The Simple Basics of a Chapter 7 Bankruptcy in Florida

What are some benefits from filing a chapter 7 bankruptcy? Chapter 7 bankruptcy is one of the top forms of bankruptcy in Miami, Florida. A person may be considering bankruptcy because of harassing creditors, garnishment, repossession, foreclosure, lawsuits, illness or disability, loss of job/income, or divorce. Financial situations have changed all throughout the world and many people are unable to keep up with bills and payments they were once able to afford. Rather than being stressed with major bills piling up and marital problems arising, many find the best option being to file bankruptcy under this chapter, where the debtor can start new and receive a discharge of all owed debts.

A chapter 7 bankruptcy is generally filed by a person with a large amount of medical and credit card debts, does not have very much income, and does not own much property. The individual who would qualify for a chapter 7 bankruptcy would be a person with little or no assets, if you were to have many valuables, creditors could try and take those goods away. A bankruptcy allows you to discharge debts and bring families freedom from the stress they may be going through. After a couple of years of filing a bankruptcy you could be eligible for new loans, to start fresh. You could now realize what you are able to afford and not get stuck in a stressful situation. You can learn how to correctly manage money and not find yourself in a stressful financial situation again. You will be able to build your credit back up, and you will not hear the endless phone calls from creditors harassing you. If you are facing any wage garnishments, a chapter 7 bankruptcy would put an end to that, along with stopping any scheduled sale dates on a foreclosed home you may be losing. When you are finding it close to impossible to get by your day by day living expenses, and the situation you are finding yourself in may seem unbearable; a chapter 7 bankruptcy could be something you may want to consider.