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High medical bills, divorce, job loss and a great number of other things often lead to folks who carry more debt than they can pay. In the Metro Dade area they can find a Miami bankruptcy lawyer to advise them and help them plan the best way to resolve their financial issues.

When you find a Miami bankruptcy lawyer ask to see them for a consultation. Most bankruptcy attorneys do not charge for the first meeting.  Everyone in financial trouble got there due to unique circumstances. When you find a Miami bankruptcy lawyer, your case is considered on its unique circumstances. Once you find a Miami bankruptcy lawyer, the attorney listens carefully to you. They may recommend that you file a Chapter 7 bankruptcy, a Chapter 13 bankruptcy or not file for bankruptcy at all. One alternative to bankruptcy is to negotiate with your debtors to reduce your payments to a manageable monthly number.

Chapter 7 Bankruptcy

When the goal of bankruptcy is to resolve a financial crisis and begin anew, Chapter 7 bankruptcy is the fastest way to do this. Also known as "liquidation" bankruptcy, all non-exempt property that is owned by the person filing for Chapter 7 bankruptcy, also known as the debtor, is sold (liquidated) with the money from the sale used to pay the debtor's creditors. Usually when a Chapter 7 filing happens, the debtor has no assets to so the process is quick and a new start is offered more quickly. Homes and cars may not be part of the assets sold. Find a Miami bankruptcy lawyer for further information on whether this is the best choice in your case.

Chapter 13 Bankruptcy

Those who file bankruptcy under Chapter 13 want the opportunity to repay their creditors but require better terms to do so. They generally seeking the elimination of any late fees and a reduction or elimination of interest. Instead of liquidating assets as is required in a Chapter 7 bankruptcy filing, Chapter 13 debtors are seeking to restructure their debt and repay it within five years. People who choose this option for dealing with a financial crisis usually have a regular income and with restructured debt can pay their debts off. This done under Bankruptcy Court supervision.  Find a Miami bankruptcy attorney to discuss this option and learn if it right for your individual case.

Out Of Court Debt Restructuring

At your first visit with a Miami area bankruptcy attorney the advice you receive may be to restructure your debt though not file a bankruptcy. This is known a "debt payment plan." This could be the right choice for you if your debt is not too high or once restructured can be paid more quickly than five years and without court supervision. Many Miami area bankruptcy lawyers will negotiate with your creditors, to lower your total and monthly payments to a point where you can handle them and resolve your financial issues.

Each of these choices has consequences for your credit report and credit score. The Miami bankruptcy you found will explain each of these options to you and its consequence. Go to http://www.BankruptcyLawyer.com now to set up a free consultation and find more information on bankruptcy.