Financial troubles can strike at any time. Many are not prepared to deal with this stress, especially when it begins to snowball into a larger and less manageable issue. While budgeting can aid those in Florida and elsewhere, the reality is that this is not always a fix. As such, considering bankruptcy might be the answer.
Why file for bankruptcy?
Talking about bankruptcy might feel taboo; however, it is not something to fear or avoid. At Kingcade Garcia McMaken, our law firm understands that it is not an easy decision to file for bankruptcy. This is why our experienced attorneys will guide you every step of the way.
Filing for bankruptcy doesn’t mean you failed or are creating an escape plan. It is a process to help you rebuild your credit and your financial well-being. Gaining control of your finances could dramatically improve your life. As such, it is important to understand what the process entails and what type of bankruptcy fits your needs and situation best.
Understanding Chapter 13
Discharging all your debts is not always possible or the solution. Additionally, maintaining your home, personal vehicles and certain possessions might be more important. Thus, considering Chapter 13 bankruptcy might be the suitable option.
Although your debt is not eliminated, this process helps you restructure your debt and create a repayment plan. This plan is designed with your ability to pay in mind. This immediately creates a situation where individuals instantly feel like they have regained control of their finances.
Filing for bankruptcy is not an easy decision to make, and it is not an easy process to go through. Therefore, you should consider your situation, the available options and determine if Chapter 13 is right for you. A legal professional can help you understand your options better so you can attain financial freedom.