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Chapter 7 Archives

Give debt the old heave ho with a Chapter 7 bankruptcy filing

If you are one of the many Florida residents drowning in debt, and you lack the funds to get on top of it, you may be sitting in front of your computer looking for relief options right now. You've probably seen advertisements for debt consolidation, payday loans, lines of credit and various other band-aid solutions that will likely do more harm than good.

Conquering the feelings of shame over bankruptcy

If you struggled each month to pay your bills and often postponed one or more payments until your next paycheck, you didn't need anyone to tell you that you were in financial trouble. In fact, you may have lived in fear that today would be the day it all fell apart. Then one day, the car broke down, someone in the family got sick or the refrigerator stopped working, and the delicate house of cards you had built to keep your creditors at bay may have come crashing down around you.

When is the right time to contact a lawyer about foreclosure?

By the time the lender contacts you to inform you of its intent to foreclose on your home, there has almost certainly been communication between you and the bank regarding past due mortgage payments. Whether through late fees on your mortgage statements, demand letters or collection calls, lenders take specific steps to collect past due amounts before initiating a foreclosure action.

Are inherited IRAs protected in bankruptcy?

One of the many benefits of bankruptcy is that individual retirement accounts, better known as IRAs, are protected up to roughly $1.2 million. That means any assets held in IRAs up to that amount would not have to be liquidated in the event of a Chapter 7 bankruptcy.

What is an 'undue hardship'?

Filing for Chapter 7 bankruptcy protection is a decision many people make when they are in critical need of debt relief. While it is an aggressive solution, it is one that can be quite effective. When a person files Chapter 7, they can have a significant amount of their debt discharged.

Not all debts are discharged by bankruptcy

Throughout Florida, many people have various debts to keep on top of, gradually paying them down. However, it is all too easy for those debts to get out of hand and before you know it, you may not be earning enough to keep up with your repayments. If this happens, you may then have to explore debt relief solutions, such as bankruptcy. Of course, this may seem like a big step at first, but it can be hugely helpful and may be the answer you need.

Repairing your credit rating requires a solid plan

Many residents of Florida go through difficult financial times at some point in their lives. Once debts begin to pile up, things can quickly spiral out of control, with interest rates soaring and creditors soon hot on your heels. Before you know it, you could find yourself being hounded by debt collectors and wondering how you can ever recover from this financial disaster.

Can Chapter 7 eliminate tax debt?

It can be highly distressing to fall into debt, particularly when there is no clear way out of the situation. Interest rates often mean that once your debt gets out of hand, it can be extremely challenging to cover the cost of repayment while still managing your basic living expenses. Sadly, countless families in Florida go through this experience at some point in their lives, and many spend years fighting to become more financially stable.

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.

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