Who Should file for Bankruptcy?
Making the decision to file for bankruptcy is difficult. There is no formula to use in order to determine whether or not you should file for bankruptcy, the decision is personal. You might want to consider filing for bankruptcy if you find yourself in these predicaments:
1. Are paying the minimum on your bills
2. Cannot make a budget for yourself that would get you out of debt in 5 years.
3. Are getting foreclosure notices on your mortgages or other loans.
4. Have experienced a severe financial setback: lost job or costly divorce or illness.
Although bankruptcy does get rid of a majority of your debt, there are some obligations that are not included in a bankruptcy action:
1. Alimony
2. Child Support
3. Most recent back taxes
4. Student loans, unless you can prove a substantial hardship in having to repay them
5. Fraudulent debts
6. Cash advances of $825 within 70 days of filing
7. Fines or penalties of government agencies
8. Recent, large purchases of $550 or more for luxury goods within 90 days of filing.
To read more on this topic see Bankruptcy in Florida.
Contact a Florida Bankruptcy Attorney to help you make the difficult decision on whether you should file for bankruptcy. A bankruptcy attorney can help guide you in the appropriate direction, discuss alternatives that may be available, and protect your interests.
Greg Gilbert
Keith Maynard
