In the modern economy, making ends meet can be a challenging task for a business of any size. Perhaps your business debt has become so great that your revenues are no longer able to keep up with it. In this situation, filing for Chapter 11 bankruptcy protection may be your ticket to financial freedom in the state of Florida.
If you are struggling with debt, then you may view a Chapter 7 bankruptcy as your most beneficial alternative to escape the threat of legal action being initiated by your creditors and to re-establish yourself on a firm financial footing. However, like many others in Fort Lauderdale who have sought the same protection, you may be surprised to learn that you must first qualify to file under Chapter 7. To determine your eligibility, you must take the Chapter 7 means test.
A Chapter 7 bankruptcy discharge can be an invaluable tool for you and other Fort Lauderdale residents who are drowning in debt. During this type of personal bankruptcy, most types of debt can be wiped out, leaving you with a clean slate and the ability to start rebuilding your financial future. However, a Chapter 7 debt discharge does not necessarily mean you will avoid unpleasant consequences. Many of your assets may be liquidated to repay your creditors before the rest of your debt is forgiven. For those undergoing a Chapter 7, this means their home, vehicles and other property.