Having tons of debt is not the ideal place to be in life, as it can disrupt your routine and income with things like wage garnishment and debt collection calls. In such cases, it may be best for you to declare bankruptcy. This allows people to erase their remaining debts or loans and start over.
Picture caption: Live a better life at Florida without the fear of bankruptcy.
Procedure for filing bankruptcy in Florida
Most people facing high debt have significant questions about bankruptcy in Florida. This is why it is important to consult with a legal professional. Once you realize you cannot pay off your debts, you should seriously consider filing for bankruptcy. This will involve filing certain documents and forms with the court. Individuals are able to choose from several different types of bankruptcy filings depending on their unique situation.
Different types of bankruptcy
While there are four types of bankruptcy options available, the two most common among them are Chapter 7 and Chapter 13. Chapter 11 and 12 are generally reserved for people in business with enormous debts and farmers, respectively.
Chapter 7 is best for people who are willing to lose secured assets. Generally, all items that haven’t been paid off will need to be repossessed as part of the product. There may be certain exclusions, so it is important to consult with a local lawyer if possible.
Chapter 13 allows people to keep secured assets and is focused more on creating a debt repayment plans that last around 3-5 years. Again, a significant advantage of this option is that there is no property loss. People who feel they can clear debts if offered some extra time can profit from this option.
These options come with their own pros and cons, so you need to consider your own personal situation closely.
Wrapped up
Bankruptcy is often the best solution for people in financially unstable situations. Unfortunate circumstances cause financial trouble for people everyday. Luckily, the law allows people to clear their debts through bankruptcy.
