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Bankruptcy filing is warranted in cases of overwhelming debt

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.

A free consultation with a consumer bankruptcy attorney allows consumers to learn all the positive and negative impacts of a bankruptcy, and importantly, they can get their questions and concerns fully explained and clarified. Some of the positive reasons to file include the important goal of getting the family back on track, dispensing with years of worry and outside pressure and the emotional relief of starting over with a clean slate. The last point is critical because no other option or program gives a consumer the legal right to eliminate 100 percent of all unsecured debt quickly and forever.

That can usually be done where the main debt load is unsecured, meaning that there is no collateral attached to the debt. However, it is also possible to have a secured mortgage and a car loan and still eliminate large amounts of unsecured debt without losing the house and/or the car. The answer is to have those secured accounts paid up-to-date, a fact which usually allows one to keep the collateral and keep paying on the account during and after the bankruptcy.

Florida residents who file a Chapter 7 to eliminate credit card, medical and/or other unsecured debt will not generally lose any of their property, despite the images that may be created by the credit industry and other special interests to scare wary consumers. There are exemptions available under law that allow most bankruptcy filers to keep their basic belongings, furniture, electronics and the like while erasing forever large amounts of unsecured debt. The best approach is to consult with an experienced consumer bankruptcy attorney to get a thorough understanding of the pros and cons of this important family decision.

Source:, "John Ninfo: The basics of a consumer bankruptcy", John Ninfo, Aug. 29, 2017

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