Miami, FL / ACCESSWIRE / February 24, 2020 / Consumers often turn to bankruptcy as a last resort when facing significant and seemingly unbeatable financial distress. This legal tool provides those individuals facing immense financial hardship with the opportunity to liquidate and/or protect assets while getting a fresh start.
Since inception, The Law Offices of Patrick L. Cordero has worked tirelessly to provide aggressive, caring and compassionate bankruptcy representation to clients across the greater Miami, FL area. As the largest consumer bankruptcy filing firm in the state, their law office has helped countless individuals and families take back control of their financial future.
Bankruptcy in Miami and Across the United States
Contrary to public opinion, the majority of bankruptcy cases aren’t the result of reckless or carefree spending, but rather financial hardship resulting from a myriad of underlying causes ranging from lost employment, to rising interest rates, and medical bills.
Although personal bankruptcy cases have been on the decline since the recession of 2005, they still remain a troublesome statistic, with USCourts.gov reporting an astonishing 750,489 non-business bankruptcies filed in 2019 alone.
Key Facts and Figures Regarding Bankruptcy
- Total personal bankruptcies in 2019: 750,489
- Total Chapter 7 bankruptcies in 2019: 477,106
- Total Chapter 11 bankruptcies in 2019: 6,891
- Total Chapter 13 bankruptcies in 2019: 288,039
Chapter 7 Bankruptcy in Miami
According to Cordero, for those who qualify, Chapter 7 can be a highly effective tool for wiping out the majority of unsecured debts such as medical bills and credit cards, without the need to set up a repayment plan. It does, however, have certain qualifying requirements such as specific income requirements. Those who do not qualify for Chapter 7 due to having too high of an income may be able to explore Chapter 13 as an alternative option.
Chapter 13 Bankruptcy in Miami
Known as a “reorganization” form of bankruptcy, Chapter 13 is designed to be used by debtors who have income sufficient to establish a “repayment” plan to cover a portion of their debts. Even for those who make under the required amount to qualify for Chapter 7 sometimes opt to explore Chapter 13 instead. According to Cordero, this type of bankruptcy provides benefits not available under Chapter 7, such as the option to catch up on missed mortgage payments or to remove unsecured junior liens from the client’s home. With Chapter 13, the client is able to keep their property and assets, re-paying a portion of their debt back through a repayment plan.
Comprehensive Legal Services for Consumer Bankruptcy
At The Law Offices of Patrick L. Cordero, clients can expect to be paired with experienced bankruptcy lawyers that have dedicated their careers to helping clients achieve favorable outcomes both in and out of court.
Their team knows that debt can feel overwhelming, placing undue pressure on life, finances, family, and relationships. Their firm is committed to acting as a staunch advocate for those facing bankruptcy, providing a range of valuable legal services designed to help clients take back control of their life and finances.
As part of the bankruptcy process both in and out of court, the firm provides comprehensive services including those for:
Taking a consultative and solutions-oriented approach, their attorneys work closely with clients to evaluate their unique situation, assets, and goals. Based on their findings, they help clients explore the best options to meet their needs. From debt reduction, to removing liens and stopping lawsuits, the firm is ready to tackle any challenge big or small.
The Law Offices of Patrick L. Cordero
The Law Offices of Patrick Cordero is Florida’s largest consumer bankruptcy filing firm, having helped thousands of clients among the Miami and surrounding communities struggling with financial, real estate and family legal issues. From bankruptcy to foreclosure, divorce, and debt relief, the 50 plus member team at The Law Offices of Patrick Cordero can help.
Reach out today via the contact information below or directly by way of their website for assistance today.
SOURCE: The Law Offices of Patrick L. Cordero
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