No one ever starts out thinking they want to file for bankruptcy at some point in his or her life. Nevertheless, filing for Chapter 7 bankruptcy can be a viable means of handling unmanageable debt or an impending home foreclosure. Many may be surprised to learn of the immediate and long-term benefits of filing for Chapter 7 bankruptcy in Florida.
One important and immediate benefit of filing for bankruptcy is that creditor harassment is banned immediately. This alone can bring much-needed relief to families feeling the overwhelming stress of financial hardship. Once bankruptcy is filed, any pending home foreclosure action is also halted. The same holds true for any pending legal action to have you evicted.
Filing for bankruptcy also stops creditors from garnishing your wages, giving you some breathing room to evaluate the situation at hand. Any action to repossess assets is also halted once the petition is filed. As for the status of property, certain property can be labeled as exempt from liquidation and therefore, not included as part of the Chapter 7 liquidation process. These exemptions are determined by Florida laws and can vary depending on the situation.
Chapter 7 bankruptcy can be shrouded in misinformation and confusion. It is best for any individual or family in Florida to research the details of Chapter 7 bankruptcy before deciding the best course of action to deal with unmanageable debt. If you feel Chapter 7 bankruptcy may be the best option for your situation, our web site provides useful information in order to understand the process more clearly.