Bankruptcy

(305) 891-4055 - Over 25 Years of Experience - Over 8,000 Cases Filed - Chapter 13 and Chapter 7 - Bankruptcy Attorney Jordan E. Bublick - 1221 Brickell Avenue, 9th Fl., Miami, Florida - www.bublicklaw.com

The two different types of bankruptcy usually used by people to file bankruptcy are chapter 13 and chapter 7. Each provides for different requirements and relief. Bankruptcy law offers two chapter Chapter 13 bankruptcy is often used by people with higher incomes and substantial non-exempt property to formulate a chapter 13 plan to reorganize their debt while under the protection of the bankruptcy court. Under a chapter 13 plan, you are able to reorganize your secured debt (such as mortgages and car loans) as wells as unsecured debt (credit cards and personal loans).  Often you are only required to back only  10% to 20% of you unsecured debt and discharge the rest. A typical chapter 13 plan is over a period of 3 to 5 years. 
Chapter 13 bankruptcy is also used by people who are behind with their mortgages and to save their homes from foreclosure. Under a chapter 13 plan, you are able to take various approaches. You may reinstate your mortgage by catching up-to-date your past due payments over a period of up to 5 years.  You may use the bankruptcy court's new loss mitigation mediation ("LMM") program to negotiate with your mortgage company to achieve a modification of your mortgage. Totally underwater second mortgages on residential property may be wholly avoided. Maintenance association liens may be avoided to the extent they are not secured by equity in the real estate.   

Chapter 7 bankruptcy is usually used by people with lower income and little non-exempt property. Under chapter 7 unsecured debt, such as credit cards and loans, is discharged, unless it falls within the categories of non-dischargeable debts, such as student loans and some types of taxes.

(305) 891-4055 - Jordan E. Bublick is a Miami Bankruptcy Lawyer with over 25 years of experience in filing Chapter 13 and Chapter 7 Bankrkuptcy Cases. Bankruptcy Attorney Jordan E. Bublick has filed over 8,000 Chapter 13 and Chapter 7 cases.