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Fort Lauderdale Bankruptcy Law Blog

Chapter 7 bankruptcy may be the way out you need

Throughout Florida, there are many people living beyond their means. It can be extremely hard to earn enough to pay the ever-rising bills and cover other daily expenses. To make things worse, even if you are managing to stay on top of things, it only takes one disaster to get you into trouble: a sudden illness or injury, the loss of your job or even a bereavement. All of these things can impose significant costs upon you and your family, leaving you struggling to afford even the essentials.

What types of bankruptcy are there?

Throughout Florida, there are many families struggling with debt. It is all too easy to overspend, especially if you are caught off-guard by difficult circumstances. Bereavements, injuries, divorce and any other change to your living situation can quickly rack up expenses. Even if you try to cover some of it with loans or credit cards, this can still lead to problems as interest begins to mount up.

Can foreclosure be avoided?

Many families in Florida have faced debt problems at some point, however minor. Sometimes things get out of hand and expenses mount up faster than you can afford to handle them. Before you know it, you could be buried in debt with the total sum constantly growing thanks to the associated interest rates. Next, creditors may begin chasing you for the amount you owe, and you could even be threatened with the loss of your home.

Foreclosure is one of the main worries people face when buried in debt. Often, people remortgage their homes to deal with debts, yet failure to keep up with mortgage payments is the main reason people end up losing their homes. Fortunately, there are ways to avoid foreclosure, so it is important to act quickly to deal with these matters as soon as they become a concern.

Credit counseling may be required before filing

In Florida, it is all too easy to fall into debt, and it is hardly surprising that more and more families each year find themselves in this difficult position. Being overwhelmed by financial obligations can be extremely distressing and may begin to take its toll on your emotional well-being. Meanwhile, the strain of living on limited means can have a detrimental effect on your family.

What is unsecured debt?

Almost everyone overspends from time to time and, as many residents of Florida have learned the hard way, it is all too easy to do when you have a credit card. You might make your purchases with the intention of paying them off at the end of the month. However, if you lose track of your expenditure or, for some reason, receive less money that month than you expected, your debts could begin to mount.

South Florida residents overwhelmed by debt

Falling into debt can be devastating, especially if you are normally a very careful with your finances. Sadly, an unexpected event, such as a bereavement, or a serious accident can turn your world upside-down, and the associated expenses may be more than you can handle. It is something that happens to families in Florida every year, forcing them to cover some of the costs by using loans or credit cards.

Chapter 13 may be the bankruptcy solution for you

The cost of living in Florida can be high, so it is no wonder that so many people end up in debt. To make things worse, as soon as debts start to mount up, the interest rates associated with them can quickly cause the totals to mount up. Before you know it, there may be no way for you to keep on top of the required monthly payments. Suddenly your life may be turned upside down as you battle with creditors and look for a way to reduce the amount you owe.

Chapter 7 does not require a repayment plan

In Florida, each year sees more and more families falling into debt. Some manage to climb back out of it by themselves, but others become caught in a downward spiral as the amount they owe grows at an ever-increasing rate. When this happens, some become unsure where to turn. Constant calls from creditors can put pressure on you and your family. Meanwhile, unscrupulous organizations may attempt to con you with ineffective debt management schemes.

There may be a way to escape foreclosure

As most residents of Florida will agree, one of the scariest things about getting into extreme debt is the risk of losing your home. This process, through which a lender repossesses a property in order to cover a debt is known as foreclosure. However, it is not even guaranteed to clear the amount owed. Furthermore, it could also be damaging to your credit rating, affecting your financial options in the future.

Fortunately, even if you have received a notice that a lender intends to claim your property, it may not be too late. There are a number of organizations that offer advice on these situations. Furthermore, with the correct legal advice, you can gain a better understanding of your rights and the debt relief options that may be available to you.

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.

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