As someone who lives in Florida and has a financial situation that has become too much to handle, you may be working through your options and trying to decide whether filing for bankruptcy might help you get the fresh financial start you need. While, for some people, filing for bankruptcy can be a great first step toward rebuilding your finances, the process is not necessarily for everyone, and it may serve you well to explore other options before making your decision. At Kingcade Garcia McMaken, we are well-versed in both the bankruptcy process and bankruptcy alternatives, and we have helped many people figure out what option might best fit their needs.
If you are currently living with overwhelming debt in Florida, you may worry that bankruptcy is your only debt relief option. Fortunately, it is not. While there is nothing wrong with filing for bankruptcy, according to U.S. News - Money, many people often consider it one of the top five life-changing adverse events a person can go through in his or her lifetime, along with disability, severe illness, divorce and the loss of a loved one. If you are one of these people, you may want to know what you can do to avoid bankruptcy but still get your financial life back on track.
A common misconception that many in Miami have about those who file for personal bankruptcy is that they are simply looking for a way to not have to pay back their debts. This line of thinking assumes that federal bankruptcy laws do not require you to seek other options. In reality, you will find that numerous other alternatives will be presented to you while you pursue your bankruptcy case. One that confuses many of those that we here at Kingcade Garcia McMaken work with as to its need is the requirement to go through credit counseling.
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.
Florida residents who find themselves trying to climb out from under a pile of debt may panic and rush into a debt settlement program just to find some relief. The Federal Trade Commission warns the indebted to be very cautious, though, about which programs they seek out.
If you are a Florida homeowner facing debts that your income does not cover, you may think that bankruptcy is your only way out. Depending on your exact situation, you may be right. However, if your home is your largest asset and your mortgage payment is one of the biggest you make every month, you should check out HARP as a possible alternative to bankruptcy.
Payday lenders are a common sight in Florida, with a loan office seemingly at every other corner. Many residents take advantage of these fast, easy ways to get money when they are strapped for cash. However, borrowing from payday lenders might create more problems in the long run, for numerous reasons.
Debt relief scams are not all that uncommon in Florida. A phone call promising to get rid of overwhelming debt may at first seem like an answer to prayer, but last year, the Federal Trade Commission warned against such imposters.
You have many options when it comes to trying to avoid bankruptcy in Florida. A common option is to consolidate your debts. This can be done with a company that specializes in this process or on your own.
Credit card debt is something many people in Florida deal with. Trying to pay down this debt can be difficult. It can often seem as if it will never happen. However, with a good plan, it is possible for a person to free him or herself from this debt.