While California tops the list for the highest number of bankruptcies in a state, the state of Florida comes in second. On average, around 94,000 individuals in Florida file for bankruptcy each year. This is a large number of people dealing with financial troubles. The purpose for filing may be similar; however, the reason for filing can range greatly among individuals and families in the state.

Making the decision to file for bankruptcy can be a time consuming one. Additionally, it is also a decision that could cost one some money. Thus, one does not want to waste their time or money on this decision, which is why individuals dealing with the following financial situations should consider this process.

There are seven key reasons to file for bankruptcy. This includes having overwhelming debt from a small business, a life-threatening health crisis, lengthy unemployment, getting sued, a divorce, unable to afford student loan payments and getting a higher paying job that will cause you to fail the means test.

When considering these key reasons, some situations call for an immediate filing. In others, it might be more beneficial to wait a certain period of time before filing. No matter the situation, a debtor should fully understand their options and what to expect throughout the process.

Filing for bankruptcy is not an easy decision to make; however, it is one that can prove to be extremely valuable. A bankruptcy filing has the ability to proved a fresh financial start, and those dealing with debt should understand how they can benefit from bankruptcy.