When people file for bankruptcy, overspending on credit cards is one potential reason they may cite. They have simply spent beyond their means, or perhaps the high interest rates have caused their debt to increase. Even though they are paying the monthly minimum on...
Bankruptcy helps individuals and businesses who can no longer pay their debts eliminate or repay them under the supervision of the court. Several factors, particularly unexpected life events, can lead to debt outweighing income. This can eventually result in someone...
Chapter 7 bankruptcy is the fastest path to a discharge of debt. Chapter 13 bankruptcy generally takes between three and five years to complete before the courts grant a discharge of any debts not resolved during the repayment plan. In Chapter 7 bankruptcy, there is...
A Chapter 13 repayment plan must show that you can make steady monthly payments for three to five years. South Florida residents often face unique financial pressures that affect plan success. The rising cost of living, variable income patterns and local court...
Some property is vulnerable to liquidation in bankruptcy. When people pursue a Chapter 7 filing, the trustee overseeing their case might require the liquidation of certain assets to repay creditors at least partially before proceeding with the discharge. Some property...
Financial pressure has a way of closing in fast. Missed payments turn into collection calls, balances grow and suddenly bankruptcy starts to look like the only way out. For many people in Florida, bankruptcy offers a legitimate path to regain control, but it’s not a...
Foreclosure is one of the most devastating legal or financial experiences a person may ever have. After missing a few mortgage payments, they are at risk of not just forcible removal from their home but also the loss of equity that they may have accrued over years of...
Any kind of overwhelming debt can weigh heavily on your mind – but when you owe back taxes to the federal government, the stress can be tremendous. The Internal Revenue Service (IRS) can be aggressive when it comes to collections. Will filing for bankruptcy wipe out...
Many people who end up struggling with debt have previously been very responsible about their spending and use of credit. All it takes is a single medical emergency to cause financial devastation. A heart attack while on vacation might lead to thousands of dollars in...
One of the first decisions people must make when contemplating a personal bankruptcy filing is the type or chapter of bankruptcy that they will pursue. Most individuals choose between Chapter 13 bankruptcy, sometimes called a wage-earner’s plan, and Chapter 7...
