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Fort Lauderdale Bankruptcy Law Blog

Which debts need to be dealt with first?

Crippling debt affects innumerable people in Florida, and throughout the United States. Life comes with any number of expenses, not all of which can be planned for. It is all too easy for a sudden accident, unexpected family event or other change of circumstances to turn your life and your plans upside-down. To make things worse, once debt starts to mount, it continues to do so at an alarming and increasing rate.

Rapper files for Chapter 11 bankruptcy

In Florida, it is all too easy to fall into debt. You may have planned carefully for your future, but an unexpected event can catch you off guard. All of a sudden, you may find that you do not have enough to make ends meet. You might decide to put some of the costs on a credit card, but even this can become a problem, as the interest piles on, causing your debt to steadily grow. Before you know it, your debts could seem insurmountable and you may wonder how to move forward with your life.

Chapter 7 has no debt limit

There are few things as stressful and draining as being overwhelmed by debt. It can seem like an endless downward spiral with no relief in sight. As debt collectors and creditors begin to hound you for payments, the pressure can become harmful to your health and the whole situation can put a strain on both you and your family. Sadly, it is something countless families in Florida experience every year. However, no matter how great your debts become, there is still a way out.

Too many people have negative preconceptions about bankruptcy. However, all this is put into perspective when debt is ruining your life. With Chapter 7 bankruptcy, it is possible for the process to be completed in the space of three short months. While there may still be debts that could not be discharged, a significant part of the problem will be gone and you can start again.

Chapter 7 bankruptcy may be your path out of debt

In Florida, it is far too easy to fall into debt and this unpleasant situation is one that countless families find themselves in each year. It is hard enough realizing that you can no longer make ends meet, but this is made worse when your creditors start demanding more and more interest, rapidly compounding your problem.

Is making the monthly payment enough?

Many people in Florida use credit cards. They can seem extremely useful when expenses arrive before your wages come in, or to handle unavoidable emergency costs. However, it is all too easy to overspend and find that at the end of the month, you do not have enough to cover the balance. You may pay it off in part, but each month a little more interest will be added and this is often more than the required monthly payment.

Chapter 13 allows you to keep your property

In Florida, many people have some degree of debt, even if it is in the form of their mortgage, or a small amount on their credit card. Whatever the case, if you fall behind on payments, that sum can quickly grow. The more debt you have, the faster the situation can worsen and the greater the problem becomes. What was once a manageable debt suddenly seems like an insurmountable obstacle and you may find yourself wondering what to do or where to turn.

Fraudulent calls could increase your debt

Throughout Florida, countless families struggle with rising debts. No matter how hard you work or how careful you are with your expenditures, it can be difficult to keep bills paid and food on the table. At first you might put some of your expenses on a credit card or consider remortgaging your property. Even then, costs can mount up and the repayments only add to the problem. Before you know it, you can be spiraling into uncontrollable debt with no conceivable means of bringing it under control.

What is Chapter 13?

Getting into debt is a horrible experience. It can be extremely overwhelming and at times you may feel like your situation is hopeless. It is often hard to look positively toward the future and see a way out of your struggles. However, this is something that countless families in Florida go through and there is a way out. It may be a long and at times difficult path, but with the right support and guidance you can come out the other side of this taxing period of your life.

Foreclosure is not a certainty

As many people in Florida know, getting into debt can be a serious issue. To make things worse, climbing back out of debt is often difficult as interest rates can cause the problem to increase at an alarming rate. Before you know it, you could be faced with court dates and the potential of severe consequences, such as the loss of your home.

This can be a common issue for individuals struggling to manage mortgage repayments. If the terms of the mortgage agreement are breached, for example as a result of missed payments, the lender may seek to repossess the property concerned. Usually, this results in the sale of the property in order to settle the balance of the remaining debt, a process known as foreclosure.

Florida family fight to save home from foreclosure

No matter how careful you are with your finances, how diligently you save or how thoroughly you plan for the future, life can still catch you off guard. It is all too easy for an unexpected event such as a serious illness, bereavement or accident to incur significant costs and leave you buried in debt. Sadly, it is a reality that all too many families in Florida face. Worse still, debt can be a downward spiral from which it is often difficult to escape.

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