The economy might be improving, but that does not mean that Florida residents no longer have financial issues. Many people continue to struggle to make ends meet and telephone calls from bill collectors are only adding to the stress. Perhaps they need to consider whether filing for Chapter 7 bankruptcy would be the right move under the circumstances.
For Florida residents who are still unsure, perhaps the following indicators will help in making the decision. The first step is to understand just how much debt is owed. No decision should be made without having as full a picture as possible of the situation.
Many people might not realize how often they use their credit cards for what would be considered “necessary expenses” such as utility bills, food and even rent. Adding to this would be the fact that individuals might be able to only make the minimum monthly payment on those cards because it is all they can afford. That is, if they are able to make payments at all, and this is often when creditors begin making those annoying calls regarding payment. The stress brought on by this situation can be overwhelming.
For those who are experiencing similar circumstances, filing for Chapter 7 bankruptcy could be the answer. Many people are hesitant to believe in the possibility of being able to obtain a clean slate and a fresh financial start. Therefore, it might be a good idea to consider talking to an attorney about financial issues. The complexity of the process would make it inadvisable to attempt to go through it alone — especially since so much is, more than likely, riding on rectifying the situation.
Source: deseretnews.com, “Financial Tips & Tricks: When is bankruptcy the best option?“, Andrew Clawson, June 21, 2016