Monday, October 14, 2013

Be Sure Before Filing Bankruptcy in Florida

Add up credit card debt ask for lowest APR.
Florida residents who are thinking about filing bankruptcy are usually overwhelmed by high personal debt. When the debt continues to grow and there doesn’t seem to be a way out, or additional income, the situation becomes personally stressful.

Bankruptcy seems to be the only option if you truly feel that you’ll never be able to pay the amount down. But before getting to that point, it’s important to review the many options for paying the debt down to a manageable amount.

Before You Decide to File Bankruptcy in Florida

When asking the question, “should I file bankruptcy in Florida to get rid of my debt?” you should first go through your bank statements to review spending habits, saving habits, monthly income
Credit card debt can add up due to medical bills.
and assets.

Take the Bankruptcy Means Test

The bankruptcy means test is the financial and economic test that weighs your income, with your assets, with your debt, disposable income,
  1. What is annual salary?
  2. What is your overall debt?
  3. Is your monthly income less than the Florida median income for a household matching the size of your household?
If your answer to No. 3 is yes, you are likely to qualify to file Chapter 7 bankruptcy but to be sure, make a meeting with Eric Lanigan and Roddy Lanigan to review your financial and economic situation.

10 Questions to Ask Before Filing Bankruptcy

making the decision to file bankruptcy in Florida, ask yourself the following questions:
  1. Are there any odd jobs that you can take for a few hours a week to make monthly payments to pay the debt down?
  2. If it’s credit card debt, have you called the card to get a decreased annual percentage rate?
  3. Are you making more than the minimum amount due on your credit cards?
  4. Have you consolidated your debt by putting your credit cards into the lowest annual percentage rate
  5. Have you looked at your credit card bills to be sure that you’re paying on time, paying more than the maximum, with no lingering late fees from one late month?
    1. If you have had only one late payment call the credit card company to find out if the company will forgive the late date and resume the regular interest rates available.
  6. Is there an asset or assets that can be liquidated to pay down the debt?
  7. How long will it take for you to pay the debt down?
  8. Is there a debt with an out of control interest rate that can be renegotiated to receive a lower interest rate?
  9. What is the latest of your outstanding bill or bills? Have you gone months without paying any of your bills? How many bills are being paid late monthly?
  10. Is there a medical bill that you have that you can negotiate down by speaking with the hospital or medical facility or doctor over time?

Meet With the Lanigans to Review All of Your Debt

Begin a file for your debts. Create a carefully calculated page to bring in to your meeting with the Lanigans.
Be certain that you are looking through all of your debt, your debtors, your savings, your investments, your assets, medical, home, personal bills and account numbers.
You are legally responsible for telling the truth about all of your financial standings, status and information.
Forgetting or leaving something out is not an excuse and telling an attorney after the papers are filed can be grounds for bankruptcy fraud.

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