Debtors who are planning to file for bankruptcy under Chapter 13 should carefully consider their situations before filing. In some circumstances, time is of the essence, such as when debtors are trying to avoid foreclosure on a home or vehicle.
In the game of Monopoly, going bankrupt takes you out of the game. Fortunately, in the game of life, the repercussions are not quite so severe.
It's a sobering thought -- facing your final years without the resources to maintain a comfortable lifestyle and meet your everyday needs. However, many Florida senior citizens face these untenable circumstances. Their expenses and debts are overwhelming.
Debtors who can benefit immensely from filing for bankruptcy protection often wait much longer than they should to take advantage of this legal tool. One reason may be that they fear losing all their assets in the process.
When you are in a bad financial position, your desperation can cause you to make ill-advised decisions. Scammers realize this and prey on those who are hampered by debts they are unable to pay.
So you finally bit the financial bullet and decided to file for bankruptcy. You may have initially intended to file for Chapter 7 and then learned that you likely wouldn't qualify.
When Tampa debtors filing for bankruptcy have significant assets or income, they are ineligible for filing under Chapter 7, which is a total liquidation. While that might sound like a good deal, it also means that any non-exempt assets can be sold off to pay your creditors.
Have your bills eclipsed your paycheck by a few zeroes? Or maybe your business is going through a bad cycle -- or three. It's easy to get caught up in the cycle of paying overdraft and late fees until you are no longer even paying down the principal of your debt.
If you are struggling to pay your bills, your head may be swimming with potential solutions to your insolvency problem. It's a good idea to try to resolve your debt delinquencies. However, "solutions" can cost you money and offer very few real routes out of debt.
When you get behind on your bills, it can be a scary experience. Creditors blow up your phone with calls and your mailbox is stuffed with dunning letters seeking payment.