With prices rising at an alarmingly rapid rate, it seems as though it is more and more difficult to keep up and to put food on the table. Perhaps you own a business and have for a long time. Although the business may have been doing well and turning a profit for a long time, maybe it is not doing so well at the moment.
You may be at the point where you have accumulated many debts and the only solution that makes any sense to you is to declare bankruptcy. Bankruptcy is the same across the United States, although there are some subtle differences from state to state. If you are a resident of Florida, you will want to make sure that you learn about what applies pertaining to bankruptcy in your state.
What exactly is bankruptcy?
Bankruptcy is a process that can either dissolve or pay back some or all of your debts. Under bankruptcy, the consumers have the protection of the federal government during the time that they are under bankruptcy protection. Usually, bankruptcy either comes in the form of reorganization or liquidation.
For a short period of time, bankruptcy stops the consumers creditors from collecting the debts that the person owes. Over a longer period of time, bankruptcy can completely eliminate the person’s responsibility to pay off the debt or restructure the debt so that the person can start over again.
Is there anything else can other than declare bankruptcy?
Many people consider bankruptcy as a last resort. Although that may be true in some cases, it is certainly not true in every case. When it comes to bankruptcy, timing is a very important factor. If your goal is to save what you have, you will want to act quickly so that you can achieve your goal.
If you are set against bankruptcy, you may wish to consider some alternatives, such as settling out of court with your creditors, modifying your mortgage so that you can make payments again or negotiating with your creditors so that you are able to pay a lesser amount each month (or whatever time schedule you set up with them).
Solid legal advice from a Florida bankruptcy attorney
If you are struggling with debt and are not sure what to do, consulting an experienced Florida bankruptcy attorney may really make a big difference to your case. Your bankruptcy attorney can help you to turn things around so that you are able to get a fresh start in life, which will be good for you and for the people in your life.