Meeting Chapter 13 Bankruptcy Filing Needs

When the best recourse for your financial woes is a bankruptcy filing, you may have to make the decision between filing for a Chapter 7 and a Chapter 13. If things point to a Chapter 13, however, you need to make sure that the amount you owe does not exceed the $383,175 cap for unsecured debts, and $1,149, 525 for secured debts, under the stated rules effective until April 1, 2016. Your bankruptcy attorney in Orlando can assist you in making sure your bankruptcy filing is in line with all stated regulations.

When to File for Bankruptcy

You’re down on your luck and money’s tight. Does that mean you should file for bankruptcy?

In many cases, the answer is “no”. After all, a bankruptcy filing has many implications, such as a precipitous drop in your credit rating and a financial red flag that will remain on your credit report for the next 7 to 10 years.

That being said, there are instances when bankruptcy may be your only resort, such as:

What to Expect When Filing for Bankruptcy

Nobody wants to end up filing for bankruptcy, yet some unfortunate individuals still find themselves financially cornered and forced into insolvency. While bankruptcy sounds scary and intimidating, it does not have to spell the end for the individual. In fact, bankruptcy should be an opportunity for the involved debtor to solve all persisting credit issues.