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Bankruptcy may be the best remedy to erase crippling 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.

One way to identify the need for bankruptcy relief is to take a look at one's total debt load. For example, if the consumer's credit card debt equals or exceeds one-half of monthly income, an appointment to discuss bankruptcy is a wise decision. It will be a harrowing battle to try and overcome one's debt balance that is so restrictively high. In fact, without an immediate and drastic increase in income, it just can't be done.

The aggravation and stress involved in trying to overcome a massive, overwhelming amount of unsecured debt over a period of time can be threatening to one's emotional and physical health. The toll on family life can be devastating. The theory behind federal bankruptcy law is to give the consumer(s) a fresh start by eliminating unsecured debt and starting over. It is indeed a humane way of looking at debt and debt relief.

The idea that residents of Florida and other states who file bankruptcy will be left behind in the throes of a bad credit record for many years to come is simply not true. Establishing new accounts with a sterling payment record is easy to do when there is no overwhelming debt load to make such a task impossible and where the consumer has the will to succeed. Some people, however, may not qualify for this powerful remedy provided by federal law. It is best to go over the full financial picture with an experienced consumer bankruptcy attorney to learn the options and best remedies available under the circumstances.

Source: The Spokesman-Review, "NerdWallet: What approach to take when zapping your debt", Sean Pyles, Sept. 24, 2017

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