When families struggle financially, one option for ending the struggle and regaining financial control is to file for bankruptcy. However, deciding to file for bankruptcy is only the first step. The type of bankruptcy then has to be determined. For some families in Florida, the debt repayment plan allowed under Chapter 13 bankruptcy is the right choice.
When a person is in debt, it is customary to try to stick to a budget or implement a payment plan on one's own. While this may help some Florida residents overcome debt, others may find they get to a point where they realize the problem is beyond their control. At that point, outside assistance may be needed, so that an individual can learn how Chapter 13 bankruptcy can operate as a debt repayment plan.
The bankruptcy process is not a one-size-fits-all way of dealing with debt. There are different types of bankruptcy to deal with different types of scenarios. Depending on your personal situation and what kind of resolution you are after, Chapter 13 bankruptcy may be the preferable choice to deal with debt. In Florida, there are several reasons to pursue and prefer Chapter 13 bankruptcy.
Once a family decides it is in financial peril, there may be several options available as a means of regaining financial control or getting back on stable ground. For some, Chapter 13 bankruptcy may be the preferred option for regaining financial control. In Florida, chapter 13 bankruptcy may be the better choice over other forms of personal bankruptcy for many reasons.
When people think about bankruptcy, they may automatically conjure up images of seeing all of their assets sold, or liquidated, in order to pay back creditors. This typically describes the process of filing for Chapter 7 bankruptcy. For those in Florida who don't qualify for this form of bankruptcy, Chapter 13 bankruptcy may be the best option.
The thought of filing for bankruptcy can be overwhelming for some after they have realized they are struggling to handle debt. It can also be confusing as there are a lot of misconceptions about all types of bankruptcy, including Chapter 13 bankruptcy. In Florida, anyone thinking about filing bankruptcy may want to be clear about the facts and learn the benefits and potential downside of filing of filing Chapter 13 bankruptcy in particular.
Debt sometimes may feel like a huge mountain to climb over, one that seems to be unassailable. For consumers in Florida who are faced with extensive debt, Chapter 13 bankruptcy may provide them a much-needed solution. This type of bankruptcy allows a person to possess his or her property while paying back debt obligations during the course of three years to five years.
For many in Florida, high levels of student loan debt are putting enormous strain on their budget and peace of mind. When an individual's takes on student loans, it is with the expectation that the education that they are pursuing will enable them to find a good job in the field of their choice. No one expects to have to file Chapter 13 bankruptcy in order to manage student loan debt. In an unstable economy, however, many well-trained students emerge with a respectable college degree and no position in which to apply their newly gained knowledge and training, leading to the need for debt relief.
When an individual in Florida encounters difficulty in making his or her mortgage payments, the response is often to seek assistance from the lender. In many cases, loan modification programs can help struggling homeowners to regain their financial footing and save their homes from foreclosure. Many borrowers rely on these programs to assist them when they encounter financial difficulties, but in some cases, the safety net they had hoped for simply does not exist.
Actor and author Sinbad has filed for Chapter 13 bankruptcy, seeking relief from various consumer and tax debts. This is the second time Sinbad has filed for bankruptcy, the first time was back in 2009 but he did not successfully go through the process because his paperwork was not complete or filed properly.