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July 2018 Archives

Understanding the differences between Chapter 7 and Chapter 13

At Kingcade Garcia McMaken in Florida, we understand that bankruptcy can seem like a confusing undertaking for you. You have at least two types of bankruptcy from which to choose - Chapter 7 and Chapter 13 - and each has its own advantages and disadvantages.

Can you get out of debt without filing bankruptcy?

If you are like most Floridians, you have a substantial amount of debt, a lot of it having to do with credit cards. While you would like to reduce that debt, so far you have been unsuccessful in accomplishing your goal. Your credit card balances seem to rise faster than you can pay them down, and every time you see the amount of interest you pay each month, you feel like just giving up.

Use caution when getting subprime credit cards

Many people in Florida and across the country sigh a breath of relief once their bankruptcy is discharged. With a clean slate, they are finally able to rebuild their credit and create a new financial identity. Hopefully, this new financial start is not marred by overwhelming credit card bills and overdue expenses. One common path people take on their way to rebuilding their credit is applying for a credit card, with the intentions of paying off the balance every month. Although this can be a great way to increase one's credit score, people should take extreme caution when getting another credit card after filing for bankruptcy.

Is Chapter 7 bankruptcy right for you?

If you are one of the many Americans that feel buried by extensive credit card expenses, medical bills, mortgages, you may have considered filing for bankruptcy. With several types of bankruptcy available, however, you may wonder what type is right for your particular situation. Chapter 7, otherwise known as liquidation bankruptcy, can be beneficial for people who wish to eliminate their debt and begin again with a clean financial slate. There are some things that you should keep in mind, however, before you file for this type of financial relief.

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