A Chapter 7 bankruptcy may be the best option that Miami residents who are struggling with debt have at re-establishing themselves financially. Through the discharge of certain debts, filers are able to get out from under their many liabilities and be able to use utilize more of their personal resources to getting back on top of their money management. It is for this very reason why Chapter 7 remains the most popular form of personal bankruptcy (the American Bankruptcy Institute reports that through the second quarter of 2018, over 63 percent of all non-business bankruptcy filings fell under this chapter).
An overall healthy national and global economy does not always guarantee protection from serious financial challenges for individuals. Many people in Florida know this through their own first-hand experiences. The problems can extend beyond credit card debt to mortgage delinquencies that put homeowners in jeopardy of losing their homes.