If you really want to avoid bankruptcy there are many alternatives though the first and foremost is to manage your finances very wisely. Otherwise There are counseling services available whom you can contact and discuss your problems. Such money management agencies can help you in dealing with the situation more effectively and can come out with better solution to your debt burden. They can find a better way and work out a reasonable repayment plan suited to both you and your lender. Some of which could be lower monthly repayment. Now a day it is not easy to file bankruptcy, you have to come out with all the records of your earnings during the preceding year together with the list of all outstanding debts and assets and appear for a test where you have to file a declaration of all the assets you own and your financial status. But the assets should be non-exempt which you can use for repayment of debts. Thus In order to qualify for bankruptcy your records should be straight and duly conforming to set laws. The reasons for avoiding bankruptcy are as under:-

In case, you file bankruptcy

You loose credibility for having a credit card
By loosing credit rating, you are not eligible to take loans in future.
You will loose property rights-insolvency will result in liquidation of assets.
Will result in continued financial problems, – may result in loss of job, closure of business, inability to get future credits or loans.

Even under chapter7, eliminating all the loan liability, one is supposed to pay still for student loans, alimony, child support etc. However, the Exemption limit varies from state to state but despite exemptions, you still loose social standing in general and if you are unemployed may need credit for which you may not be qualifying or even eligible. Thus financial privations will continue despite filing bankruptcy.

Florida bankruptcy laws are mainly dealt under chapter13, though some genuine cases are taken for hearing under chapter7. So it is more reestablishing your debt repayments so that lenders are able to get part or whole money over a longer period of time. In fact, in no way one gets trouble free even after filing bankruptcy.

The personal bankruptcy in no way is different; it allows an individual to file under chapter 7.11,12,13. People generally file under chapter 7 to get relief from debts, but mostly people are dealt under chapter 13. So it is always advisable to avoid bankruptcy and instead to seek proper financial counseling to arrive at a more matured decision.