Dealing with financial issues is anything but desirable. However, it is a life event often experienced by individuals in Florida and elsewhere. While it is possible to overcome these debt problems on your own, the reality is that when credit card bills, medical debt, student loans, a mortgage and other bills are bombarded with a job loss or the inability to work because of an accident, it can feel like it will be impossible to resolve these financial problems. This is where filing for bankruptcy can be extremely beneficial.
As this blog has discussed, families and individuals in Florida may suddenly find themselves overwhelmed by debt for a number of different reasons. For instance, a job loss or a medical emergency can mean that a family who was staying afloat suddenly needs financial help.
Those in South Florida who are running into financial trouble may hesitate to file for bankruptcy for a number of reasons.
Sometimes, debts accumulated by an individual are so high that the only way to repay the debt and make a fresh financial start is to file for bankruptcy. Those debtors who have no or negligible income can file for liquidation bankruptcy under Chapter 7 of the Bankruptcy Code. However, the eligibility to file for Chapter 7 bankruptcy is only confirmed when a debtor has met certain conditions. Residents of Fort Lauderdale and the nearby areas in South Florida who can relate to these challenges may wish to continue reading.
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.