Radical Increase in Bankruptcy Filings
Over the past two years, Floridians and people across the United States have gone through financial hardships due to the current national situation that has had a significant impact on the economy. This has led to job losses, lower incomes, and financial assistance from the government. When faced with financial difficulties, people often consider bankruptcy as one of their options.
In 2021, Bankruptcy Rates Were Reduced by Almost 30%
The government’s measures to assist people in financial distress, such as eviction moratoriums, stimulus payments, student loan repayment breaks, extended unemployment benefits, and reduced student loan payments, have all been effective. These measures are responsible for the decline in bankruptcies. Therefore, it is reasonable to expect people to file for bankruptcy once these efforts have ended to obtain financial relief. If individuals have financial problems that cannot be managed due to the aforementioned interventions, bankruptcy may be a logical option. It can eliminate unsecured debt, such as credit card or medical bills.
Bankruptcy May Be a Good Option for Financial Worries.
Many people seek alternative solutions to their debt problems to avoid bankruptcy. This is often because they need to fully understand the potential benefits of filing for Chapter 7 or Chapter 13 bankruptcy. Debtors can keep certain properties and eliminate their debts to start anew. They can also put an end to harassing debt collectors. It is essential to comprehend the advantages of bankruptcy and obtain assistance in making informed decisions about your future.
This post was written by Trey Wright, a bankruptcy attorney at Pensacola! Trey is one of the founding partners of Bruner Wright, P.A. Attorneys at Law, specializing in bankruptcy law, estate planning, and business litigation.
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