If you are constantly dealing with overwhelming financial burdens, like many others, you may be in search of relief from the hardships of debt. Suffering through prolonged periods of monetary struggles can have a significant impact on your quality of life, but you may also have some concerns about how a bankruptcy will affect your future.
Have you spent years planning and saving for your golden years? Chances are, you don't want anything to come between you and your desired retirement age. However, you may have some concerns about moving into the later years with your debts.
Are you in a tough financial spot right now? Do you feel like you'll never get out of it? Have you ever wondered if a Chapter 7 bankruptcy filing is right for you? If you answered yes to any of these questions, you are not alone. Many Florida residents have been or are in the same boat.
How did this happen? It is a question you likely ask yourself on a daily basis as you struggle to figure out how you are going to pay what you owe. Just when you think you see a light at the end of the tunnel, something else comes along to stretch your budget further.
If your debts outweigh your assets, you are probably struggling to make ends meet. You may have underestimated the amount of money you need for retirement, or you had a medical situation that resulted in bills that never seem to stop.
Are you dealing with financial difficulties right now? Are you buried by credit card or medical debt? Are you behind on your mortgage payments?
No matter how well you plan for retirement or financial stability, a health concern or a lost job can quickly throw your future off track. Even incredibly wealthy people can find themselves in similar financial straits; drowning in debt due to circumstances beyond their control.
Bankruptcy is a legal declaration to help clear the burden when a small business or individual is overwhelmed with debt. It initiates a process where creditors often agree to new, and lesser, payments in effort to recoup some of the money they are owned.
If you determine that bankruptcy is the best path for you to save your home. The next step is to figure out which Chapter makes the most sense for your needs. Every homeowner's circumstances are so unique. It really is a conversation that needs to be had with a qualified Florida bankruptcy attorney.