Is filing for a bankruptcy right for you?

Millions of Americans face financial problems. Bankruptcy is an option for you to consider. Knowing more about a bankruptcy will help you to determine if it’s what’s best for you.

What You Keep

With the help of a chapter 13 lawyer Orlando FL residents learn about what they can keep. You can choose to include your home into the bankruptcy or keep it. As for your other belongings, all of the “luxury” items will typically be sold as a way to settle your debts. This includes RVs, boats, and other items.

Your Credit

Your credit score will take a substantial hit when you decide to file for a bankruptcy. It may be several years before you’re able to qualify for a credit card or store account. In most instances, a bankruptcy will remain on your credit score for seven years. However, there are ways to overcome this faster if you’re able to prove that you have learned from your mistakes. Much of it comes down to how much debt you have and how much the creditors have to forgive.

The Costs

The cost of filing for a bankruptcy is going to vary. This is why you will want to sit down with a bankruptcy lawyer. You can learn about the costs to file as well as how long the process will take. The costs are dependent on how much debt you have as well as how many creditors are being included.

You have options when you’re in financial distress. Whether it’s because you’re going through a divorce or there is another reason, you may need to look at a bankruptcy. By sitting down with a lawyer, you can learn whether it’s the right move for you to make.

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