Bankruptcy
Deciding whether to file bankruptcy is a difficult decision to make. Bankruptcy does prevent collection efforts by creditors to collect debts. Bankruptcy can also eliminate one’s repayment obligations (Chapter 7) or provide for a restructuring of your financial obligations (Chapter 13). However bankruptcy cannot cure every financial issue. There are alternatives to bankruptcy such as out-of-court settlement with creditors, mortgage modifications or negotiating a reduction of payments to creditors.
Bankruptcy is not a last resort for clients facing financial trouble. There are instances where your legal rights can be lost by delaying filing. Early advice regarding bankruptcy is essential, especially, if one is hoping to use the bankruptcy code to help save a home or a car. A bankruptcy can prevent a foreclosure or repossession of an automobile, bankruptcy usually cannot help once the foreclosure sale process has been completed and your property interest in the automobile has been terminated under Florida law.
Let us discuss your situation to determine the best course for you.