You might find it fun and relaxing to unwind with the latest candy-crushing or zombie-killing app on your phone or tablet. For most people, playing games online is a harmless way to pass a little time. However, for some Fort Lauderdale residents, an innocent game can turn into an addiction that drains their bank accounts and results in unforeseen debt.
The past few years have not been easy for many Fort Lauderdale residents. Even with the recession over, countless families in Florida and across the country continue to feel the pinch of tightened wallets, foreclosure and unemployment. If you are one of those considering filing for personal bankruptcy, you might have heard all kinds of horror stories about how this is a terrible decision for your long-term financial welfare.
For any number of reasons, people in Fort Lauderdale, and throughout Florida, may find themselves struggling with overwhelming debt. In order to regain control of their finances and achieve a fresh financial start, some may consider filing for chapter 7 bankruptcy. However, this is not the only option available. Thus, it behooves people who are thinking of taking this step to understand how chapter 7 bankruptcy works so they can determine if it is the right option for them.
Filing the petition for a chapter 7 bankruptcy in Fort Lauderdale, Florida, may be the beginning of your journey to financial relief, but it is actually only the first step in a process. According to the U.S. Bankruptcy Court, Southern District of Florida, another component of your bankruptcy is attendance at a meeting with your bankruptcy trustee and creditors.
When you choose to file a Chapter 7 bankruptcy, your primary concern is probably to overcome financial challenges or find relief from overwhelming debt. You may be worried about the liquidation of your assets, though. We at the Law Offices of George Castrataro, P.A., understand that it can be tempting to take measures that prevent certain assets from being affected by the liquidation process. However, failing to disclose all of your assets can get you into criminal trouble.
If you have to live from one paycheck to the next, being prepared for the worst can be a significant source of anxiety. Without a savings account or credit card to fall back on, you may be considering a payday loan to get you through a crisis. Before you make that choice, there are a few issues the Miami Herald mentions that could be a recipe for financial disaster.
If you are struggling with overwhelming debt but can't bring yourself to talk about filing for bankruptcy, you are not alone. Many people see bankruptcy as a last-resort option and wait longer than they should before consulting an attorney about their financial situation. Why?
People have personal reasons for taking on debt, and the situations that make the payments impossible are typically just as unique. When financial hardship leads people to opt for bankruptcy, they must follow certain steps, regardless of the circumstances that brought about the situation. Two of these, according to the Federal Trade Commission, are specific educational courses that must be taken before filing for bankruptcy and before the debt is discharged.
Anyone who starts a business in today’s economy is taking a risk, and it may be that your sole proprietorship in Florida is not doing as well as you had hoped. In fact, if you are struggling to make the payments on your loans, building costs and overhead, you may be wondering if it is time to go a different direction in your career. Bankruptcy could be a viable option for you when you are ready to find relief from the overwhelming debt and expenses that can attend running a small business.
If you are struggling with debt in Fort Lauderdale, Florida, you may be reluctant to consider filing for chapter 7 bankruptcy because of the impact you believe it will have on your credit report. It is true that bankruptcy is a negative mark that remains on your report for 10 years. However, it does not mean that you will be unable to get a loan for a house or a car, or receive a credit card, during that time. Rebuilding credit may not be as difficult as you think.