Some Florida residents may find themselves struggling financially. Many may miss mortgage payments or are chronically late in submitting the payment. Consumers might pay only the minimum amount due on credit cards each month or start using the cards more frequently for day-to-day expenses. When financial concerns continue to mount, someone may consider filing for Chapter 7 bankruptcy to alleviate the financial stress.
An industry professional offered some insights on personal bankruptcy and discussed scenarios where it might be the best option for someone in financial distress. When a person has lost a job and cannot pay the bills, it is important to protect assets, such as a home and retirement savings. Retirement accounts would be protected in the event of a bankruptcy filing, for example.
In addition, a person may get sick and be faced with hefty medical bills. The individual may lose a job and be unable to pay the bill associated with the illness. Also, experts suggest that a couple should consider filing jointly for Chapter 7 bankruptcy when they are going through a divorce. This is advantageous in certain circumstances if the couple's debt is in both their names.
Facing Chapter 7 bankruptcy in Florida may seem like a daunting possibility, but it does not have to be. An experienced bankruptcy attorney can provide much-needed assistance for someone hoping to gain a fresh start in improving his or her financial situation. A dedicated lawyer will be committed to helping those overwhelmed by debt to tailor a plan that best addresses one's specific needs.
Source: njbiz.com, "Triple Play: When to consider personal bankruptcy", Mark Henricks, March 26, 2017