There are two common types of bankruptcy, one obliterates debts but also causes you to potentially lose some of your most relied upon assets and one that allows you to keep your assets but develop a repayment plan over a span of several years where you must be diligent and not sway from your scheduled payments.
The latter is Chapter 13. Unlike Chapter 7, the other common form of bankruptcy, Chapter 13’s filing is one that basically restructures your debts so that you do actually pay them off, but you are given time and are working with creditors. You should get the relief from creditor harassment and nonstop calls, provided you stick to the plan as it is laid out for you.
Chapter 13 does have eligibility requirements. It is typically a plan for those who earn a higher income than Chapter 7 filers. With Chapter 13 filing, the more income you make, the more likely you will fall into a 5-year repayment plan as opposed to a 3-year plan.
If you are unsure about what type of filing you are eligible for, and whether or not it is a true answer to your financial woes, a Florida bankruptcy attorney who is familiar with the South Florida economic crisis many face, can be a great asset to you. Do not hesitate to seek counsel, ask questions and enlist the aid of someone who can review your financial situation and help you get on the right track to a restful night and more promising tomorrow. Whether Chapter 7, Chapter 13 or some other debt-relief plan, you have options and help is waiting, you just have to ask.