• CHAPTER 7
• CHAPTER 13
• Bankruptcy Myths

The purpose of bankruptcy is to help people and businesses find relief and get a fresh start.  Divorce, job loss, illness, disability, and business failure are common circumstances that lead clients to seek debt relief. Unexpected medical costs or out-of-control credit card debt due to no fault of your own can quickly overwhelm an individual or family. However, there is a way out. You can make a fresh start, and the attorneys at ALBAREDA & ASSOCIATES can help.

 If you are feeling stressed, overwhelmed, or paralyzed by your financial situation, you should certainly consider the option that Chapter 7 or Chapter 13 bankruptcy provides. You owe it to yourself to pick up the phone and call us to discuss your situation

What is Bankruptcy?

Federal bankruptcy law (Title 11 of the United States Code, otherwise called the "Bankruptcy Code") was enacted to allow debtors who are unable to meet their financial obligations to obtain a fresh financial start. Bankruptcy law accomplishes this goal by providing debtors with a mechanism through which they may eliminate, reduce and/or extend most debt, while simultaneously protecting themselves during the bankruptcy process from pursuit and harassment by their creditors.

Despite its obvious benefit to the debtors, bankruptcy law also deals equitably with a debtor's creditors by: (1) protecting the creditors against fraud, (2) treating similarly situated creditors in an equal manner, and (3) providing the creditors with constant notice and an opportunity to be heard during the bankruptcy case.

Is Bankruptcy Right for You?

If you are looking for a way to stop foreclosure, put an end to creditor harassment and/or get the debt relief you deserve, you may want to consider bankruptcy.  By talking to an experienced bankruptcy lawyer, you can get the facts and find out more about your options. The attorneys at Albareda & Associates, P.A. have helped hundreds of families throughout South Florida find peace of mind and obtain a fresh start.

Suspend Foreclosure and Creditor Harassment

By filing for bankruptcy, you can put a stop to creditor harassment and pending foreclosures. When you decide to work with attorneys at Albareda & Associates, P.A., we speak directly to your creditors and you will not have to speak to them again. Stop dealing with harassing creditor calls. The sooner you take action, the sooner we can deal with your creditors on your behalf. The best way to find out if bankruptcy is right for you is to talk to someone who understands the challenges you face and the options you have available.  Albareda & Associates, P.A. is ready to answer your questions. Contact us today to learn more about your options under the current bankruptcy laws. We're here to help.

Who Can File for Bankruptcy Protection?

With only certain limited exceptions, any individual (alone or together as a married couple) or business may file for bankruptcy protection.

What Are the Potential Benefits of a Bankruptcy Case?

If you are unable to keep up with your payments due, you may feel that you are at the end of your financial rope. You may feel overwhelmed, stressed and powerless about your current financial situation. It is important to remember that you have options. Bankruptcy can help you put an end to your financial concerns. A bankruptcy filing is often used for many reasons, including:

• By individuals to eliminate overwhelming credit card debt, medical bills, and other types of debt;
• By individuals or businesses to save their house or other real property from foreclosure or to save their car or other assets from repossession;
• By businesses, under a cash flow squeeze to obtain a "breathing spell" from their creditors in order to reorganize their financial affairs or to sell off assets;
• By individuals or businesses to extend or resolve burdensome tax liability; and
• By businesses to stop eviction from leased real property or repossession of leased equipment.

The above uses of bankruptcy are not exclusive and a bankruptcy case can be used for other purposes. However, an individual or business contemplating filing a bankruptcy case should carefully review their goals with a bankruptcy attorney since bankruptcy law can be complex. A bankruptcy attorney will be able to determine whether your goals can be achieved depending upon the particular circumstances of your situation.

While Chapter 7 bankruptcy offers a complete discharge of your debt, Chapter 13 bankruptcy could allow you to keep your home and other important assets. Let us help you understand your legal options and find a plan specifically tailored to your individual needs.

When can or should a bankruptcy case be filed?

A bankruptcy case becomes an option when a person or family is unable to pay its bills as they become due. If this is a temporary problem and it is possible to catch up with unpaid bills, a bankruptcy case may not be necessary. But if the problem persists and the household is falling further behind, then the bankruptcy option should be considered. When credit cards and other bills are not paid for several months Creditors start to call to demand payment and, when payment is not made, they eventually turn over the delinquent account(s) to collection attorneys who start litigation to obtain a judgment. Therefore, if a client is overwhelmed with bills and does not expect their finances to improve in the coming months, the bankruptcy option should be considered.

If a client has been in collections already and there are judgments threatened or already obtained against the client, it is detrimental to the client’s finances and to their credit rating to allow such difficulties to persist and a bankruptcy case to protect their wages, bank accounts, assets and credit rating becomes advisable in the majority of situations. The bankruptcy case will immediately protect clients from their creditors and help them to discharge or eliminate the obligation to pay the vast majority of debts, such as credit cards, personal loans and hospital bills. In most cases clients will be able to keep their cars and home.

CONTACT US TODAY!

Since everyone’s circumstances are unique, we therefore invite you to contact us TODAY for your free consultation.  We will provide you with the care and invidiual attention we know you need.  Our staff will carefully review all of your information with you so we can provide you with the best option suited to your individual situation. 

Remember, every problem has a solution.  Let ALBAREDA & ASSOCIATES help you find yours!  CONTACT US TODAY at:

                                Miami-Dade: (786) 879-7823

                                Broward: (954) 564-1099