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.
Filing for Chapter 7 bankruptcy has the advantage of discharging debt you owe. However, if you used certain property as collateral for a loan, you still will have to provide some sort of compensation to the creditor to avoid losing the property. What do you do when you qualify for a Chapter 7 bankruptcy but want to keep a secured debt? The good news is that you may be able to do both. By reaffirming the debt, you can still file for Chapter 7 and retain the property.
Florida residents may at times find themselves facing difficult financial situations. They are often overwhelmed by debt and struggle to make ends meet each month. Many consider filing for Chapter 7 bankruptcy as a means to regain financial stability in their lives. A former Orlando developer in such a situation recently filed for personal bankruptcy.
Some Florida residents may be struggling with the decision to file for bankruptcy. As they do so, it may help to understand that there is a potential "bright side" to filing Chapter 7 bankruptcy, according to the author of a 2016 book. The author, a consultant and small business owner, filed for both personal and business bankruptcy. but chose to focus on what she could learn from the process and making positive changes to her life.
Many Florida residents post pictures of themselves on Facebook that put them in an exotic location or in front of a flashy car. Some appear to be wearing expensive jewelry and sporting wads of cash. These photos might make for a good joke, but if an individual filed for Chapter 7 bankruptcy protection, the photos could cause trouble with the court.
Of all the questions you and your spouse might ask prior to filing, this is more than likely not one of them. Like many Florida residents, you might not even be aware that you and your spouse are not required to file jointly. Where it is true that there are numerous advantages to filing with your spouse, you might receive more benefit from a Chapter 7 bankruptcy by filing individually.
Like many other Florida residents, you could be experiencing financial difficulties that make it nearly impossible to pay your bills each month. You are more than likely enduring harassment by your creditors for payment. If a creditor is threatening to repossess an asset such as your car or motorcycle, it might be time to file for bankruptcy.
Everyone makes mistakes and forgets things. However, a Chapter 7 bankruptcy trustee will more than likely not accept either excuse when it comes to disclosing your assets. If the trustee and the judge determine that a Florida resident attempted to hide assets that would not fall within an exemption, he or she could be denied a discharge, which means that the filer would be responsible for all of the debts that the bankruptcy might have eliminated.
It would be a challenge to find a Florida resident who wants to pay taxes, and it can be nearly impossible when your financial situation is dire. You might have been told that taxes cannot be discharged in a Chapter 7 bankruptcy, but that is not entirely true. Under certain circumstances, some tax obligations can be eliminated through the process.
Many Florida residents frequent hospital emergency rooms when necessary. Many choose the hospital that is covered by their health insurance. The problem is that the doctors and other medical professionals that might be required for their care might not be considered within the network of the health care provider. This means that when the bills come in, they can be much higher than anticipated, which could prompt the need for medical debt relief.