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Is Chapter 7 bankruptcy right for you?

| Oct 13, 2020 | Chapter 7 Bankruptcy

This year has presented millions of Americans with tough decisions and harsh financial situations, and Miami area residents have not been immune to the troubles. Debt is likely to be one of the primary concerns for many people. Student loan payments could still be relatively high, car loans and mortgages still need to be paid and, perhaps above all else, credit card debt could be a crushing burden. Miami area residents who are facing these difficult financial situations may be looking at all options.

Chapter 7 bankruptcy

So, is Chapter 7 bankruptcy an option that could help you? For many of our readers, the answer may indeed be “yes.” In a Chapter 7 bankruptcy filing, many types of debt can be discharged. This type of bankruptcy is oftentimes referred to as “liquidation” bankruptcy, as filers list all of their assets and, after some are sold off, if applicable, with proceeds applied toward debt obligations, any remaining debt obligations can be discharged.

But, that is only a simple overview of how the Chapter 7 bankruptcy process works. Each situation is unique, and the reality is that many assets are “exempt” from being included in the bankruptcy liquidation process. In the end, Chapter 7 bankruptcy can be one of the quickest and easiest ways for Florida residents to get a fresh financial start.

At our law firm, we work with Miami area residents who are looking for options to address their financial concerns. Your debt may be piling up in this tough year, but that doesn’t mean there isn’t a path forward. For more information about how our law firm attempts to help Florida residents who are considering Chapter 7 bankruptcy as an option to address their financial concerns, please visit our website.