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Bankruptcy may be a blessing in disguise for some consumers

Florida residents and others may find decisive benefits from filing a consumer bankruptcy when the circumstances justify and warrant it. Such a strategy for survival may be fraught with adversity, but in the end, it can be a great tool for financial enlightenment and future success.  Although the road will entail difficulties, bankruptcy is described by some as a learning tool that can bring the individual down to reality about his or her financial affairs and how to organize them for success.  

One small business owner who went through the experience has described what she learned and how she benefited. She concludes that she is much more knowledgeable about money and business matters due to the experience. One thing that a consumer or small business owner should remember is that one's finances have already taken a drastic turn for the worse if bankruptcy is a consideration.

With credit already damaged, sometimes severely, and with income insufficient to meet one's monthly bills, the need to stop the bleeding may sometimes only be achieved by the strongest remedy available. The Chapter 7 bankruptcy remedy, which is administered by federal law through the federal bankruptcy court, provides the dramatic relief of eliminating all unsecured debt forever without making payments. Although the law provides for liquidation of assets in this kind of a filing, the need to take a qualified consumer's property rarely applies.

The exemptions provided by law in Florida are generally sufficient to allow an individual or husband and wife filers to retain their vehicles, home, furnishings and personal belongings. When one meets with a consumer bankruptcy attorney, the exemptions will be explained and all consequences of the filing will be learned, prior to the consumer deciding whether to go forward. The bottom line is that any consumer with overburdening credit card debt, medical bills and other unsecured debt, will benefit by discussing the options available with an experienced bankruptcy attorney.

Source: ebony.com, "The Bright Sides to Filing for Chapter 7 Bankruptcy", Kara I. Stevens, Jan. 4, 2017

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