The burdens of debt have placed many individuals in Florida and elsewhere under significant financial strain. Those who are constantly dealing with similar struggles could be suffering a lesser quality of life during this period, and many may wish to know more about the available options for relief. When weighing the options, such as Chapter 7 bankruptcy, one might want to use caution, as any misleading information could interfere with achieving a viable solution.
There are some common myths surrounding bankruptcy that could, unfortunately, influence a person’s decision. Some may be under the impression that a similar path for relief indicates some form of failure, or that attempting to continue with debt payments is ultimately a better option. However, not all debts are avoidable, and struggling with monthly dues for prolonged periods could leave a person in a never-ending cycle of financial stress, whereas bankruptcy might help one overcome these issues and begin moving toward a brighter financial future.
Another area of concern for many is in regard to their credit score. Although a bankruptcy will have an impact on one’s credit, it’s possible to begin rebuilding the score shortly after the process is finalized. If a person chooses to avoid filing for a similar reason, and continues to struggle with overwhelming financial burdens, the outcome could be much worse.
There are also some misconceptions surrounding how assets and debts are handled in Chapter 7 bankruptcy. While this option does call for the liquidation of certain assets, it doesn’t necessarily mean a person will lose all of his or her possessions. Alternatively, some debts may not be discharged in the process. With so much information to process, seeking advice from a bankruptcy attorney is often advisable. An attorney in Florida can advise a client on every aspect of the available options and assist in pursuing financial relief through the necessary channels.
Source: Time, “5 Bankruptcy Myths You Shouldn’t Believe“, Sean Pyles, Accessed on Aug. 2, 2017