For those that are not eligible to apply for Chapter 7, then they can usually file under Chapter 13. Under this chapter, individuals will receive a new set of agreed-upon payment terms that allows them to pay of their debt in an easier way that suits their current financial picture.

Chapter 11

Chapter 11 is usually for those with very high incomes but also very high debts. In most cases, this could be a business owner that agrees on new payment terms so that he or she can continue to make payments on their debts, while still keeping their business up and running.

What Are Some Warning Signs You May Need to File for Bankruptcy?

There are a few warning signs that you should pay attention to before you file for bankruptcy. Some of the common signs include:

• Using your credit card for significant bills, such as your mortgage payments or rent payments
• Frequently pulling money from your savings or retirement funds
• Always asking for financial help from your parents, friends, or other family members
• Increasing credit card rates that make it nearly impossible to pay off the credit cards
• Threats of foreclosure or repossession

Loan Lawyers – Your Reliable Lake Worth Bankruptcy Attorneys

Not only are we able to assist with the bankruptcy process, but we can also help you with other debt-relief options. One of these ways is to help you retain the rights to their home and other valuables by providing a solid defense against foreclosure.

For more information on our Lake Worth bankruptcy services, contact one of our Lake Worth bankruptcy attorneys today.

The post Lake Worth Bankruptcy Attorneys appeared first on Loan Lawyers.

from Loan Lawyers https://www.fight13.com/lake-worth-bankruptcy-attorneys/
via https://www.fight13.com

Loan Lawyers Launch New Debt Defense and Bankruptcy Site

Loan Lawyers, a Fort Lauderdale-based debt defense and bankruptcy law firm, recently launched a new website to help people who need assistance ridding themselves of suffocating debt and moving on to a better, brighter future.

The firm’s sole focus is fighting for the rights of individuals negatively impacted by economic crises. The new website provides a wealth of information for current and future clients dealing with agonizing financial issues.

Loan Lawyers’ new site provides vital information for people burdened with constant calls from debt collectors that are interfering with their work and daily life. It also delivers helpful information on legal options for Floridians who are having trouble paying down their debt, facing a debt collection lawsuit, or looking to refinance a loan. The site also helps answer some of the most frequent questions asked by people who are considering filing for bankruptcy or are facing possible foreclosure.

At Loan Lawyers, we are dedicated to helping people throughout South Florida understand their legal options and giving them the tools they need to make the best possible decision for their family and their future. As demonstrated by our exceptional results from past cases, our debt defense and bankruptcy lawyers are committed to doing all they can to help clients overcome financial issues and get on with their lives.

Types of Cases We Handle

Some of the types of cases we handle at Loan Lawyers include:

• Bankruptcy
• Wage garnishment
• Chapter 7 bankruptcy
• Chapter 11 bankruptcy
• Chapter 13 bankruptcy
• Debt defense and negotiation
• Fair Debt Collection Practice Act (FDCPA)
• Debt collection harassment and abuse
• Student loan debt
• Debt relief
• Telephone Consumer Protection Act (TCPA)
• Loan modifications
• Automobile repossession
• Foreclosure defense
• Lender fraud litigation
• Fair Credit Reporting Act

Visit our practice area page to see all of the services we offer and issues we can assist with. Don’t see what you are looking for? Give us a call at (954) 523-4357!

Who Are the Loan Lawyers?

Matthew Bavaro and Matis Abarbanel founded Loan Lawyers in 2009 after they saw hardworking people in Florida losing their homes during the state’s foreclosure crisis and economic downturn. Their main goal in starting the firm was to help protect the rights of individuals facing financial issues, provide them with affordable legal assistance, and help them get on the road to recovery.

Since the firm’s founding, Loan Lawyers has grown to a staff of over 30 employees who are dedicated to helping individuals in the face of mistreatment and harassment by aggressive debt collectors and unscrupulous financial institutions. We’ve helped over 5,000 families get out of debt, eliminate more than $100 million in debt and mortgage principals, and recover over $20 million, plus we’ve saved more than 2,000 homes for our clients.

Check out testimonials from past clients to learn more about the ways we’ve helped people just like you handle difficult financial issues and get the results that matter. For more information about Loan Lawyers, call us or reach us 24/7 online through live chat.

The post Loan Lawyers Launch New Debt Defense and Bankruptcy Site appeared first on Loan Lawyers.

from Loan Lawyers https://www.fight13.com/new-debt-defense-and-bankruptcy-site/
via https://www.fight13.com

Palm Beach Gardens Bankruptcy Attorneys

Many people are struggling financially with insurmountable debt that stems from credit cards, medical bills, personal loans, and other expenses. If you are in a significant amount of debt that you can’t seem to get out of, it is best that you contact an experienced law firm that specializes in bankruptcy cases.

Our team of Palm Beach Gardens bankruptcy attorneys have years of experience and have assisted many clients in South Florida through the bankruptcy process.

When You Should Call a Bankruptcy Attorney

It’s an unfortunate reality that many people fall behind their financial obligations every day. While you may be considering holding off on filing for bankruptcy, there are some tell-tale signs that you should be contacting a bankruptcy lawyer sooner rather than later:

• You have taken out a payday loan or another high-interest loan to pay for day-to-day items
• You are behind on your rent or mortgage
• Debt collectors have begun harassing you in every way they can
• You have a large credit card or medical bills that you are unable to pay.

Bankruptcy can be extremely complicated and while some people think they can navigate it themselves, contacting a bankruptcy lawyer as soon as possible is the first thing you should do. At Loan Lawyers, we can help you understand the bankruptcy process and advise on what chapter is best for you.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy tends to be the most straightforward of the three for individual filers. Eligibility is determined by a means test that measures the debt-to-income ratio.

If you have a large amount of debt and very little income, Chapter 7 bankruptcy can eliminate most and nearly all kinds of debt.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is strictly for individuals that earn too much to qualify for Chapter 7. Chapter 13 usually involves a new and extended repayment plan that allows you to pay off debts in 3-5 years.

Chapter 11 Bankruptcy

Chapter 11 bankruptcy is usually reserved for businesses and corporations with large amounts of debt. Chapter 11 usually grants businesses time to reorganize assets and pay off debts over an extended period of time.

Contact Our Palm Beach Gardens Bankruptcy Attorneys Today

Loan Lawyers is committed to helping our clients get out of the debt with a fresh start. Our Palm Beach Gardens bankruptcy lawyers are dedicated to guiding you through the bankruptcy process. Contact us today to request a consultation.

The dedicated bankruptcy attorneys at Loan Lawyers have:

• helped over 5,000 South Florida homeowners and consumers with their debt problems
• saved over 2,000 homes from foreclosure
• eliminated more than $100,000,000 in mortgage principal and consumer debt
• recovered over $10,000,000 on behalf of our clients due to bank, loan servicer, and debt collector violations

Contact us for a free consultation and find out more about our money-back guarantee on credit card debt buyer lawsuits, and how we may be able to help you.

The post Palm Beach Gardens Bankruptcy Attorneys appeared first on Loan Lawyers.

from Loan Lawyers https://www.fight13.com/palm-beach-gardens-attorneys/
via https://www.fight13.com

Royal Palm Beach Bankruptcy Attorneys

It can’t be extremely stressful and overwhelming when you are facing a large amount of debt that only seems to increase each month. There are millions of people across America that file for bankruptcy every year and it is absolutely the best way to get back on track for those that qualify.

Our team of Royal Palm Beach bankruptcy attorneys at Loan Lawyers has years of experience providing legal counsel to our clients throughout South Florida. We have helped to advise and guide our clients throughout the bankruptcy process that can be extremely difficult to navigate on your own.

When It’s Time to Call a Bankruptcy Lawyer

Debt is something that’s very easy to get in but can be extremely hard to get out of. Financial struggles can arise at any moment due to unforeseen or unexpected circumstances.

While many people may try to avoid bankruptcy, there are several signs that can let you know when it’s time to contact a reputable bankruptcy attorney:

• The bill collectors have started to bombard you with calls, letters, and even emails.
• You are on the brink of eviction or foreclosure
• You have no way of paying credit cards or medical bills.
• You’ve taken out or considered high-interest payday loans.

Bankruptcy is usually the best solution if you are struggling to meet your financial obligations. The two biggest mistakes people make is waiting too long and trying to handle the bankruptcy themselves. While the situation that led to bankruptcy is never ideal, our Royal Palm Beach bankruptcy attorneys can help you throughout Chapter 7, 13, or Chapter 11 process.

Chapter 7 Bankruptcy

Chapter 7 is the best solution for individuals with a large amount of debt and little to no disposable income. Chapter 7 can potentially eliminate unsecured debt but those filing must take and pass a means test that examines debt-to-income ratio.

Chapter 13 Bankruptcy

Chapter 13 is for people that do not qualify for Chapter 7 because their income is too high. Chapter 13 usually involves the structuring of an extended payment plan of 3-5 years to repay back debt.

Chapter 11 Bankruptcy

Chapter 11 bankruptcy is generally for businesses and corporate entities and allows restructuring of debt.

Contact Our Royal Palm Beach Bankruptcy Attorneys Today

Loan Lawyers is one of the top bankruptcy law firms in the South Florida area. Our Royal Palm Beach bankruptcy lawyers are skilled and committed to providing our clients with the counsel they can depend on to get through the bankruptcy process. Contact us today for more information and to request a consultation.

The dedicated bankruptcy attorneys at Loan Lawyers have:

• helped over 5,000 South Florida homeowners and consumers with their debt problems
• saved over 2,000 homes from foreclosure
• eliminated more than $100,000,000 in mortgage principal and consumer debt
• recovered over $10,000,000 on behalf of our clients due to bank, loan servicer, and debt collector violations

Contact us for a free consultation and find out more about our money-back guarantee on credit card debt buyer lawsuits, and how we may be able to help you.

The post Royal Palm Beach Bankruptcy Attorneys appeared first on Loan Lawyers.

from Loan Lawyers https://www.fight13.com/royal-palm-beach-attorneys/
via https://www.fight13.com

Wellington Bankruptcy Attorneys

While bankruptcy has a negative connotation associated with it, it actually is a very beneficial and real option for many people or businesses who are struggling financially. To build on this, an immediate benefit is that when you file for bankruptcy it immediately stops creditors from continuing their pursuit of collection. Federally, it is your right to file for bankruptcy if the circumstance presents itself.

There are three common types of bankruptcy within bankruptcy law: Chapter 7, Chapter 11, and Chapter 13. Chapter 7 is generally the easiest one of the three. It usually involves liquidating nonexempt assets to pay off debts, hence why it is also called “liquidation bankruptcy.” When situations are a bit more complicated when it comes to a reorganization of a person’s or company’s finances, then Chapter 11 bankruptcy is more suitable. Chapter 13 bankruptcy is a good choice for individuals or companies who need are still earning a wage and can repay their debt over time. This “wage earner’s plan” as it is called, allows assets to be retained as debts are paid off over time.

Chapter 7

Our Wellington bankruptcy attorneys are here for our clients who are struggling with debt to file for Chapter 7 bankruptcy. The usual fit for this type of bankruptcy are people with few assets and unsecured debts. We focus on clients who want a fresh start in life.

Chapter 13

Our Wellington bankruptcy attorneys focus on providing legal assistance for Chapter 13 bankruptcy. This assistance comes with the help of reorganizing their bankruptcy. The ideal client for this is someone who is facing an immediate threat such as repossession of their vehicle or foreclosure on their home.

The main objective here is identifying and implementing a suitable plan of debt repayment so that the client can get a handle on their debt while not giving up their home or possessions.

Warning Signs

• Needing to use your credit card for necessities: mortgage, food, gas, rent, utilities, etc.
• Substantially dipping into your savings account or retirement accounts to stay afloat
• Consistently being bothered by debt collectors
• Constantly borrowing money from family or friends to pay off debts
• Credit card interest rates increasing to amounts too high to keep up with
• Getting continuous court documents in the mail that include lawsuits and bills you can’t pay
• Possible foreclosure on your home
• Possible repossession of your vehicles

Foreclosure

Foreclosure is a scary thing, but sometimes it can be worth it. Our foreclosure attorneys will work with you to decide if it is the right decision to go ahead with foreclosure or not depending on your situation.

Many people owe more on their home than it is worth. If this is the case then it may be an opportunity to decide if it is worth holding onto it or not. We encourage our clients to take this time to look at your past financial decisions and choose which ones are worth it and which ones are not.

Contact the Wellington Bankruptcy Attorneys at Loan Lawyers

At Loan Lawyers, we are your trusted and effective Wellington bankruptcy lawyers. Get in touch with us today!

The dedicated bankruptcy attorneys at Loan Lawyers have:

• helped over 5,000 South Florida homeowners and consumers with their debt problems
• saved over 2,000 homes from foreclosure
• eliminated more than $100,000,000 in mortgage principal and consumer debt
• recovered over $10,000,000 on behalf of our clients due to bank, loan servicer, and debt collector violations

Contact us for a free consultation and find out more about our money-back guarantee on credit card debt buyer lawsuits, and how we may be able to help you.

The post Wellington Bankruptcy Attorneys appeared first on Loan Lawyers.

from Loan Lawyers https://www.fight13.com/wellington-bankruptcy-attorneys/
via https://www.fight13.com

West Palm Beach Bankruptcy Attorneys

A common legal procedure that helps individuals who have found themselves in a sizeable amount of debt is bankruptcy. While many people may frown when they hear the word “bankruptcy”, it is actually a legal right that all citizens of the U.S. have in order to gain a fresh start financially.

When you file for bankruptcy, you are essentially preventing all creditors and debt collection agencies from harassing you in order to collect payments. You are also entitled to a range of debt relief options to try and pursue so that you can find stable ground financially once again.

There are a few common chapters of bankruptcy that one may file under including Chapter 7, Chapter 13, and Chapter 11.

Filing for Chapter 7 Bankruptcy

Filing for Chapter 7 of bankruptcy is typically the simplest filing procedure because it usually involves liquidating one’s current assets in order to pay off their debts.

If you do not have a ton of valuable assets and do not make a large income, filing under Chapter 7 is usually the best option.

Filing for Chapter 13 Bankruptcy

Filing for Chapter 13 of bankruptcy is usually for those that still make enough of an income to where they are able to pay their essential bills, while also making monthly payments toward their current loans or debts.

Under this chapter, a modification to the current monthly payment plan is made. Whether this means that a temporary payment extension is granted or the monthly payment amount is reduced, it is highly recommended to have a bankruptcy attorney representing you during this process.

Filing for Chapter 11 Bankruptcy

Filing for Chapter 11 of bankruptcy is usually for those that have a high income but also a high debt amount owed.

Most of the time, small business owners will file under Chapter 11 if they have found themselves unable to repay business loans but are still able to keep their company afloat.

When Should You Contact a West Palm Beach Bankruptcy Attorney?

There are a few warning signs to pay attention to if you are wondering whether or not you should contact a bankruptcy attorney.

Some of the most common financial warning signs include:

• Using your credit card over and over for essential items like groceries or gas
• Using any or all of your savings or retirement money
• Continuously borrowing from family or friends
• Consistent communication from debt collection agencies, lenders, or creditors
• Incredibly high-interest rates or unattainable monthly credit card payments
• Foreclosure or repossession threats

Foreclosure

If you are facing the threat of foreclosure, it is essential that you seek the advice of an experienced and reputable bankruptcy lawyer in order to evaluate the options that allow you to keep the rights to your home and other valuable assets.

At Loan Lawyers, we specialize in helping our clients keep their homes and properties while figuring out a reasonable financial solution that will lead to overcoming their debt.

Loan Lawyers – Your Trusted West Palm Beach Bankruptcy Lawyers

Our team of expert bankruptcy attorneys has over 100 years of combined experience in helping individuals get out of debt and back on their feet financially.

For more information on our West Palm Beach bankruptcy services, contact one of our skilled West Palm Beach bankruptcy lawyers today.

The post West Palm Beach Bankruptcy Attorneys appeared first on Loan Lawyers.

from Loan Lawyers https://www.fight13.com/west-palm-beach-attorneys/
via https://www.fight13.com