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Legal terms can be confusing for the average person to understand, especially those referring to financial situations. For instance, on the topic of debt relief, several types of financial crisis alleviation options include the word chapter, followed by a numeral. At first glance, Florida readers might think such terms are referring to books of some sort; however, not only is that not the case, but the reality of such options may be the answer to your financial woes.

Chapter 7 bankruptcy is often a means of immediate personal debt relief. If you file for this type of debt relief, you can be protected from creditors. It typically requires liquidation of assets to pay off your debts.

Chapter 13 bankruptcy, on the other hand, includes the development of a payment plan. Both types of bankruptcy involve various pre-requisites that must be satisfied to confirm eligibility. It may help to discuss your situation with an experienced debt relief attorney before making any formal decisions as to what may be the most viable option to overcoming your current financial obstacles.

The Law offices of Patrick L. Cordero, PA, are fully prepared to assist you with any legal aspects regarding a current financial crisis. Many other Florida residents have gone through similar experiences in the past; knowing that you are not the first — nor will you be the last — to face serious financial problems may help you persevere and keep your eyes on the light at the end of the tunnel. That light may come as a Chapter 7 debt relief plan or some other option that can help you restore financial stability and move forward toward a successful future.