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Pros and cons of filing for bankruptcy

Individuals in Florida who are dealing with significant debt issues may be able to find relief by filing for Chapter 7 or 13 bankruptcy. Chapter 7 allows an individual to liquidate assets to pay creditors while Chapter 13 allows debtors to reorganize their debt. However, before an individual decides to file, it may be a good idea to look at available alternatives. While there are several benefits to bankruptcy, it does stay on a person's credit report for up to 10 years.

A bankruptcy can also limit a filer's ability to borrow money in the future to buy a car or house. Those who are thinking about filing for bankruptcy should also be aware that not all debts can be discharged. For instance, child support, alimony and income taxes owed to the government generally aren't eligible for discharge.

While there are some drawbacks, bankruptcy may provide a fresh financial start for some debtors. Depending on state law, it may also allow a debtor to keep some property. Another benefit that individuals may want to take advantage of is the automatic stay against further collection efforts until either a Chapter 7 or 13 case is resolved.

Filing for personal bankruptcy may make it possible to eliminate or reorganize credit card debt or delay a foreclosure or repossession. Those who are considering bankruptcy may wish to consult with an attorney before actually asking for protection from creditors. Legal counsel may help an individual determine which type of protection he or she is eligible for and the benefits of each choice. In some cases, debtors may be allowed to obtain new loans or refinance current debts.

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