No matter where you stay in the US, there seems to be no respite from the relentless and oft merciless onslaught of the effects of global recession. Companies, banks and individuals have all been adversely affected by the economic downturn that has wiped off the net-worth of these entities without discrimination. All sings of fiscal and economic indiscretion has been thoroughly punished and penalized by the events that have unfolded worldwide after ns of the sub-prime crisis fist broke in the US and spread like a virus to almost all parts of the globe. If you are a resident of Miami and are looking to file bankruptcy in Miami, please realize that you are not alone.
Declaring oneself insolvent and filing for Bankruptcy is a sign of honesty, integrity and transparency. It requires courage and a great deal of spunk to admit inability to pay one’s debts as it really shatters one’s self esteem and dents confidence. It could also potentially lead to ridicule and demeaning from others. However, the social and psychological aspect notwithstanding, a lot of people have discovered over the years that filing for bankruptcy is indeed a smart and very apt step. In the case of Chapter 7 bankruptcy under the bankruptcy code, an individual has the chance of liquidating assets and trying to make good the creditor’s loans within a short period of time. If you are in Miami, you may realize the decision to file bankruptcy in Miami, is one of the wisest decisions in case you are not able to get the benefit of any mortgage modification.
If a person has a salary which is above the median salary for the state, he/she can file for bankruptcy under Chapter 13 of the code. This gives you the option of managing your finances such that you can pay off the debt in 3-5 years, while not losing the asset created and within the framework of your overall expenses. This is obviously with the understanding that you have some continuing source of income. You can file bankruptcy in Miami if required.