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Important Considerations Before Filing for Bankruptcy in Florida

Posted on in Bankruptcy

Surfside bankruptcy attorney

For most people facing financial difficulties, the thought of filing for bankruptcy can seem out of reach. You keep thinking, “This will be the month where I get things together,” then find yourself hit with another round of unforeseen expenses. This cycle can go on for months, or even years, before people start to seriously consider filing for bankruptcy. There is a reason for this—no one actively chooses bankruptcy until it is the very last option—but this denial can allow your debt to continue building until it feels insurmountable. As a result of COVID-19, many Americans are facing the possibility of bankruptcy, which is why it is important to have the following considerations in mind before moving forward with this legal process.

Reasons You Should Consider Bankruptcy

As previously mentioned, many people do not realize that they are on the verge of bankruptcy, or that their situation is a common reason why others file for bankruptcy. If you are in the middle of any of the following scenarios, filing for bankruptcy can be a common remedy:

  • You have lost your job and are struggling to find a new one.

  • You have significant ongoing medical debt.

  • You are filing for divorce.

  • Your creditors are suing you for the payment of debts.

  • Your home is on the brink of foreclosure.

  • The only way you pay for things is with a credit card.

  • You are considering withdrawing funds from your 401(k) account to pay bills.

What to Consider Before Filing

There are a number of debt-relief alternatives that you should consider before going through with filing bankruptcy. First and foremost, have someone take a second look at your financial statements and debt. It is advisable to seek out a bankruptcy attorney’s advice through an initial consultation to determine if bankruptcy is even a valid option in your case. Additionally, nonprofit credit counseling agencies offer counselors’ advice on debt management programs, debt consolidation loans, and debt settlements. Depending on your circumstances and the details of your finances, these may be valid alternatives to filing for bankruptcy. 

Another step that should always be taken is forming a reasonable budget to allocate a portion of your income toward paying off your expenses as much as possible. You have likely tried creating a budget before and struggled to stick to it. Sharing your plans with a close loved one may be a good way to hold yourself accountable and follow the plan moving forward. Though it may seem intimidating, creating a budget is also a great way to really dive into the comparison of your income and expenses, helping you recognize where your expenditures can be reduced and where the money is most needed.

Finally, consider contacting your creditors to discuss your debts and your ability to pay them off. In some cases, you may be able to create a more realistic payment plan that does not require you to turn toward bankruptcy. Depending on the amount of money owed and the stability of your income, your creditors may be more understanding than you think.

Contact a Broward County Bankruptcy Lawyer

Acknowledging that bankruptcy is a possibility can be a tough pill to swallow; finding out that it is your only option moving forward is even more difficult. Before taking active steps in the bankruptcy filing process, you should speak with an attorney who is well-versed in this area of law. The compassionate legal team at Elliot Legal Group helps guide Floridians through some of the most difficult experiences that they may have in their lifetime. Attorney Gavin Elliot works tirelessly to help clients move forward with their lives with a better financial outlook. If you are considering filing for bankruptcy or are wondering if you qualify to do so, contact our knowledgeable Fort Lauderdale, FL bankruptcy attorney at 754-332-2101 for help.



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