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Is filing for bankruptcy the right move for you?
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Is filing for bankruptcy the right move for you?

On Behalf of | May 2, 2022 | Uncategorized

A lot of Americans have been through some tough times in the last couple of years, including many people in Florida. Family finances have been taking a hit all around, and many people are looking for options to try to get back on solid ground. If seemingly insurmountable debt is a problem for you, bankruptcy could be a path forward.

So, is filing for bankruptcy the right move for you? Well, every situation is different, so the answer to that question is usually “it depends,” at least to start out. However, Chapter 7 bankruptcy has proven to be an incredibly valuable option for some Florida residents, and it could be just the option you need to get a “fresh start.”

In Chapter 7 bankruptcy, also known as “liquidation” bankruptcy, many types of unsecured debt can be discharged. For example, credit card debt is a huge problem for many people. Through a bankruptcy filing, you could see all or most of that debt discharged. Of course, the trade-off is that some of your possessions may need to be sold off to satisfy some of your outstanding debt. But, in reality, many possessions are exempt from the bankruptcy process.

Understand your situation

In the end, in order to make a decision about whether or not bankruptcy is a valid option you need to fully understand your own unique financial situation. There may be other options to consider before pursuing a bankruptcy filing. For more information about how we work with Florida residents who are considering their options to address debt, please visit the bankruptcy overview section of our law firm’s website.