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FILE A FLORIDA BANKRUPTCY

Fort Lauderdale Bankruptcy Attorney Donnie Goodwin

954-768-9940 | FileAFloridaBankruptcy.com
200 SE 6th Street • Suite 507 • Fort Lauderdale, FL 33301

CHAPTER 7 BANKRUPTCY BASICS
FLORIDA BANKRUPTCY LAYWER
Bankruptcy News

Donnie Goodwin: A Fort Lauderdale bankruptcy attorney who can help you understand your financial options.

 

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KEEP YOUR HOME
Bankruptcy News

So many people are upside-down on their home mortgages these days. Before you walk away from your home, read this!

 

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BANKRUPCY MYTHS
Bankruptcy News

Read the FAQs about bankruptcy myths, and learn why bankruptcy may help give you a fresh start.

 

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WHAT IS CHAPTER 7 BANKRUPTCY?

From Goodwin Law Offices, Florida Bankruptcy Lawyer

 

A Chapter 7 bankruptcy allows you to eliminate your unsecured debt. Typical examples of unsecured debts are credit cards, advance payday loans, hospital and medical bills, signature loans and judgments resulting from repossession deficiencies.

 

Unsecured debt may include second mortgages when the market value of your home is less than the amount owed. If you stop paying unsecured debt there is no property the creditor can take from you because there is no property, called collateral, you provided as security. Or after repossession of secured property, you still owed.

 

Many people accumulate too much debt using credit cards. The credit card companies make attractive offers like zero percent interest rates trying lure people into borrowing; even sending checks to use the credit line for spending. After borrowing by using the credit, many people start making minimum payments. The credit card companies raise the interest rates.

 

After making payments for months, even years, the balances are still high and all the payments do not reduce the debt. Then when financial stress causes late payments, large penalties add more to the balance and the required minimum payments go even higher. After missing a payment the collection calls start.

 

For consumer credit borrowers who have few assets, Chapter 7 Bankrutpcy, part of the United States Bankruptcy Code, provides you a way to reorganize your finances for a fresh start. Chapter 7 Bankruptcy is a possible last resort choice for people who:

 

  • Are left with little or no money after paying their minimum necessary living expenses;
  • Are deeply in debt to credit card companies or have other large debts they cannot pay;
  • Are not the owners of investment real estate or financial assets.

 

 

Goodwin Law Offices also offers legal help in the following areas:

 

 

 


 

ARE YOU FACING FORECLOSURE?

Read about foreclosure defense versus bankruptcy

 

Just because you are facing foreclosure does not mean a bankruptcy is the way to resolve the situation. Depending on your financial and legal situation, a direct foreclosure defense may suffice, in lieu of a bankruptcy. Goodwin Law Offices is ready to help you determine which option may be best for you.

 

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