Debt problems can balloon and start to take control of your life seemingly overnight. They can put considerable strain on your marriage, put you at risk of losing your home and leave you feeling overwhelmed by stress and anxiety on a daily basis.
This can make you feel isolated, hopeless and scared about the future. However, as difficult as it may be to outside the cloud of money troubles, you should know there are ways to tackle your debt and make a fresh financial start. One such option is Chapter 7 bankruptcy.
Chapter 7 bankruptcy allows you to discharge all or some of your debts. This can be an extremely effective way to wipe the slate clean. However, it is also a very aggressive solution. Your credit score will take a hit and you could lose some of your assets through liquidation.
It is critical that you weigh the benefits and drawbacks of Chapter 7 before making any decisions about how to address your debt. You should consider what types of debt you have, what assets you wish to protect and whether there are viable alternatives to help you take control of the situation. In some cases, this can mean other types of bankruptcy; in other cases, it can mean working out a modification or repayment plan with creditors outside of court.
Considering all that is at stake and how much your life can be affected by filing for Chapter 7 bankruptcy, it is often wise to discuss the specific details of your situation with an attorney familiar with bankruptcy and other debt relief solutions.
Before you make any decisions about how you want to deal with your debt, we invite you to visit our law firm's website to learn more about how we have helped people all across Florida manage this difficult situation and how we may be able to help you.