Making Sense Of Bankruptcy

The Tampa bankruptcy process is a useful financial tool that has saved the futures of many individuals and families. While it may not always be the first sought option for everyone, it is certainly the best fit option for people in some experiencing financial hardship.

In general, bankruptcy could be your answer for a fresh start if you are experiencing any of the following:

Threat of foreclosure — as your biggest asset, the threat of losing your home to missed mortgage payments can be scary. However, filing for bankruptcy is a quick way to put a stop to an impending foreclosure while you work to resolve your mortgage debts. Depending on your situation, you may be able to repay your missed payments in a Chapter 13 payment plan, or have some of your principal mortgage debt reduced in a Chapter 7.

Mounting debt burdens — consumer debt is becoming a real problem after the height of the recession. Many people have lost their jobs and had to turn to credit cards to support living expenses. Others have experienced an accident or illness that has left them buried under medical debt. Bankruptcy is an easy solution for preventing lawsuits and wage garnishments, while resolving either of these types of debts.

Marriage or divorce— debt becomes a complicated matter when more than one person is  involved. If you are dealing with a large debt burden as a single person, it may be worthwhile to file for bankruptcy before getting married. This can resolve debts without the risk of bringing your significant other into liability over the debt due to marriage. In a divorce, filing for bankruptcy can resolve debt liability issues that can better protect the non-filing partner down the road.

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