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How the Chapter 7 bankruptcy process begins
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How the Chapter 7 bankruptcy process begins

On Behalf of | Jul 29, 2020 | Bankruptcy & Asset Protection

Life for people in Florida is unpredictable at times. There are many things that people can plan for and the plan may go well for a period of time. However, unexpected events occur that may be completely out of people’s control and those unexpected events can ruin even the most well thought out plans. In some situations, these unexpected events cause people significant financial problems. Debt can add up quickly at times and leave people in a very difficult position.

If people find themselves with overwhelming debt, it may seem like they will never be able to rid themselves of the debt. People may have options though, one of which is filing for Chapter 7 bankruptcy. After the bankruptcy process is complete people could have their debts discharged and achieve a fresh start. Filing for Chapter 7 bankruptcy also has the benefit of immediately stopping creditor harassment, garnishment and other attempts to collect debt.

There are many rules that people need to follow through the bankruptcy process and those rules start right at the beginning when people file their bankruptcy petitions. In addition to filling out the petition correctly, people must also provide the following documentation: all of their assets and debts; their current income and their monthly budgets; a statement of their financial affairs and records of any contracts or leases they are currently bound by; tax returns; proof they completed a credit counseling program and other documentation.

Many people in Florida go through various events in their life that create financial difficulties. People may have a medical issue arise that requires extensive medical treatment which then forces people to incur even more debt to keep up with other bills. The debt could become overwhelming, but people may be able to rid themselves of this debt through Chapter 7 bankruptcy. It can be a complicated process though and consulting with an experienced attorney could be beneficial.