In an unstable economy, it is not uncommon for families to experience financial issues. However, those financial issues can often snowball and become more than a family can handle. Many Florida residents find themselves the recipient of hundreds of collection calls, letters, and harassment about not being able to pay their bills.

If you are struggling under what seems like a mountain of debt, there may be numerous options available for relief. Attorney Jose A. Loayza is an experienced bankruptcy lawyer who understands Florida’s bankruptcy laws and can help you work towards a brighter financial future.

Chapter 7 Bankruptcy

In a Chapter 7 bankruptcy, an individual may be able to have some or all of their debt discharged, or “erased,” if certain requirements are met. These requirements include earning below the median income for a family of the same size in the same area, and liquidating all non-exempt assets in order to satisfy as much of the debt as possible.

Contrary to popular belief, filing a Chapter 7 bankruptcy doesn’t mean that you will lose all of your possessions, including your home and/or vehicle. Attorney Loayza can help you determine if a Chapter 7 bankruptcy is right for you and your family.

Chapter 13 Bankruptcy

In a Chapter 13 bankruptcy, no assets are liquidated and no debt is discharged. Instead, a Florida bankruptcy court will create an individual repayment plan that lasts approximately 3-5 years. After this time period is over, assuming that all payments have been made, the debts will be considered satisfied. A Chapter 13 bankruptcy may be an excellent option for families who exceed the median income in their area, or who have significant assets that they want to keep.

Chapter 11 Bankruptcy

Generally speaking, Chapter 11 bankruptcy is reserved for small businesses that are unable to meet their debt obligations. Under a Chapter 11 bankruptcy, a small business can reorganize their debt and remain operational, or they can liquidate their assets to pay off their debts and close their doors. Each has their own benefits and drawbacks, and understanding how Chapter 11 bankruptcy works and how it may be able to help your business requires the expertise of a seasoned bankruptcy attorney.

Contact Jose A. Loayza Today

If you are overwhelmed with debt and aren’t sure what you can do to get a handle on your finances, don’t hesitate to contact Attorney Jose A. Loayza. He has the skills and resources to stop aggressive collections against you and to help you get back on your feet financially.

Call today for a consultation to discuss your individual legal needs at (801) 883-9129. Attorney Loayza is available now to provide you with the zealous legal representation you need in the face of extreme financial difficulties.