The decision to file bankruptcy can be a difficult one to make. On one hand, people must consider how their credit will be affected, how their reputation could be tarnished, and how it may affect how they feel about themselves. On the other hand, it could be a fresh financial start for the client, as it will stop any and all creditor harassment and give the person who files the chance to reset his or her budget. Anyone in Florida who is considering Chapter 7 bankruptcy may want to consider the pros and cons.
For those who have become overwhelmed with personal debt, bankruptcy can be the relief they need to get a fresh start. Some may wonder, however, whether Chapter 7 or Chapter 13 is for them. What are the differences and how should one choose? Florida residents who are considering bankruptcy may want to understand the differences.
Student debt is currently among those types of loans which are not allowed to be discharged in a bankruptcy case. A few lawmakers are trying to change all of that. The two representatives, one Republican and one Democrat, are working together to try and reform the rules of federal bankruptcy so that people can have some type of student debt relief when they file for bankruptcy. This could be good news for many Florida residents.
The choice to file for bankruptcy is made by thousands of Americans every year. Many declare personal bankruptcy in the state of Florida and get a fresh financial start. While some may be considering chapter 7 or 13 as an option, others may wonder what happens when a person files for bankruptcy.
It is tax time again. For many people that means that it is time for a Florida vacation, a new car or some other luxury item that they have waited to splurge on. Others wait until tax time to pay off small debts which they couldn't catch up on during the year. For some, however, tax time means that they will be filing for Chapter 7 bankruptcy.
Chapter 7 bankruptcy is a type of bankruptcy filing that is available to qualified debtors. Chapter 7, unlike Chapter 13, is a liquidation process which results in the complete (or almost complete) forgiveness of the debtor’s liabilities. Liquidation means that the court (through the bankruptcy Trustee) collects and catalogs all of your exempt property and sells it to satisfy your various debts. Since Chapter 7 results in a complete erasure of debts, it is strongly favored option for many people. This post will go over how Chapter 7 works and what properties are exempt from liquidation
Medical care is expensive, even for those in Florida who have insurance coverage. An accident, prolonged illness or emergency surgery can result in bills totaling thousands of dollars, and most people are not able to effectively manage this amount of debt without assistance. High deductibles and other expenses leave many people struggling with debt, even with a good insurance plan.
In the old days, a bankruptcy was thought of as a failure. You would be marked with the metaphorical scarlet letter, refused credit and shunned by the system. Those were the old days. Now the stigma associated with bankruptcy has all but disappeared, and it's considered just another financial move; a way to get a fresh financial start.
In the old days, a bankruptcy was thought of as a failure. You would be marked with the metaphorical scarlet letter, refused credit and shunned by the system. Those were the old days. Now the stigma associated with bankruptcy has all but disappeared and it's considered just another financial move; a way to get a fresh financial start.
Many people who have found themselves drowning in debt have turned to bankruptcy. It is no secret that bankruptcy has many benefits, the most appealing is that you will have your debts cleared. Your debts being erased is a huge plus to filing bankruptcy, but one advantage to filing bankruptcy that people can appreciate long before they can be sure they no longer owe their creditors is an automatic stay.