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Posts tagged "Chapter 7 Bankruptcy"

You can keep important property during Chapter 7 bankruptcy

For those in dire financial straits, bankruptcy is usually the best option for debt relief. Chapter 7 bankruptcy is a popular choice for many people in Florida, as, unlike Chapter 13, it does not require a repayment plan before debts are discharged. However, many debtors worry that they will have to give up every last asset they own in order to take advantage of this process. 

Putting off debt relief? You might be making things worse

The bills show up in the mailbox every day and collectors call nonstop, but still some people delay filing for bankruptcy. Although Florida debtors might put off seeking debt relief for different reasons, the outcomes are sadly similar -- even higher amounts of debt as individuals face rising asset depletion. In many instances, delaying bankruptcy usually has far more negative impacts than filing usually does.

Is there any debt relief from student loans?

Student loans are some of the most difficult debts to manage. The average Florida resident with a student loan may owe thousands or tens of thousands of dollars -- more than they could ever hope to repay, even with a good job they secured because of their degree. Even worse perhaps is the common knowledge that there is typically no debt relief from these loans during bankruptcy. However, things could be on the track to change.

How are Veterans disability benefits handled on the means test?

Coming to the conclusion that debts have reached an unmanageable peak is devastating for the average Florida resident. Realizing that bankruptcy is necessary when that person is a veteran might be doubly so. Unlike certain benefits, veterans disability benefits are considered income in the means test, which can affect a veteran's ability to seek Chapter 7 bankruptcy protection.

Women with student loans may struggle with debt relief

Some people in Florida accumulate debt through unexpected bills, emergencies or even through careless financial planning. Others, however, find themselves saddled with debt from the pursuit of a better life. Student loans recently reached a new high, and some experts believe that women may be most in need of debt relief.

How Chapter 7 bankruptcy influences student loans

It is widely understood that among the assets not eligible for discharge in a bankruptcy filing, student loans are among the most cumbersome. Many Florida students will enter the work force with considerable debt after several years of post-secondary education, but many in dire straits forgo the option of Chapter 7 bankruptcy because they believe they cannot expunge their student loan in this way. That is not entirely true in every case; in some situations, student loan can be discharged through the bankruptcy process. 

Attorney will explain Chapter 13 and Chapter 7 bankruptcy

In Florida as elsewhere, federal bankruptcy law ultimately governs the matter through the Bankruptcy Code contained under Title 11 of the United States Code. Federal law provides for the various remedies. For consumers, the choice is basically between filing a Chapter 7 bankruptcy or a Chapter 13. One area where Florida law applies is in the providing of specified exemptions that allow the bankruptcy filer to keep assets under the stated maximum allowance.

Retaining assets through a Chapter 7 bankruptcy

Bankruptcy is often seen in popular culture as a last-resort option for people who have been careless with their money. In reality, as some Florida residents can attest, insurmountable debt can come from a variety of sources, including unexpected costs like medical bills. Regardless where the debt comes from, Chapter 7 bankruptcy is a viable solution for those who cannot carry debt further. However, many people wonder whether it is possible to weather a bankruptcy without losing certain assets. It is.

Those looking to file Chapter 7 bankruptcy must pass a means test

Chapter 7 bankruptcy is called the liquidation chapter in Florida and elsewhere. The name is deceptive because filers generally keep their personal belongings and furnishings due to state exemptions. With respect to real estate, the state has one of the more liberal exemption laws, which allows for an unlimited homestead exemption under certain circumstances. The best way to determine whether one qualifies for the unlimited homestead exemption is to obtain a consultation with an experienced Chapter 7 bankruptcy attorney.

Cost of filing for Chapter 7 bankruptcy may be worth results

Financial concerns can make struggling Florida residents question every use of their money. Even when it comes to finding debt relief, they may wonder whether they should put funds toward a particular method. These worries are valid as some companies claiming to offer relief may only make matters worse. However, utilizing a proven method such as Chapter 7 bankruptcy may be worthwhile.

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