Despite the growing economy in various states, including Florida, many individuals still struggle with personal debt. Some debtors may become overwhelmed with the details of filing Chapter 7 bankruptcy, as such a case has its own set of advantages and disadvantages. Nevertheless, Chapter 7 bankruptcy may allow individuals to keep property and other exempt assets.
When you fall behind on your payments and your creditors begin garnishing your wages in Florida, you may consider getting a second job to try to keep up with your living expenses. However, adding another income source does not necessarily mean that you will be bringing all of that money home. At the Law Offices of George Castrataro, P.A., our team understands that federal and state laws are not always sufficient to protect the income you need to live on.
Some people may be worried that filing for bankruptcy in Florida may affect their ability to qualify for a home loan. According to Experian, one of the major credit reporting bureaus, it may be possible and profitable to purchase a home through a rent-to-own agreement. While buying a home with this type of contract may not improve a person’s credit score, it does typically allow those with issues on their credit report to become a homeowner.
Unemployed people are not the only ones suffering from financial stress in Florida, and it does not even really matter how much money you make. People from all walks of life find themselves struggling with overwhelming debt. The team at The Law Offices of George Castrataro, P.A., have worked with many who are seeking ways to reduce these burdens.
Starting and running a small business in Florida may have seemed like a dream come true, but entrepreneurs who are facing overwhelming financial obstacles may be wondering if it is time to give up. Even though many companies fail each year, not every entrepreneur sees a chapter 7 bankruptcy as the end of the line. Many have found that not only is it possible to recover on a personal level, it is also possible to start fresh in the business world.
Health problems do not discriminate based on income or insurance coverage, leaving many in Florida with enormous medical debt that they are unable to pay. If one is in a position where paying back medical bills has become impossible, declaring Chapter 7 bankruptcy may be an option to consider. While not all people qualify for Chapter 7, and some have too many assets to be a good candidate, in Florida many are able to dispose of medical debt through bankruptcy.
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.
If any of your debt has been sent to collections, you may be familiar with harassing phone calls and letters from collection agencies. Like many residents of Fort Lauderdale, you might be resigned to putting up with the annoying contact while you attempt to retake control of your finances. Fortunately, there is a way to stop these phone calls and letters so you can have some peace and quiet.
If, like many Fort Lauderdale residents, you have more debt than you can manage on your own, you might consider filing for bankruptcy. However, it is important for you to know that not all kinds of debt can be discharged through a Chapter 7 bankruptcy. Understanding the basics of how bankruptcy works may help you be prepared for what you still may be obligated to repay.