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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.

Even so, if you find yourself in this situation, it is important not to lose hope. Although it can be an extremely emotionally draining experience, there is light at the end of the tunnel. You may be able to negotiate a more manageable payment plan with your creditors or even arrange to have some of the debt written off. One course of action that could make a big difference is filing for bankruptcy. There are several different kinds to choose from, but when your debts are simply too overwhelming, Chapter 7 might be the choice for you.

As this article on bankruptcy filings explains, one of the advantages of Chapter 7 is that it does not require a repayment plan. Better still, there is no debt limit and the whole thing can be completed in around three months. Before you know it, you could be starting a new chapter of your life, without the stress and pressure of increasing financial obligations.

If you are considering filing for bankruptcy or you would like to know more about the differences between the various ways of clearing your debts, a lawyer could prove to be an invaluable ally. He or she can advise you about the options available to you and may even be able to assist you through the bankruptcy process. With the right guidance, you can begin to wipe the slate clean and look forward to a future in which you are not drowning in debt.

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