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Bankruptcy is a difficult decision to make.
Many people who are considering bap.kruptcy struggle with feeli ngs of guiit, embarrassment and failure. In 2009 and in 20 I 0 approximately 3,000,000 new bankruptcies will be filed. However, most of those "'lho do file bankruptcy are doing so because of issues over which they have no control .The biggest culprit is our depressed economy. Many other factors include loss of employment, serious illness, business failure, foreciosure and death in the family.
It might smprise most to know that some of the biggest companies in America have sought protection under the Federal bfutkruptcy code. General Motors, Lehman Brothers, Chrysler, Continental Airlines and Washington Muhla] are but a few. Donald Trump has soug.ht protection in bankruptcy for his holdings on three difTerent occasions.
There are different torms of bankt-uptcy available under the federal bankruptcy code. The most familiar is a chapter 7, ,vhich simplified, is a discharge of your debts accompanied by a forfeiture of any property that doesn't fall under an exemption permitted by law. In 2005 the federal government changed the bankruptcy laws and made it more difficult for people to file a Chapter 7 bankruptcy. In the State of Florida you may file a Chapter 7 and still be able to keep your primary residence while at the same time discharging most of your debts. It is also possible (0 rebuild credit more quickly than commonly thought.
The most challenging issue you face when consideling bankruptcy is the stress and anxiety that comes with the feeling that your life is out of control. Many responsib le people are facing bankruptcy right now. Remember that knowledge is power. Having the knowledge that you need to develop a strategy to face these issues can make a remarkable di fference for you. There is a life after bankruptcy!
If you are facing foreclosure or have questions about bankruptcy, contact the offices of David Norris Law at 352-343-1001 or 352-343-0536. Visit our website at www.DavidNorrisLaw.com
For a confidential private consultation click HERE