When considering bankruptcy in Florida, it is important to seek the services of an experienced consumer bankruptcy attorney. That person will be interested in getting a discharge of the consumer's unsecured debts quickly and permanently when possible in a bankruptcy filing. Although the legal fee for a Chapter 7 must be paid prior to filing, it is often the best solution for consumers swimming in overwhelming unsecured debt.
Florida and all other states offer access to the federal bankruptcy remedy as a way to eliminate debt in a rapid and permanent fashion. It is not always the best way to go, which is a subject best discussed with an experienced consumer bankruptcy attorney. There are some signposts, however, that can guide consumers to know whether they will benefit most from filing a bankruptcy to resolve their debt problems.
Despite the potential drawbacks of filing a consumer bankruptcy, there are many instances where it is the best option that a struggling individual or married couple residing in Florida may choose. That is especially true where the burden of the debt is overwhelming and would take longer than just a few years to pay in full or even partially. Education and experience qualify consumer bankruptcy attorneys to forthrightly advise potential clients whether they are qualified to file and whether they have better options.
In Florida and nationwide, debt settlement companies have been the subject of intensive scrutiny by state and federal authorities in the past several years. The peak of the problem may be over now that many abusive companies have fallen under the demands of increased regulatory supervision. The question arises, however, whether the remaining group of debt settlement companies can measure up in results to the substantial benefits that the federal bankruptcy remedy gives to qualified consumers.
Filing a bankruptcy in Florida or elsewhere is not the end of the line or the ultimate personal tragedy. Some of the most famous and influential people, including some of the greatest entertainers and actors, have filed bankruptcy and roared back to a life of economic success. The justifying theory behind the federal bankruptcy laws are to give people a second chance for financial security after they have fallen deep into economic difficulties. The slate is wiped clean in many instances and the individual or married couple can get a fresh start.
Many consumers in Florida and elsewhere find it difficult to consider filing for bankruptcy relief. Most who face the issue are hard-working persons who are used to paying for their debts in a timely manner. The hard facts, however, do sometimes dictate that the strongest remedy be employed for the sake of economic survival of oneself and one's family. When compared with other remedies, there is no doubt that the bankruptcy alternative is the most effective way for those who have overwhelming debt to obtain a fresh start.
In Florida and nationwide, our economy and other factors continue to draw many consumers to the point of facing uncontrollable debt. While services such as debt consolidation companies and second mortgage lenders may appear to be life-saving alternatives to get out of debt, they represent the depletion of a consumer's income and/or the spending down of one's assets. It is often discovered, after a period of painful failures in trying other remedies, that a personal consumer bankruptcy represents the best choice for getting a fresh start with a clean slate.
Many Florida residents turn away from confronting their debt problems, thinking that things will get better and normalized at some time in the future. That technique of procrastination never works out, but it does usually allow the debt problems to fester and get even deeper until the next month rolls around. That avoidance response may bring an individual or married couple to the inevitable conclusion some months into the future that bankruptcy is the strongest remedy for economic survival and to get a fresh start.
In Florida and all other states, when a consumer files a bankruptcy, a legal order called the automatic stay goes into effect. This court order prohibits creditors from taking further collection actions against the debtor unless by permission of the bankruptcy court. This is an effective remedy that saves homes from the entry of foreclosure judgments and even from pending sheriff's sales.
Lower-income Americans in Florida and nationwide are entering a financial downturn due to their inability to keep up with mounting consumer debt. Undramatic earnings growth has stymied their ability to meet steadily growing prices and debt. They are financing more of their spending by taking out new credit and loans. Creditors are squirming also as they view the specter of consumers taking on increasingly unaffordable debt loads. The question on the minds of many nervous creditors is to what extent the bankruptcy boom of earlier years will step in to mediate the expected problems.