' What Does It Mean to Declare Bankruptcy? - Law Offices of Robert M. Geller, P.A.
CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

What Does It Mean to Declare Bankruptcy?

bankruptcy law attorneyWhat does it mean to “declare” bankruptcy? Your bankruptcy law attorney will help you through the process.

Declaring bankruptcy is about more than just saying you are bankrupt and losing everything you have.  Bankruptcy is a legal process in which you will let the court know about your current financial status.

It’s not always easy to start this bankruptcy process though, and it can have long-term effects on your credit scores for years after the bankruptcy has been discharged. Working with a bankruptcy law attorney ensures the process is as smooth as possible and positions you for the brightest financial future.

If you’re considering bankruptcy as an option, make sure that you understand all of the risks involved before making any final decisions. There are many different ways to get out from under debt without having to declare bankruptcy, so be sure that you explore all of those options first.

Bankruptcy Offers a Fresh Start

What does it mean to declare bankruptcy? It means a lot more than just losing everything overnight. However, there is a chance that could happen if certain conditions aren’t met during the bankruptcy proceedings.

One of bankruptcy’s main goals is to help those in debt get a fresh start.

But to enjoy all of the benefits and get that fresh start you’re hoping for, you must understand your bankruptcy rights. It’s also important to explore other options before even considering bankruptcy as a solution.

The most common types of bankruptcy are Chapter 13 and Chapter 7. In a Chapter 13 bankruptcy, the bankruptcy court allows you to repay some or all of your debts in installments over a three-to-five-years.

In Chapter 7, most or all of your debt is eliminated through the bankruptcy discharge. This means you are no longer legally obligated to repay your debts. Creditors cannot pursue you for the money owed to them.

Why Should You Work with a Bankruptcy Law Attorney When You Declare Bankruptcy?

One of the most important things to understand about filing for bankruptcy is that it’s best to not do it alone.

Some people are tempted to proceed with the bankruptcy process without any legal assistance because it saves them money.

At least it appears as if they’ll save money before they begin the process.

The truth is, filing for bankruptcy without legal assistance can be very expensive. The initial investment you make upfront means you’ll have a bankruptcy expert helping you through the process.

They’ll assist you with gathering information, filling out paperwork, and submitting your documents to the court. They also provide assistance if problems arise or creditors question your debts. Finally, they’ll assist you in the aftermath of bankruptcy when you’re trying to build credit and re-establish yourself financially.

What to Do If You’re Considering Bankruptcy

When someone declares bankruptcy, they are essentially asking the court to help them reorganize their finances. This can involve a variety of different steps, depending on the bankruptcy type.

You should always retain a bankruptcy lawyer when filing for bankruptcy. You’ll likely have many questions and it is important to have an expert on your side.

If you are considering bankruptcy, it’s important to consult with an experienced bankruptcy law attorney. We can help you decide whether or not bankruptcy is right for you and if now is the right time to file.

For more information or to schedule a consultation, contact the Law Office of Robert M. Geller at 813-254-5696.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

Can Bankruptcy Stop Foreclosure?

Many people face the distressing prospect of foreclosure on their homes. If you find yourself in this situation, it's crucial...
Read More

How Much Does It Cost to File Bankruptcy in Florida?

Financial challenges can be overwhelming. For many individuals, bankruptcy becomes a viable option for a fresh start. Many clients are...
Read More

How to Get Out of Debt: Exploring Your Options

Debt is a pervasive issue that affects millions of people worldwide. It is hard to escape debt, especially if you...
Read More

How Will Bankruptcy Affect My Child Support Obligations?

Parenting can be tough, and it's even harder when you're facing financial difficulties. Struggling with debt and bankruptcy can cause...
Read More

Student Loans: Is Discharge in Bankruptcy Possible?

Student loans have become a necessary evil for most students to pursue higher education. The cost of education has increased...
Read More

Should I File Bankruptcy for Credit Card Debt?

Credit card debt can be a huge burden on our financial lives. The pressure to make payments, maintain balances, and...
Read More

Can Bankruptcy Stop Wage Garnishment?

Wage garnishment is a legal process in which a creditor can collect a debt by receiving a court order that...
Read More

Bankruptcy Guide: How It Works, Types, and Consequences

Dealing with money problems can be a stressful and overwhelming experience. Sometimes, debt can become unmanageable, and it may feel...
Read More

What to Say to Someone Going through Financial Problems

Financial problems can be one of the most stressful experiences a person can go through. If you know someone who...
Read More

How Do People Get Into Debt?

How do people get into debt? Are you struggling with debt? Do you feel like the weight of your financial...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

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

Pay Online Bankruptcy Courses Newsletter Subscription

Call For A Free Initial Consultation

813.254.5696

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

Map And Directions

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

Map And Directions