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.
What are the differences between Chapter 7 and Chapter 13 bankruptcy?
Bankruptcy can happen to anyone. Regardless of your age or financial standing, a sudden injury or illness can quickly deplete hard-earned resources.
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.
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.
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.
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.
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.
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.
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.