It can be easy to fall into debt. Unfortunately, it can be extremely difficult to get out. Countless people throughout Florida are currently in a financial crisis. They can’t pay their mortgage, utility bills or rent. The loss of a job, a divorce or rising medical bills can place anyone in a difficult position. When faced with limited debt relief options, many people decide to file for Chapter 7 bankruptcy. However, not everybody may qualify. The first important step is to seek advice from an experienced and knowledgeable bankruptcy attorney.
What Is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is one of the most effective debt relief solutions to help people get a fresh start on their finances. It involves paying off debt by liquidating assets. During the process, a trustee will be assigned to determine which assets will be liquidated. To be eligible, those filing for Chapter 7 bankruptcy in Florida must pass a means. Those who do not have a sufficient income to pay off their debt will be eligible for Chapter 7 bankruptcy.
What If I Don’t Qualify For Chapter 7 Bankruptcy?
One of the misconceptions of debt is it only happens to the unemployed or those with irresponsible spending habits. Many people avoid filing for bankruptcy because they see it as a sign of failure. Nothing could be further from the truth. In fact, some of the most successful people in American history have filed for bankruptcy, including Abraham Lincoln, Walt Disney, and President Donald Trump.
If your income is too high to qualify for Chapter 7 bankruptcy, there are other options. One of the most effective is Chapter 13 bankruptcy. Unlike Chapter 7 which is designed to pay off debt through liquidation, Chapter 13 bankruptcy involves resolving your debt through a payment plan determined by the court. Although there is no liquidation, Chapter 13 takes much longer to remove debt. But the goals are the same–regain your financial footing.
How Can a Wesley Chapel Bankruptcy Attorney Help?
One of the biggest mistakes many people who struggle with debt make is trying to file for bankruptcy on their own. The process can often get complicated. Having an experienced bankruptcy attorney on your side can help you navigate effectively through the legal process. When choosing a bankruptcy attorney, make sure they are able to the specific type of bankruptcy you need. Some attorneys only specialize in one type of bankruptcy.
Are You Struggling with Overwhelming Debt? Contact the Wesley Chapel Bankruptcy Attorneys at DHW Law
When it comes to bankruptcy, there are many different options. It is important to get the right advice to help make the best decisions. Wesley Chapel attorneys David and Gwen Walkowiak understand many of the obstacles and challenges facing those struggling with crippling debt. The legal team at DHW Law utilizes a personable and comprehensive approach to help place each client in the best position Over the years, they have successfully helped many people resolve their debt problems. To learn more, contact their Wesley Chapel law office today and schedule a consultation to discuss your case.