People facing a crushing burden of debt have a number of options available, including filing for bankruptcy. Some Florida residents think Chapter 7 will work for them because it generally takes much less than time than going through Chapter 13. To understand whether Chapter 7 may work for you, it helps to understand why people choose Chapter 7 to alleviate their debt. 

FindLaw explains that some people find Chapter 7 beneficial because of the kinds of debts they hold. Ideally, you want your bankruptcy court to discharge as many of your debts as possible. However, there are many debts that courts will not discharge, like child support or some taxes. People with too many of these debts might not benefit as much from Chapter 7 as they hope to. 

People with few assets may benefit more from Chapter 7 than individuals with a lot of possessions. While federal and state law does exempt some property from liquidation, such as home equity, some clothing, or tools needed for a trade, it does not exempt everything. Depending on what you own, Chapter 7 could liquidate a lot of things you want to hold on to. 

Individuals who do not make a lot of money also tend to gravitate towards Chapter 7. Generally, courts do not permit a person with a higher income to file for Chapter 7. According to the U.S. Courts website, courts will disqualify a person who has a higher monthly income than the state median unless the person can prove specific conditions warrant the filing. Otherwise, the court will likely dismiss the case or convert it to a Chapter 13. 

Chapter 7 is clearly not for everyone, but it can work well for people who meet the right conditions. You may need to discuss your financial state with a professional bankruptcy attorney to determine if Chapter 7 or another form of bankruptcy is the right fit for your circumstances.