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What types of bankruptcy are there?

Throughout Florida, there are many families struggling with debt. It is all too easy to overspend, especially if you are caught off-guard by difficult circumstances. Bereavements, injuries, divorce and any other change to your living situation can quickly rack up expenses. Even if you try to cover some of it with loans or credit cards, this can still lead to problems as interest begins to mount up.

Soon you may need to start exploring debt management strategies, but even this can be complicated and there are various organizations that may attempt to mislead you and drive you further into debt. You may even find that the amount you owe has become completely unmanageable. Nevertheless, all is not lost as you may still be able to file for bankruptcy and wipe the slate clean.

As our page on debt relief explains, there are different forms of bankruptcy, each of which is best suited to certain situations. For example, if you are seeking to manage the debts of a small business, Chapter 11 might be the choice for you. Chapter 7 is a popular choice if you simply want a fresh start and to get rid of as much of your debt as possible. Meanwhile, Chapter 13 could be a good choice if you wish to figure out a plan that allows you to repay your debts over a longer period.

It is not always easy to decide which path might benefit you the most, especially if you are unfamiliar with the legal processes surrounding bankruptcy. Nevertheless, you should not be deterred, as an lawyer may be able to help you with decisions and advise you how best to tackle your debts. With this guidance, you can begin to resolve your debt issues and plan for a more financially stable future.

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