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Florida Bankruptcy Lawyer
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Helping people understand bankruptcy

When Florida residents are facing financial problems, they may look to bankruptcy as a solution. It offers many benefits, and it may not be as hard to file for as some may believe.

However, it may also be a good idea to consider other options prior to filing. For instance, it may be in an individual’s best interest to think about going to credit counseling as it may be possible to reduce outstanding debt balances. It may also be possible to reduce the interest rate on that debt, which allows an individual to put more toward the principal balances.

In the event that an individual does file for bankruptcy, it is important to avoid accumulating new debt. A judge may see this as an attempt to game the system and not allow a person to have those debts discharged. After a Chapter 13 filing, it is critical to make payments on time to ensure that the bankruptcy case is not dismissed. Those who experience a job loss or other financial changes should talk with their trustee if they cannot make a payment as scheduled.

Filing for Chapter 13 bankruptcy may stop foreclosure or put an end to other types of creditor collection efforts. It may also allow a debtor to reorganize debt in a manner that makes it easier to repay. After a three or five year repayment period, some unsecured debt may be discharged even if a balance is still owed. Furthermore, it may be possible for a debtor to renegotiate the terms of a secured loan such as a mortgage. a lawyer can outline the eligibility requirements when discussing available forms of debt relief.

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