When debts are mounting

On behalf of Furr & Cohen, P.A. posted in chapter 7 on Wednesday, May 25, 2016.

Finding yourself in the type of debt you can’t pay your way out of can be terrifying, stressful and unequivocally depressing. Even the happiest of married couples have to test their merit when it comes to financial hardships. When do you get to the point where you lay down the pen and the checkbook and throw up your hands? When do you acknowledge that the place you are in is more than an area of hardship, it is a path to financial ruin if you don’t make a big move?

When you have assets you can sell off, or when you have assets you don’t want to lose, you may need a bankruptcy attorney to review your situation. They can thoroughly assess your debts, your obligations and your income, including any additional assets you have, to form a plan that you can live with as well as one that can get you on a path to financial solvency.

Individual bankruptcy, such as a Chapter 7 classified bankruptcy, can allow for the applicant to have certain debts discharged, such as personal loans, medical bills and credit card debt. You can also have a stay placed on collection activities, and you may be able to avoid foreclosure, repossessions and wage garnishments.

If you are struggling with your finances, the biggest debt you owe is to yourself, to look into the options you may have for relief. You may struggle with your obligations under the terms of a bankruptcy, but they provide an end and a new start. Compared to a cycle of indebtedness that can bury you and never let up, bankruptcy may be the best option for you. The Florida bankruptcy firm of Furr & Cohen, P.A., may be able to educate you on the process and provide you with the answers you need.