What are the Benefits of Bankruptcy?
There are many potential benefits to an individual and business in a bankruptcy filing. When dealing with endless annoying and distressing creditor calls, letters, lawsuits and other problems that come with crushing debt, to be relieved of this terrible burden is extremely valuable on a personal and/or corporate level. It is not comfortable or enjoyable to be constantly hounded by creditors, juggling payments while getting further and further behind. This situation may potentially be resolved by a Florida bankruptcy Attorney.
The other aspect that is extremely helpful is that in a Chapter 7 bankruptcy, your debt is discharged. You no longer owe most if not all of your debts. There are certain types of debts that cannot be discharged or liquidated, such as alimony, student loans, child support and recent taxes.
Another benefit after filing bankruptcy is that you have the opportunity to make a fresh start financially. You in essence have the opportunity to start over and have the ability to create a better financial future for yourself , your family and/or your business. While it is true that your credit report will show a bankruptcy filing, as so many individuals have had to file over the past years, it no longer has the stigma it once did.
Some individuals who are employed or self-employed and receiving steady paychecks decide to use Chapter 13 instead of Chapter 7, or may not qualify for Chapter 7 due to income level or value of assets. This also is a powerful tool provided by the federal government to give such individuals a solution for overwhelming debt. You will be given the opportunity to pay off outstanding debt over a period of 3 - 5 years in most cases. This makes the arrearage payments much lower and in some cases the principal amount will be reduced.
Chapter 11 bankruptcy may also be an option for certain individuals and corporations seeking to reorganize their financial affairs. Chapter 11 is complex and often expensive and requires counsel competent in handling such matters. Thomas L. Abrams has filed and successfully handled many Chapter 11 bankruptcy cases for individuals and corporations. He prides himself in being able to economically and efficiently navigate through the rigors of a Chapter 11 bankruptcy case to achieve the desired result for his clients.
To discuss your unique situation, contact Thomas L. Abrams today for an initial consultation without charge.