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Chapter 7 Bankruptcy Archives

Is student loan debt relief impossible?

According to experts, the outlook is not pretty for student loan borrowers. While a college education is virtually necessary to secure a good job in Florida, the cost of that education may feel like it is rising out of control. With predictions of defaults on the rise, borrowers may want to begin considering their debt relief options.

Are federal programs failing to provide promised debt relief?

The student loan crisis does not appear to be going anywhere anytime soon, and that is perhaps because of the very few options that borrowers have for dealing with this type of debt. Many people in Florida felt optimistic about a program that was intended to provide debt relief for public service employees, but that positive outlook seems to be fading. The Public Service Loan Forgiveness program has only helped 96 people in its 11 years of existence. 

Can Chapter 7 bankruptcy help student loan woes?

As the second largest category of consumer debt nationwide, student loans are fairly common among Florida residents. Unfortunately, so is defaulting. Approximately one million borrowers default on their student loans every year. For those who think they may default on their own loans, Chapter 7 bankruptcy could provide much needed debt relief. 

Are personal loans a good choice for debt relief?

Most categories of consumer debt are on the rise, including credit cards, auto loans and mortgages. None of those, however, are increasing nearly as fast as personal loans. Although Florida consumers take out personal loans for a wide variety of reasons, many are using them as tools for debt relief.  

Besides bankruptcy, what are my options for debt relief?

When consumers realize that they have more debt than they can handle, their first thoughts might not turn to bankruptcy. Indeed, there are other debt relief options that some people in Florida might want to utilize first. However, if they are not effective at reducing debt to a manageable level, then bankruptcy is still an option. 

Stop repossessions, achieve debt relief with bankruptcy

Being faced with losing your car or other important asset because you cannot pay your bills is an understandably troubling situation. While repossession is a common tactic that Florida creditors resort to when faced with nonpayment, you have the power to stop these attempts. By filing for bankruptcy, you can both stop repossessions and set yourself on a path toward debt relief. 

Small medical debts can be relieved through Chapter 7 bankruptcy

Sudden financial disasters certainly contribute to some people's money issues, but this is not always the case. Many Florida residents struggle with the slow accumulation of small bills that eventually snowballs into something much larger and more difficult to handle. For those considering Chapter 7 bankruptcy, it might have been a relatively small medical bill that pushed them in that direction. 

Aging Americans in desperate need of debt relief

Older Americans are currently filing for bankruptcy at astonishing rates. This generation's need for debt relief can be boiled down to a several contributing factors, including higher retirement and health care costs. However, waiting to file for bankruptcy is usually not a good idea, and for some older Florida residents, the process might not be quite as effective as it is for their younger counterparts. 

Low-income patients in desperate need of debt relief

Seeking medical care treatment can be frightening not just because of the potential for further illness or injury, but because of the high cost of care. Federal law requires nonprofit hospitals in Florida to provide indigent care, which provides reduced or even free medical care for patients who otherwise cannot afford treatment. However, some patients who are told they qualify for indigent care soon find out that they still owe exorbitant fees, which leads some to seek debt relief through bankruptcy. 

Millennials may be in need of medical debt relief

There is no getting around it -- the cost of health care is astronomical. Medical costs are completely out of reach for the average Florida resident, and not just for catastrophic events. Generic costs associated with seeking care for minor illnesses and injuries is enough to push people into debt, and one group of people seems to be affected more than others -- millennials. This could potentially lead to more young adults seeking debt relief through bankruptcy.

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