Bankruptcy laws in the US are indeed quite apt in these trying times. When loans or mortgages are taken by borrowers, they have some expectations in terms of being able to replay. These repayment schedules and quantum are accepted in the backdrop of a certain economic milieu, with the knowledge of a certain amount of income and repayment capacity. Alas, when the downturn bites, the expectations and hopes all come crashing down and with it comes the sad realization that bankruptcy is staring starkly in the face. If you are someone who is faced with the prospect of bankruptcy, in the area of Miami, you may need the services of a Miami Bankruptcy Attorney.
The problem with many people around the world and also in the US has been the preponderance of loans combined with unfettered spending leading to low savings rates. Unlike the Chinese or the Indians, who save around 20-25% of their earnings, Americans have been known to be heavy consumer spenders which causes heavy proneness to debt. For instance a person could have taken a mortgage on a home during the boom time of the early 2000s when salaries were good and the economic outlook was much more upbeat. But now that things are much worse even in Miami, There are many who need to engage a Miami Bankruptcy Attorney. Such an attorney would help you in saving a lot of worry and cares with respect to debt management. Especially in these crucial times of recession when every dollar lost is a pain in the heart.
A debt attorney would help to assess whether you can avail of Chapter & bankruptcy which can get resolved in the matter of 4 months. Under Chapter 7 bankruptcy, there would be liquidation of assets (if any) of the borrower to replay the lender and limit any further liabilities allowing the person to start afresh. For higher income groups, Chapter 13 bankruptcy could be applicable where the borrower re-structures expenses in order to retain assets and pay off the debt over a period of 3-5 years. With a Miami Bankruptcy Attorney you can really be rest assured that your problems would be solved!