Economic woes have affected numerous people. If you find yourself falling behind on bills and mortgage payments and being harassed by creditors of the IRS, it may be time to consider the protections offered through bankruptcy.
Dedicated Help for Individuals & Businesses Experiencing Financial Trouble
If you are experiencing financial trouble, we will work to help you find the most favorable solution available. There are a number of different bankruptcy options available to both individuals and businesses, including:
What is Chapter 7 Bankruptcy?
This is also referred to as liquidation bankruptcy. In order to qualify for this form of debt relief, your debt and assets must meet the requirements set forth in what is known as the means test. There are a number of property exemptions available in Chapter 7, which can allow you to hold onto valuable assets while allowing for the discharge of medical and credit card debt.
What is Chapter 13 Bankruptcy?
This is referred to as reorganization bankruptcy. Under this plan, an affordable debt repayment plan will go into effect for a period of three to five years, after which any outstanding debt is discharged. This plan allows you to use court-determined disposable income to help pay down your debts.
What is Chapter 11 Bankruptcy?
This plan is primarily used for financially struggling businesses. However, certain individuals with large debts and assets that do not meet the strict limitations of Chapter 7 or Chapter 13 may qualify for this protection as well. If you are a business owner, Chapter 11 can help ensure the smooth operation of your company while you seek debt relief. This can be particularly helpful in real estate cases when you need to catch up on past-due payments, or when you need time to sell property or deal with delinquent taxes.
The professionals at Frost & Associates, LLC are particularly adept at outlining the connection between bankruptcy and tax liability. You may have heard that tax debt cannot be discharged through bankruptcy. However, this is not always the case. While payroll taxes are not eligible for discharge, income taxes may be discharged in certain circumstances. We will thoroughly review your case and inform you of all of your options.
Contact Our Miami Chapter 7 Bankruptcy Attorneys
To learn more about how you may benefit from a Chapter 7 filing, speak with us. Contact our experienced bankruptcy attorneys online or call 305-363-6176 to schedule an initial consultation to discuss your situation.