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Chapter 7 bankruptcy a saving grace for some Florida residents

Many Florida residents understand the difficulty in managing debt. Those with extreme debt due to medical bills, school, loss of employment or a failed business often feel as though they are drowning in their debt and have no way out. This is not the case, however, as filing for Chapter 7 bankruptcy can allow the debtor to experience much needed relief from debt.

One woman found herself in over her head when her fiancé was unable to continue working after an accident and medical and physical therapy bills mounted. As a full-time student who also had a full-time job, she was unable to keep up with bills and used credit cards to maintain day-to-day living expenses. When that relationship ended and several years later she found herself married to someone else, she felt the debt continued to weigh on her heavily. Chapter 7 bankruptcy became her saving grace.

Anyone who has experienced collection calls, wage garnishments or threatening letters knows the helplessness that is felt when one is unable to pay their debt. Most people want to pay what they owe and feel a great deal of guilt when they are unable to live up to their financial obligations. While those facing overwhelming debt many times feel embarrassment and guilt due to their inability to pay, it is not necessarily because they have made bad financial decisions or been inept at money management.

Many people living with extreme debt find that bankruptcy becomes an option in situations in which their home will be taken, their car repossessed or when they are facing some other loss which would further devastate their lives. Chapter 7 bankruptcy can be a new beginning for those in increasingly difficult financial distress. Taking action and taking back control of one’s finances through filing Chapter 7 bankruptcy in Florida could be the new beginning that an individual has been searching for in order to improve their quality of life.

Source: The Dickinson Press, “Bankruptcy: A clean slate, but at what cost?” Sherri Richards, July 25, 2013

 

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