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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.
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