When Shoud I Consider Bankruptcy?

There are millions of Americans who were hit hard financially by the economy.  Lost jobs, increased mortgage payments, poor investments, or any other factors contributed to these people being unable to continue to pay their bills.  If you are one of the millions of people affected by the downturn in the economy you might want to consider filing for bankruptcy.  The following are some factors to decide whether or not filing for bankruptcy makes sense:

 Creditor Negotiations
Sometimes when a client comes to see us, instead of pushing them to file for bankruptcy we recommend to negotiate with creditors.  Negotiation allows the debtor and the creditor to come to an agreement, reduce the debt owed, and create a payment plan.  Example:  Debtor Y owes $50,000 on an American Express card.  Debtor Y can negotiate with American Express to either make one reduced rate lump payment or create a monthly repayment plan.   If, however, creditor negotiations fail, leaving the debtor with few options then probably bankruptcy would become a viable option.

 Liabilities Exceed Assets:
If the debtor’s monthly liabilities far outweigh his monthly income, then filing for bankruptcy protection would likely be the best solution to relieve the debtor of some of their debt problems.  Example:  Debtor’s monthly bills amount to $5,000 a month yet debtor’s income is only $3,000 then the debtor will only continue to increase his debts rather than pay them off.

 Filing for bankruptcy is a major decision and it must be planned out carefully and strategically.  If you have thought about bankruptcy or would like to speak with someone about the bankruptcy procedure then please give our office call:  Shmucher Law, PL (954) 309-5559.  We will gladly schedule an appointment and discuss your individual options with regard to your situation.  For further information on bankruptcy please feel free to view our website at http://www.FLBankrupt.com.

 Shmucher Law, PL, a bankruptcy law firm, represents debtors, creditors, and trustees in bankruptcy matters throughout Broward and Miami-Dade counties.

Shmucher Law, PL represents clients throughout South Florida including Aventura, Bal Harbour, Coral Gables, Coconut Creek, Cooper City, Coral Springs, Dania Beach, Davie, Deerfield Beach, Fort Lauderdale, Golden Beach, Hallandale Beach, Hialeah, Hialeah Gardens, Hillsboro Beach, Hollywood, Lauderdale-By-The-Sea, Lauderdale Lakes, Lauderhill, Lighthouse Point, Margate, Miami, Miami Beach, Miami Gardens, Miramar, North Lauderdale, Oakland Park, Opa-Locka, Parkland, Pembroke Pines, Pinecrest, Plantation, Pompano Beach, South Miami, Sunny Isles beach, Sunrise, Tamarac, Weston, and Wilton Manors.

 The hiring of a lawyer is an important decision that should not be based solely upon advertisements. Before you decide, ask us to
send you free written information about our qualifications and experience.


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