Financial challenges arising out of accumulated debt are sometimes so overwhelming that many people find it difficult to cope with the pressures and force themselves into filing for bankruptcy. Bankruptcy is definitely a foolproof way of eliminating debt but a person should consider a bankruptcy filing only after exploring the other debt relief methods that are available. In fact, the Federal Trade Commission strongly recommends that people try various debt relief methods before they decide to file for bankruptcy.
Some debts that remain after Chapter 7 bankruptcy discharge
Newspapers and TV channels across the country often carry news about the debt crisis that is so prevalent in America. There are many people in South Florida too who are in the same situation. Some of those people may be planning to file for bankruptcy, or have already filed for bankruptcy, under Chapter 7 of the United States Bankruptcy Code. According to the rules of this chapter, all the assets of a debtor, except certain exemptions, are liquidated and the money raised from the liquidation is used to repay creditors.
