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Florida Bankruptcy Lawyer
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How bankruptcy may help a debtor

Florida residents who are struggling with their financial obligations may benefit from filing for bankruptcy. However, it is a decision that shouldn’t be made lightly. It is important to know that it can stay on a credit report for up to 10 years. This may make it more difficult to get a job or obtain housing. It may also make it harder to get the best rates on an insurance policy.

Prior to actually filing, it may be worthwhile to talk with an lawyer and a credit counselor. Doing so provides a debtor with objective viewpoints as to whether bankruptcy is the right option. Credit counselors may suggest alternatives to bankruptcy while an lawyer may also offer advice that can help a debtor manage his or her debt. The final step is to determine what type of bankruptcy to file for.

Chapter 7 bankruptcy sees a trustee liquidate non-exempt property with the proceeds going to creditors. However, once a liquidation case is discharged, a debtor generally has no obligation to make further debt payments. Under Chapter 13 bankruptcy, debts are repaid over three or five years pursuant to a court-approved plan. It is designed for people who have a regular and reliable source of income.

Bankruptcy may be an option for those looking to manage their debt or to gain a fresh financial start. It may also allow a debtor to avoid creditor phone calls or other forms of contact. There are a variety of eligibility requirements associated with both chapters that an lawyer can describe in detail.

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