Sagre Law Firm, P.A.
5201 Blue Lagoon Drive #923
Miami, Florida 33126
Lets Get Started
To get started, call the Miami Bankruptcy Law Offices of Attorney Ariel Sagre at (305)
266-5999 for your free bankruptcy consultation.
|Sagre Law Firm, P.A. is a Debt Relief Agency. We practice in Chapter 7 and Chapter 13
Bankruptcy, Foreclosure Defense and Debt Relief. The Lawyer can file your bankruptcy case in
Miami, Coral Gables, Kendall, Miami Lakes, West Miami, South Miami, Florida City, Homestead,
Medley, Hialeah-Miami Lakes, Aventura, Ft. Lauderdale, Pinecrest, Lauderhill, Perrine,
Plantation, Tamarac, Weston, Key West and other cities around South Florida, Miami-Dade,
Broward and Monroe County.
|..... in His service.
Frequently Asked Questions
What is Chapter 7 Bankruptcy?
Chapter 7 Bankruptcy, known as a liquidation bankruptcy involves the debtor turning
over all their non-exempt assets. The Bankruptcy Trustee then liquidates these
assets in order to distribute the proceeds to the creditors. After this, the debtor
receives a discharge of all debts. In the vast majority of cases, there are no non-
exempt assets, therefore the debtor does not have to turn anything over and receives
a report of “no distribution” from the Bankruptcy Trustee.
In cases where there is a non-exempt asset such as a vehicle that is owned outright,
the attorney will negotiate on your behalf in order to secure your vehicle by paying
back as little as possible. See Vehicles and Bankruptcy below.
This process usually takes 3-4 months and once complete provides the debtor with
a discharge of all debts in order to resume their lives with a fresh start.
What is Chapter 13 Bankruptcy?
Chapter 13 Bankruptcy is referred to as the reorganization bankruptcy. Most people
filing for Chapter 13 have fallen behind on the payments of one of their assets such
as a home or vehicle loan. Filing for Chapter 13 will allow one to pay back the
arrearage over a period of 3 to 5 years thus avoiding the taking of the asset either by
foreclosure or repossession, for example.
Once a Chapter 13 is filed there is a wide array of possibilities available in order to
restructure your debts to lessen your payment burdens. Some examples include the
stripping of second and third mortgages on properties that are under water. Also,
vehicles can be valued down in order to repay what they are actually worth and not
the bloated amount that was originally financed.
Chapter 13 is also the bankruptcy that people who are above the income means test
will have to file. It simply means that you make more money than the bankruptcy court
allows to file for Chapter 7 and therefore will have to pay a small amount of your
debts off during a 3-5 year period. This amount will be significantly less than what
you’d pay had you not filed for bankruptcy at all and therefore is a valuable tool for
people making greater incomes but still find themselves significantly indebted.
Speak with Bankruptcy Attorney, Ariel Sagre in order to fully understand all the
options that are available to you.