CALL FOR A FREE
INITIAL CONSULTATION
813.254.5696

BRIDGING YOU TO A BRIGHTER FUTURE

I’m considering personal bankruptcy, what should I know?

I’m considering personal bankruptcy, what should I know?

There is no doubt that filing for personal bankruptcy protection is a big decision. In some cases it is not the best solution, but in many other situations it is the right choice. In many other instances it would be the right choice, but a lack of information about the process might make a person fearful of filing. So what are some of the important things to consider when considering bankruptcy?

First, a bankruptcy attorney really can make all the difference. Some people think that “going it alone” can save them money, but the truth is that bankruptcy costs money whether or not you pay attorney fees. There are certain costs associated with filing that apply to everyone, but bankruptcy is one of the most complex legal processes and failing to have professional assistance can cost much money in the long run.

The second thing to know is that there are two basic kinds of bankruptcy available to consumers. Chapter 7 involves the liquidation of personal assets but a large portion of debt is wiped out completely, excluding certain tax debts, student loans and child or spousal support. Chapter 13 is available to more people and involves the restructuring of debt. Which option is better is one of those decisions that should be made on a case-by-case basis with an attorney.

One of the biggest fears involving filing for bankruptcy is the fact that it goes on your credit report and will stay there for either seven or 10 years depending on the type of bankruptcy. What is also important to understand about your credit report is that while the bankruptcy may stay on the report, it doesn’t mean that a credit score can’t rapidly improve shortly after bankruptcy. Even though the bankruptcy is on a person’s credit report, they can still apply for new credit and obtain loans for things such as a car or a home during the same period.

Lastly, credit counseling and debt education is a part of the bankruptcy process. While they may sound a little frightening, the session may only last one or two hours. They also can provide useful information about your credit, managing money and developing a budget.

Source:KPTV, “Know these bankruptcy facts before you file,” Andrew Housser, April 15, 2013

 

Tampa Bankruptcy Law Blog

Tips for Handling Creditor Harassment

Tips for Handling Creditor Harassment

Creditor Harassment and Bankruptcy Dealing with a significant amount of debt is difficult enough, but when creditors began hounding you...
Read More
Unexpected Debts that Can Lead to Bankruptcy

Unexpected Debts that Can Lead to Bankruptcy

Unexpected debt can cause financial issues and Bankruptcy Unemployment, poor management of credit cards and even divorce can push people...
Read More
What You Need to Know about Tax Identity Theft and How It Can Affect Your Credit

What You Need to Know about Tax Identity Theft and How It Can Affect Your Credit

Tax Identity Theft and Credit The increasing popularity of filing tax returns online has given way to a rise in...
Read More
How To File for Bankruptcy [Infographic]

How To File for Bankruptcy [Infographic]

The Bankruptcy Filing Process Need to file for bankruptcy but not sure where to begin? The Law Offices of Robert...
Read More
Five Things You Need to Know about Bankruptcy Fraud

Five Things You Need to Know about Bankruptcy Fraud

What is Bankruptcy Fraud The average person filing for bankruptcy has no intention of committing fraud. He or she is...
Read More
The Importance of Being Prepared: What You Need to Bring with You to Your Bankruptcy Consultation

The Importance of Being Prepared: What You Need to Bring with You to Your Bankruptcy Consultation

Preparing for a Bankruptcy consultation with a Bankruptcy Lawyer Filing for bankruptcy is a big decision. One of the most...
Read More
Should I Use My Retirement Savings to Avoid Bankruptcy?

Should I Use My Retirement Savings to Avoid Bankruptcy?

Financial problems can occur at any age. For those who are older and facing financial challenges as they near retirement,...
Read More
Credit Reporting Errors: Why You Need to Review Your Credit Report before Filing for Bankruptcy

Credit Reporting Errors: Why You Need to Review Your Credit Report before Filing for Bankruptcy

The importance of correcting credit errors before filing for bankruptcy Some people are shocked to learn how common it is...
Read More
Why Delaying Bankruptcy Might Be Your Biggest Financial Mistake Yet

Why Delaying Bankruptcy Might Be Your Biggest Financial Mistake Yet

Bankruptcy Mistakes There are those who are pushed into bankruptcy because of a medical emergency or the unexpected loss of...
Read More
Bankruptcy Dismissal vs Discharge: What’s the Difference?

Bankruptcy Dismissal vs Discharge: What’s the Difference?

The difference between bankruptcy dismissal and bankruptcy discharge For many, bankruptcy is unfamiliar territory and there are a lot of...
Read More

Contact Us

Search Website

Archive

Request a FREE Consultation

For The Next 5 Days Get A Free Book About Bankruptcy


 
comodo10.0Robert Marc Geller
Robert Marc GellerClients’ ChoiceAward 2018Robert Marc GellerReviewsout of 32 reviewsLEA

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

Pay Online   Bankruptcy Courses   

Tampa Office

$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


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


Map and Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320





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.