Ft. Lauderdale, Florida Bankruptcy Lawyers

In order to file for Chapter 7 bankruptcy, your income must be less than the Florida median income for households of a similar size. According to the 2000 census, the median income for households in Ft. Lauderdale is $37,887; for families, it is $46,176.

While median household income changes, as of May 2009, the median income in the State of Florida ranges from $42,468 for single person households to as much as $71,124 for a family of four. While it may seem counter-intuitive at first, given the median income in Florida and the home exemption available to homeowners under the bankruptcy laws, a large number of people are likely eligible to file for Chapter 7 bankruptcy in the Ft. Lauderdale area.

If you are having difficulty paying the minimum amount due on your credit cards and are already behind on your mortgage payments, filing for bankruptcy will put an end to harassing phone calls and collection actions on the part of creditors. To learn how we can help you, contact Fr. Lauderdale bankruptcy attorneys at Kingcade & Garcia today.

How Bankruptcy can Help You Avoid or Forestall Foreclosure

The primary economic industry in Ft. Lauderdale is tourism. With the downturn in the economy and the subprime mortgage implosion, the ability of homeowners to stay current on home payments and other bills has become increasingly difficult. Unfortunately, Florida banks in general and Ft. Lauderdale lenders in particular, are reluctant to agree to a loan modification if they believe they can eventually recover more money by foreclosing on a house.

In declaring bankruptcy, however, an automatic stay is place on your creditors and bank. While you stand a greater chance of keeping your home under Chapter 13 bankruptcy than Chapter 7, filing for either will at least stop your mortgage lender for the time being from taking your home. If you pass the means test and are eligible to file for Chapter 7, you can discharge debt on credit cards, medical bills, certain kinds of loans, and other forms of unsecured debt. After your debt is discharged, you may have more available disposal income to pay your mortgage.

Under Chapter 13, you are required to pay back a percentage of what you owe over a 3 or 5 year period, according to a repayment plan approved by the court. As a result, Chapter 13 allows you to catch up on any delinquent mortgage payments and gain control of spiraling credit card debt.

Contact Ft. Lauderdale, Florida Bankruptcy Attorneys

There is nothing shameful or disgraceful about filing for bankruptcy. For years, banks provided low-interest credit cards and encouraged homeowners to buy more house than they could afford in order to increase profits and commission payments for mortgage brokers and their banks. Bankruptcy is a sound, effective means for allowing you to regain your financial footing and get a fresh start. To find out how we can help you, contact Ft. Lauderdale bankruptcy attorneys at Kingcade & Garcia today.