People in Florida who cringe at the thought of opening their email or physical mailboxes for fear of seeing yet more demands for payment by creditors are not alone. The stress that excessive debt can put on consumers may feel overwhelming at times. Instead of being able to consider filing for bankruptcy as a way of getting out from under a mounting mound of debt, some people are left swirling with no real options.
When you are saddled with debt, it may not seem like you have a lot of good options. Here at Kingcade & Garcia, P.A., we recognize that people are often under a great deal of stress by the time they come to our Florida offices looking for bankruptcy advice.
We know that average Florida citizens do not know much about bankruptcy -- they have no need for the knowledge. If you are like most people, even thinking seriously about filing for this type of debt relief is a once-in-a-lifetime event. Even worse, the laws change often. Even if you had a bankruptcy earlier in your life, there is no guarantee that the rules would be the same if you tried it again now.
If a business owner has to file bankruptcy, he or she would likely prefer to go to court in a venue friendly to the industry and to companies in financial trouble. Florida entrepreneurs have not had to worry too much about this in recent years because Congress has, since 1987, allowed them to file bankruptcy where they first incorporated their businesses.
It has been a while since bankruptcy laws have been reformed. This has provided enough time to analyze how the changes in the laws have worked out. Before filing for bankruptcy in Florida, you may want to look at what has worked and what has not worked with these new bankruptcy laws.
If you are planning to file bankruptcy in Florida, it is essential to understand the federal bankruptcy laws that you must abide by. One of those rules is that you must complete credit counseling before you file and then after you file.
If you are like many people in Florida, you have student loan debt. It is probably quite a large amount, too. If you are struggling financially, you may have even considered bankruptcy to relieve you of your debt. However, you were probably made aware that you cannot discharge student loan debt in a bankruptcy. While this is true for most people, you may be in the minority who can discharge student loans in bankruptcy.
When you hear about bankruptcy in Florida, one of the main things brought up is the means test. This is a very important aspect of qualifying to file for bankruptcy. It is a two part test that takes a look at your income and expenses to determine which type of bankruptcy you can file, according to Nerd Wallet.
When facing financial troubles, many people look to bankruptcy. This is a complicated legal process that can often be confusing. People may have many ideas about filing bankruptcy in Florida that simply are not true. These myths seem to be quite persistent, and if people are to get the most benefit from the process, they need to separate the facts from the myths.
Bankruptcy and credit scores