Debt Restructuring Payment Plans vs. Debt Relief Through Chapter 7 Bankruptcy

It's hard to turn on the radio nowadays without hearing a commercial from a debt consolidation firm or a debt negotiation company promising you "financial freedom." For the very few people who cannot qualify for the efficient and immediate relief offered by the Federal Bankruptcy Laws, debt consolidation may be a necessary evil. However, it is our experience the vast majority of people who enter into debt consolidation programs would have been far better served had they explored their Chapter 7 options. At the DiTocco Law Group serving Broward County and Palm Beach County, our highly qualified Chapter 7 attorneys will thoroughly explain the pros and cons of debt consolidation versus filing a bankruptcy.

What is a Chapter 7? Chapter 7 bankruptcy is also known as liquidation bankruptcy, which means the debtor receives immediate debt relief without having to enter into a long-term payment plan. Approximately two-thirds of the bankruptcies filed in South Florida are Chapter 7's, and that is because Chapter 7 is the fastest, cheapest and most efficient form of debt relief there is. There are certain advantages and disadvantages to each avenue and it helps to have the guidance of Fort Lauderdale bankruptcy lawyers when you make your decision.

Chapter 7 Bankruptcy allows for a fresh start and protection from creditors, and it also repairs your credit score faster than other forms of debt relief. When you file Chapter 7 with the Ft. Lauderdale bankruptcy attorneys at the DiTocco Law Group, you will receive a credit report with your current credit score as well as your expected score 12 months after filing bankruptcy. Most of our clients discover that their expected score within a year of filing is close to 700! A bankruptcy attorney in Fort Lauderdale can help guide you through the process of bankruptcy so you can focus on getting your life back on the right track. Call the DiTocco Law Group, PLLC today and speak with a qualified South Florida bankruptcy lawyer about your situation.