While bankruptcy is usually not the first choice for a person’s financial planning, it is sometimes necessary. For those who want to get a fresh financial start, Chapter 7 bankruptcy may be the answer. Many things can happen in Florida to cause a person to get behind on their bills, including a medical issue, the loss of a job, a natural catastrophe and other unexpected occurrences.
To be eligible to file for Chapter 7, a person must meet certain criteria. He or she must fit into a certain income bracket, and those who make more than that amount cannot file. A person also cannot file for bankruptcy if they have done so within the last eight years. He or she must have unsecured debts and have already started getting phone calls from creditors about their debts. A person cannot own much property, must have less-than-ideal credit, and must be able to show that he or she cannot pay off the debts owed with the income that they have.
A few things are needed to file for bankruptcy. A person will need to bring in financial records, a list of all creditors and the amount owed to each creditor. He or she will also need to bring proof of income, information about the property owned and a list of living expenses.
When a person files Chapter 7, they do not make monthly payments. A bankruptcy attorney can explain the process to the person filing and help them decide if Chapter 7 bankruptcy is the best choice for them to get a fresh financial start. Anyone in Florida who is struggling to make ends meet, has creditors calling them for payments and has no way to pay their debts may want to speak with a bankruptcy lawyer.
Source: christianpost.com, “Get a Fresh Financial Start With Chapter 7 Bankruptcy“, Mark John, Aug. 27, 2017