Chapter 7 has no debt limit
There are few things as stressful and draining as being overwhelmed by debt. It can seem like an endless downward spiral with no relief in sight. As debt collectors and creditors begin to hound you for payments, the pressure can become harmful to your health and the whole situation can put a strain on both you and your family. Sadly, it is something countless families in Florida experience every year. However, no matter how great your debts become, there is still a way out.
Too many people have negative preconceptions about bankruptcy. However, all this is put into perspective when debt is ruining your life. With Chapter 7 bankruptcy, it is possible for the process to be completed in the space of three short months. While there may still be debts that could not be discharged, a significant part of the problem will be gone and you can start again.
It is a big step to take and one that requires careful consideration. Perhaps another form of bankruptcy would be better-suited to your situation. However, in extreme cases, Chapter 7 can sometimes be the most beneficial option. As this article on debt management explains, it has no associated debt limit and no repayment plan.
Whatever the case, it is important to remember that all is not lost and you can begin to work toward a more financially stable future. a lawyer can help you understand the different forms of bankruptcy and debt relief available. He or she may also be able to advise you about which options may be best for you given your circumstances.