Miami Lawyer Blog

Filing bankruptcy in Miami is a difficult process, and one of the scariest financial situations anyone will face. First, you need to find a Miami bankruptcy lawyer, next you will have to fill out 50 or more pages of paperwork, attending required credit counseling all while about losing property and dealing with the invasion of your financial privacy. But what happens after your bankruptcy is finalized and how do you move on with your life? You should have two main goals after bankruptcy. Rebuild your credit and rebuild your financial life to avoid being in a situation where you need to file bankruptcy again.

Saving money for rough times is difficult for most people. Your goal should be to have six months to a year worth of bill money saved. That is hard to do, and it is okay to start small. Do not get discouraged because you cannot afford to save much each week or get overwhelmed because you do not know where to start. Stop and take an honest look at your finances and determine out how much you can put away each week or each from each paycheck. Many banks will set up an automatic transfer from your checking to your savings account each month. You can set this up to happen after each check goes through, and before you spend it. Make a savings plan and stick with it! Do not stress if you can only save a few dollars each week, it will add up quicker than you think. Just do not tap into your savings unless you absolutely must.

Rebuilding your credit is an important step to rebuilding your life. And it is not as difficult as you might think. Most lenders will not want to lend you money right away, but keep in mind that you have gotten rid of debt, which opens up your income to make other payments. And you will be charged high interest rates at first because you are considered high risk. To rebuild your credit, you should apply for a small credit card and make sure you pay on time. Consider financing small purchases through stores like furniture or small appliances. To rebuild your credit as quickly as possible, make sure you make your payments on time!

Changing your financial life is not going to be easy. After you file, your bankruptcy and foreclosure attorney in Miami should have made sure you attended credit counseling which will help you make better financial decisions. While you probably cut back your spending already and started paying more attention to your finances, counseling can help you make better decisions. You might also consider after bankruptcy credit counseling. You need to safe guard you life against the issues that forced you into bankruptcy in the first place. Do you have insurance to protect your family from medical bills? Have you saved up for emergencies that could set you back? Make sure you do not end up in the same situation again.

Obviously the easiest way to stay of foreclosure is to make mortgage payments on time. In today's faltering economy, this is not possible for everyone. If you are struggling to make your house payment each month or are already a month or two behind, you might be worried your bank will foreclose on you. With foreclosure rates so high across the nation, this is a valid fear. However, you have more power to negotiate with your lender than you probably think. High foreclosure rates means there are a lot of homes on the market, and banks are having trouble selling them. You have a few tools to keep yourself out of foreclosure.

First, make sure you contact a Miami foreclosure attorney to help you. They are experienced in dealing with banks. While you may want to keep your home, you really must be realistic. If you are out of work or making way less money than when you purchased the home then keeping your home might not be in your best interests. A foreclosure attorney can sit with you and figure out your financial situation. If keeping your home is a realistic option for you, you still have several tools to work with.

Short sales in Miami occur you will ask your bank for permission to sell your property for less than the mortgage balance. Why would they let you do that? They will let you do that when the loss through short sale is less than the loss through pursing a foreclosure. If your bank agrees, you sell the house to the buyer with the best offer. If you do not foresee being able to afford payments anytime soon, this may be a good option to avoid foreclosure. You get to get out of a mortgage while avoiding a foreclosure on your credit, the bank avoids losing more money and the buyer gets a great deal on a home. Your bank does have to agree to a short sale, so you will need to hire a lawyer and contact your mortgage company to apply for a short sale.

Loan modification in Miami is another tool to avoid foreclosure. This way will allow you to keep your home and save money at the same time. A loan modification occurs when you notify your mortgage company that you having trouble making payments. The best way to convince them of this is to miss a few payments, unfortunately. A loan modification can be lower interest rates, a grace period where you can miss a few payments without penalty or a longer payment period. Again, your bank must agree to a loan modification.

If you are one of the lucky ones, the economy has yet to have you consider the prospect of Chapter 13 bankruptcy in Miami. If you have considered a chapter 13 bankruptcy in Miami, you are not much different than anyone else in Miami. Many of us have considered the idea of bankruptcy, particularly when you have so much debt that you feel as though you are drowning in it.

A chapter 13 bankruptcy in Miami involves the restructuring of your debt. This type of bankruptcy may allow you to keep your home and much of your assets as a chapter 13 bankruptcy will help you reorganize your debt into payments that are more affordable. The only problem with this type of bankruptcy is that your spending and finances will be thoroughly scrutinized by the court appointed liaison until you have finished repaying your debt.

When considering a chapter 13 bankruptcy in Miami, you may want to take a step back, decide if there is a way to liquidate some of your assets to repay your debt first as this will be more preferable to your credit report. Regardless, you should seek the advice of a chapter 13 bankruptcy attorney in Miami, long before you actually file for a chapter 13 bankruptcy.

A chapter 13 bankruptcy lawyer can advise you on any options you may have in order to avoid filing for bankruptcy and if you cannot avoid the bankruptcy, your Miami attorney can then help you prepare, file and follow through with your chapter 13 bankruptcy. Utilizing a chapter 13 bankruptcy attorney can assure that you are making the best possible decisions for your personal and financial future.