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Casey Anthony is a good example of when to file for Chapter 7

If you are feeling overwhelmed by the amount of debt you seem to be racking up on a regular basis and just feel buried by those burdens, you are not alone. With the current tough economic conditions and high unemployment rate, many individuals find themselves doing something many never before considered - filing for bankruptcy. While such an action has always carried with it a certain stigma, the circumstances have changed in Florida and nationwide to where it is becoming a more acceptable practice for finding debt relief.

Just last month in Tampa, Casey Anthony, the alleged murderess who was acquitted in 2011, filed her own personal Chapter 7 bankruptcy in court. She is attempting to free herself from the mountains of debt that have piled up since her arrest and trials began in 2008. According to her 60 page filing, she has only $1,100 in assets yet owes over $792,000 in liabilities. She lists 80 creditors in total that cover a range of debts owed over legal fees, medical fees, and unpaid credit card bills.

When a filed Chapter 7 bankruptcy claim is successful, it can discharge those debts that are overwhelming your life. However, you must first find out if you qualify for filing as well as realize that there are various forms of filing depending on your situation and how many assets and debts you have that are exempt from the process. For example, you cannot seek to discharge your student loans or child support and alimony.

If you are seeking ways in which you can find relief from mountains of debt, please contact an attorney practiced in bankruptcy law. Their knowledge and skill in maneuvering through the complex legal process will help to ensure that you and your interests are advocated for to the fullest extent possible.

Source: examiner.com, "Bad credit: Casey Anthony files for federal bankruptcy protection," William E. Lewis Jr., Jan. 27, 2013

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