Bankruptcy is a legal process whereby an individual or business attempts to either eliminate debt or reorganize their debt, so they may move forward with a "fresh start."
A common misconception is that the new bankruptcy laws passed in 2005 eliminated Chapter 7 bankruptcy as a choice. This is not true. The new laws simply just implemented more guidelines. A complete debt discharge remains an option and has been a reality for thousands of people since the laws changed. You can get a fresh start and stop creditor harassment.
Filing bankruptcy will not permanently damage your credit rating. The bankruptcy will appear on your credit report for 10 years. Most other credit information can also be included in a consumer credit report for 7 years. Bankruptcy candidates' credit scores are often already damaged. Chapter 7 Bankruptcy allows for a clean slate and an opportunity to prove your creditworthiness. Usually, the cost of obtaining credit with less than a squeaky-clean credit profile results in the payment of higher interest rates on your borrowing. But you must ask yourself- what is the cost of not declaring bankruptcy, both economically and emotionally?
There are steps that you can take after filing a bankruptcy that will make it possible to re-establish good credit. These steps can be discussed at the initial consultation. It is possible to get credit cards and buy a house or car after filing bankruptcy. Simply put, bankruptcy is not the end of the world. It represents a new beginning and it leads to a fresh start. You can wipe the slate clean and emerge from a debt discharge or payment plan with hope for a brighter financial future.
*** For Orange County Foreclosure & Orlando Middle District of Florida Bankruptcy Creditors Meeting, Confirmation Hearings, and related Representation for Debtors and Creditors Contact Our Office at 407-556-7589 ***
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