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January 2015 Archives

How can Chapter 13 bankruptcy help me become debt-free?

Freedom from debt is the goal for a lot of people. Debt can be overwhelming and can actually stop people from living the lives that they want to live. That may sound a bit dramatic, but it's true especially if the debt reaches an unmanageable point. Serious financial debt can lead to homes being foreclosed and vehicles being repossessed. No one wants to be in a situation where they can't pay their bills. Finding a way to contain one's debt and keeping it from spiraling out of control is the goal that individuals with severe debt want to reach.

When is a Chapter 11 filing appropriate for a business?

In this day and age, many businesses face the very real threat of running into serious debt problems because of the economy. Although the economy is on the rise again, according to those in the know, some companies still may not show a profit immediately. Depending on the financial situation of the business in question, bankruptcy may not be necessary. However, some business owners may find that filing for bankruptcy is the best option. Bankruptcy allows for certain financial freedoms amid overwhelming debt.

Ex-football player still owes money even after Chapter 7

Florida Chapter 7 bankruptcies can apply to individuals, as well as to businesses. There is a difference in how they are applied of course. For a business, filing for Chapter 7 means that all the company assets will be liquidated, so that the company debts can be paid. For individuals filing for Chapter 7, creditors have to be paid and this is done by liquidating property to do so. Although, when people utilize Chapter 7 some property is exempt and cannot be touched via the liquidation process. In the end, bankruptcy is a way for businesses and individuals alike to get a fresh financial start.

Advantages and disadvantages of Chapter 7 bankruptcy

Chapter 7 bankruptcy may be the most powerful tool available under the Bankruptcy Code for Florida residents to eliminate debt. However, Chapter 7 comes with some tight eligibility requirements and serious drawbacks.