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Unrealistic feelings prevent many from using bankruptcy

Having money problems can trigger a domino effect in anyone’s life. When something as significant as finances starts to create issues, numerous other aspects seem to get out of hand as well. In many cases, Florida residents may have trouble getting their financial affairs back in order on their own, but they may feel too apprehensive to move forward with bankruptcy.

The fear and stigma surrounding bankruptcy often stems from misinformation. Many individuals may believe that they will lose all of their assets by filing for Chapter 7 bankruptcy because it involves liquidating assets to pay back creditors. However, the process allows the filer to retain certain exempt assets, which can include a home, one vehicle and other necessary items.

This anxiety can often make it difficult to move forward and fully address money problems. On the other hand, unrealistic expectations can often prevent some parties from utilizing bankruptcy. They may think they that will be able to get their affairs back on track themselves, and as a result, they do not file. Unfortunately, theirs situations may only get worse.

If Florida residents are considering bankruptcy, they may want to start by ensuring that they have the right information. Gathering facts about Chapter 7 and other options and the effects they could have does not necessarily mean that a person has to file. Still, it may give interested parties the knowledge they need to make an informed decision about whether this process could help them get back on their feet and on more stable financial ground.