Despite the amount of overwhelming debt that one has, there are options that can help alleviate the strain and anxiety of the situation. For some in Florida, filing for Chapter 7 bankruptcy may be the best way to tackle insurmountable debt and get back on the track to financial stability. However, not everyone qualifies, and all debt will not be automatically wiped away.
Criminal matters and a conviction leading to jail time can result in financial chaos that needs to be addressed. Recently, in Florida, an ex-GOP chairman found himself filing for Chapter 7 bankruptcy. The filing comes after spending more than a year in prison. Jim Greer pleaded guilty to theft and money laundering while he was chairman.
For many people, there comes a time when the financial realities they face simply will not get better with time or even by carefully monitoring finances. If debts continue to grow and paying off what is owed is not an option, it may be time to pursue bankruptcy. Luckily, for many, Chapter 7 bankruptcy can lead to debt relief. Florida residents may want to learn about the different types of bankruptcy and then decide which type fits their individual situations.
No one ever starts out thinking they want to file for bankruptcy at some point in his or her life. Nevertheless, filing for Chapter 7 bankruptcy can be a viable means of handling unmanageable debt or an impending home foreclosure. Many may be surprised to learn of the immediate and long-term benefits of filing for Chapter 7 bankruptcy in Florida.
When the decision has been made to file for bankruptcy, there are certain steps that must be taken before any paperwork can be filed. For Florida residents, understanding the type of bankruptcy for which one is eligible is the first step. If you feel that Chapter 7 bankruptcy is the right choice for you, it is necessary to understand the facts about the means test first.
Although the recession is waning, according to reports, many still struggle to stay above the poverty line. A new study took many by surprise, as it told of the true picture of the economic situation in the central Florida region. According to the new numbers, many residents in central Florida are barely above the poverty level and essentially on the verge of Chapter 7 bankruptcy.
Anyone who has a student loan, mortgage, auto loans or credit cards most likely pays attention to interest rates. The slightest interest rate increase or decrease can be the difference between being able to keep up with a loan or mortgage and struggling to maintain a home or good credit. Anyone in Florida who has any kind of debt may want to investigate how an interest rate increase could affect his or her efforts to make progress with debt relief plans or hamper that progress.
Some folks may not originally like the idea of pursuing bankruptcy. However, after the financial crisis hit Florida and the rest of the country, many hardworking homeowners found themselves looking at the benefits of this option. Once a homeowner decides that bankruptcy is perhaps the best solution, deciding which kind can be confusing. For many, Chapter 7 bankruptcy may be the ideal way to deal with mounting debt and get the fresh financial start a family may need.
People naturally do not like the feeling of being trapped, whether physically or financially. Hence, it is important for Florida consumers to be wary of taking on too much debt. However, despite good intentions, many people find themselves in difficult financial straits and in desperate need of debt relief.
There are very strict laws and regulations surrounding the bankruptcy process. There are also just as many myths and a massive amount of misinformation surrounding them. Anyone in Florida who is considering filing for Chapter 7 bankruptcy may benefit from knowing what not to do as much as understanding what a person should do when filing a petition.