Bankruptcy is a legal declaration by an individual or a firm or an organisation to their creditors due to their inability to pay off their debts. The current trend in market has drastically affected almost all the debtors to declare bankruptcy because of the heavy losses they have undergone due to recession.
The Bankruptcy law has devised a sketch which allows a defaulter to resolve his debts through the distribution of his possessions to his creditors. The bankruptcy law can be complex and hence the Miami Bankruptcy Attorney offer debtors with the appropriate solutions.
Many a times the people filing for bankruptcy have no clue as to how to go about it. They are faced with overwhelming figures of the debts they owe to their creditors and hence it is very much advisable to hire a Miami Bankruptcy Attorney. These attorneys have excellent experience in helping out individuals or firms with the debt relief and filing for bankruptcy in California.
It is always a wise choice to get in touch with the Miami Bankruptcy Attorneywho can guide you through the complicated process of filing for bankruptcy. Once the documents are filed at the bankruptcy court, a trustee will be assigned to you. He will inform you and also verify all the documents and information submitted by you.
The next step will require you to notify your creditors about your filing for bankruptcy so as to stop them from taking action against you to get their debts.
Filing for bankruptcy falls into two types and categories namely Chapter 7 bankruptcy and Chapter 13 Bankruptcy.
The Miami Bankruptcy Attorneywill help you in providing bankruptcy relief from everyone in Florida. They will also assist you to from the constant harassment of the creditors. Therefore, the attorneys provide an opportunity for their clients to start afresh.
Chapter 7 bankruptcy deals with total bankruptcy which is reflected on your credit card for 10 years whereas Chapter 13 bankruptcy is more like a payment plan which stays on your credit card report for about 7 years.
Since filing for bankruptcy is a long process and requires a lot of patience and knowledge, hiring a Miami Bankruptcy Attorney will ensure that everything runs smoothly for you.