CALL FOR A FREE
INITIAL CONSULTATION
813.254.5696

BRIDGING YOU TO A BRIGHTER FUTURE

Bankruptcy and Identity Theft: What You Need to Know

Identity TheftIdentity theft can be one of the most devastating events in a person’s life. It disrupts all aspects of life, especially those related to finances, and it is frustrating, confusing, and time-consuming.

In most cases, identify theft issues can be resolved without taking any drastic measures. Every case is different, though, and in some extreme instances, it might be necessary to consider filing for bankruptcy after having your identity stolen.

Assuming you’ve exhausted all of your options and there still seems to be no end in sight concerning the hardship identity theft has brought into your life, what do you need to know about filing for bankruptcy?

Bankruptcy Filing Gives You a Fresh Start

As a victim of identity theft, there’s a good chance you’re dealing with debt collectors and your credit has taken a significant hit. This can happen even if you file a police report and go through all of the necessary actions to inform creditors of the problem.

If law enforcement never catches the person who committed the crime, it can be difficult to convince creditors that a crime took place, which leaves you with a difficult choice. You didn’t accumulate the debts in question, but they’re linked to your identity and there are very few options available for repairing the problems caused by the crime.

Many victims of identity theft are still dealing with poor credit scores years after the initial incident took place, despite requesting time and time again to have their credit report corrected. Even including an addendum on your report might not be enough to restore your situation to what it was prior to the identity theft.

There might also be problems with debt collection agencies passing debts around even if they are debts linked to identity theft. There are people who had their identities stolen and thought things were under control, only to have a new debt collector contact them years after the fact demanding payment of an old fraudulent debt.

You shouldn’t be on the hook for any debts accumulated when your identity was stolen. In a perfect world, you’ll be able to inform creditors and credit bureaus and anyone else that might ask that you were a victim and the debts are not yours. Ideally, everyone you speak to will be understanding and you’ll be able to put the identity theft behind you with relatively little permanent damage to your financial situation.

Unfortunately, it doesn’t work out this way for everyone who has their identity stolen.

Identity Theft Can Damage Your Credit for Decades

For many, identity theft becomes a life-long battle and the only solution is to take drastic action and make a fresh start.

After all, if your credit continues to be a mess and you’re unable to get ahead by fighting the identity theft, what’s the sense in continuing to fight?

This is why in some cases when there seems to be no other solution available, people who are victims of identity theft turn to bankruptcy.

Bankruptcy discharges most types of debts – usually the unsecured debts linked to identity theft – and allows you to make a fresh start. You’ll no longer receive calls from creditors and you’re credit score, over time, can begin to improve.

In a way, filing for bankruptcy gives you back your identity after it was stolen by wiping the slate clean and letting you resume control of your financial situation.

To learn more about the effect identity theft can have on your credit score, check out this article from CreditCard.com.

Keep in mind, this is not the right solution for every victim of identity theft and it should never be the first thing you do if you are a victim of this crime. Bankruptcy is only appropriate in extreme cases of identity theft after all other options for resolution seem to have failed.

If you are a victim of identity theft, it’s important to speak to an attorney about your situation long before considering bankruptcy. However, if you’ve reached the end of your rope and years after the incident you’re still struggling, we might be able to provide some relief.

For more information or to schedule a time to discuss your situation, contact the Law Office of Robert M. Geller at (813) 254-5696 to schedule a consultation.

Tampa Bankruptcy Law Blog

Bankruptcy and Renting: What You Need to Know

Renting a home after bankruptcy There are plenty of people who rent their homes. Many of them are faced with...
Read More
Bankruptcy and Selling Assets: Can I Sell My Vehicle before I File?

Bankruptcy and Selling Assets: Can I Sell My Vehicle before I File?

Can a car be sold before filing for bankruptcy? Plenty of car owners face financial struggles and consider bankruptcy. It’s...
Read More
Your Bankruptcy Timeline: What You Need to Know Before, During, and After You File

Your Bankruptcy Timeline: What You Need to Know Before, During, and After You File

Timeline for Filing Bankruptcy Bankruptcy is not something anyone plans to do in his or her life, but once you’ve...
Read More
How Bankruptcy Affects a 401K Loan

How Bankruptcy Affects a 401K Loan

Bankruptcy affects all aspects of your life, including the money you’ve saved over the years. This is especially true if...
Read More
Five Keys to Post Bankruptcy Success

Five Keys to Post Bankruptcy Success

Post-Bankruptcy Actions in Florida to Help With Bankruptcy Success Bankruptcy is one of the best ways to make a fresh...
Read More
Bankruptcy and Identity Theft: What You Need to Know

Bankruptcy and Identity Theft: What You Need to Know

Identity theft can be one of the most devastating events in a person’s life. It disrupts all aspects of life,...
Read More
Managing Credit Card Debt: What Can Help You Get Things under Control

Managing Credit Card Debt: What Can Help You Get Things under Control

If you feel as if you are drowning in credit card debt and you aren’t sure where to find relief,...
Read More

My College Closed: Do I Need to Repay My Student Loans?

Though it might not happen to the world’s most famous universities, there are some colleges that go out of business....
Read More
Bankruptcy Overwhelm: Why Organizing Your Paperwork is So Important

Bankruptcy Overwhelm: Why Organizing Your Paperwork is So Important

Paperwork and Filing for Bankruptcy in Florida Filing for bankruptcy sounds simple enough, but it’s actually a complicated legal proceeding...
Read More
Bankruptcy Filers are at Risk for Scams: What You Can Do to Protect Yourself Post-Filing

Bankruptcy Filers are at Risk for Scams: What You Can Do to Protect Yourself Post-Filing

It’s a sad fact that no matter who you are or what your struggles in life include, there are people...
Read More

Contact Us

Search Website

Archive

Request a FREE Consultation

For The Next 5 Days Get A Free Book About Bankruptcy


 
comodo 10.0Robert Marc Geller
Robert Marc GellerClients’ ChoiceAward 2018 Robert Marc GellerReviewsout of 32 reviews LEA

We are A Debt Relief Agency.
We help people file for
bankruptcy under the Bankruptcy Code

Pay Online     Bankruptcy Courses    

Office Locations

$Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405
Maps & Directions


Tampa Law Office Map

St. Petersburg Office

$Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G

St. Petersburg, FL 33701
T: 727-532-3939
Maps & Directions


Map and Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
Maps & Directions


Maps & Directions

At the Tampa Bay law firm, the Law Offices of Robert M. Geller, P.A., we help people with consumer bankruptcy matters in the Tampa Bay-St. Petersburg,  Florida communities such as Clearwater,     St. Petersburg, Tampa, Thonotosassa, Riverview, Lutz, Plant City, Brandon, Carrollwood, Wesley Chapel, St. Petersburg Beach, Lakeland, Mulberry, Dade City, Pinellas Park, Largo, Seminole, Odessa, Oldsmar and Lithia, and counties such as Hillsborough County, Pinellas County, Pasco County, Polk County and Manatee County.