When to Consider Bankruptcy
The main factor that signals whether or not to consider bankruptcy is insurmountable debt. No matter how people try, when they cannot get out from under debt and their situation keeps worsening, bankruptcy may be the right financial remedy. Signs that bankruptcy may be the answer Chapter 7 bankruptcy attorneys in Jacksonville can help people liquidate assets and pay off debts to get a fresh start. Chapter 7 bankruptcy resolves debt rather quickly within a matter of months. Chapter 13 is another bankruptcy option that allows debtors to consolidate debts into a repayment plan where they pay the trustee a monthly amount that goes to creditors. Repayment plans last for a period of three to five years. If experiencing any of the following, consult with an attorney to discuss bankruptcy: Job loss Chronic illness and medical debt Creditors calling or taking legal action Foreclosure A bankruptcy l...