Declaring Bankruptcy in Bradenton, Sarasota, Venice

![bankruptcy-right-for-you.jpg](https://steemitimages.com/DQmZFQor2cwTAN2KHH4wUAAzYGf4AJE73ZD3ZnBMFxYBBiw/bankruptcy-right-for-you.jpg) Declaring bankruptcy is not only a financial decision; it is also a personal and emotional one. There is not a single answer that can decide if an individual or couple should file for bankruptcy; instead, it requires a complex analysis of their financial and personal situation to determine if bankruptcy is right in their case. Indebted individuals can determine if discharging debts makes sense if they meet certain criteria, but they will still need to consult with a bankruptcy attorney to ensure that their case qualifies under Florida bankruptcy laws.

Is Bankruptcy The Right Decision?

This checklist can help you decide if your financial situation qualifies for bankruptcy – and if you are ready to face the financial and emotional consequences of doing so. You are eligible to file. If you earn enough to pay your creditors, you will be ineligible to declare Chapter 7 bankruptcy. This is because the courts now require that all Chapter 7 consumers complete a “Means Test,” which was established as part of the 2005 Bankruptcy Reform Law. To qualify for Chapter 7, you must earn less than the median income for the state of Florida. If your income exceeds this threshold and you have adequate income after paying necessary monthly expenses, it is unlikely you are eligible. You do not see your financial situation improving in the future. While you may be financially struggling today, better employment opportunities in the future can resolve your current situation. Temporary financial hardships do not qualify for bankruptcy; however, if you do not see your financial situation stabilizing or improving, you may want to consider declaring bankruptcy. You carry unsecured debts. Not all financial liabilities are eligible for bankruptcy in Bradenton. Unsecured debt can be discharged in a bankruptcy case – this includes credit cards, medical bills, and collection accounts. Secured debts, such as student loans and tax debts, as well as child support arrearage, do not qualify for discharge. Liens on secured debts can pass through bankruptcy unscathed; therefore, your obligation to pay those debts will remain. If the majority of your debts are dischargeable, then bankruptcy may be the right choice. You are willing to walk away from financial obligations. Bankruptcy affects a person financially and emotionally. While many debtors feel relieved after the discharge of their debts, others feel depressed or ashamed. Project how you may feel after you declare bankruptcy and walk away from any unnecessary financial obligations first. You understand the consequences of declaring bankruptcy. You will be required to complete an approved bankruptcy education and credit counseling course before appearing in court. You will also have a bankruptcy notation on your consumer credit file for 10 years. If you understand and accept all consequences of declaring bankruptcy, then you may consider filing.

Contact Jodat Law Group, P.A. for More Information on Filing For Bankruptcy

The attorneys at Jodat Law Group, P.A. can help assess your financial situation and determine if Chapter 7 or Chapter 13 bankruptcy in Bradenton is right for you. Schedule a consultation online via contact form or call us at 877-JodatLaw to get started.

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