CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Why Should You Consider Bankruptcy in 2023?

bankruptcy in 2023With the New Year upon us, it’s important to consider all of your options for getting out of debt. Bankruptcy can be a powerful tool for relieving debt and providing much-needed relief from creditors, but it’s not a decision to be taken lightly.

How do you know bankruptcy is right for you and what can you do to ensure the process runs smoothly?

Overview of Bankruptcy

Before we get into when you should consider filing for bankruptcy in 2023, let’s first review what bankruptcy is and what it entails.

Bankruptcy is the legal process that allows individuals or businesses with overwhelming debt obligations to reorganize their finances to pay off creditors over time. The most common types of bankruptcies are Chapter 7 and Chapter 13. Both involve liquidating assets to pay off debts and can help you reduce or eliminate certain debt obligations.

Benefits of Filing for Bankruptcy in the New Year

Filing for bankruptcy in 2023 may provide several benefits, including:

  • Stopping creditor harassment
  • Preventing wage garnishment or bank account levies
  • Halting foreclosure proceedings
  • Helping you avoid having your wages attached by creditors

It can also help you get back on track financially by allowing you to create a manageable plan for paying off creditors over time. Furthermore, filing for bankruptcy may also prevent lenders from increasing interest rates on your existing debts or charging late fees on overdue payments.

How to Prepare Financially Before Filing for Bankruptcy

It’s important to prepare financially before filing for bankruptcy to maximize the chances of success with the process. This includes gathering all necessary documents related to your financial situation such as income statements, expense reports, tax returns, credit card statements, mortgage papers, loan agreements, etc., as well as preparing an accurate budget that outlines all sources of income and expenses.

Additionally, it’s important to research different types of bankruptcies so that you can make an informed decision about which option is right for your particular situation.

What Types of Debt Can Be Discharged Through Bankruptcy

Not every type of debt is dischargeable through bankruptcy. Forms of debt considered “non-dischargeable” include:

  • Student loan debt (in most cases)
  • Child support payments (unless agreed upon between both parties)
  • Alimony payments (unless agreed upon between both parties)
  • Taxes (in most cases)

It’s also important to note that you cannot discharge certain secured debts through bankruptcy either. These include mortgages or car loans where collateral has been used as security against repayment. However, these loans may be restructured through other means such as refinancing or loan modification programs offered by lenders.

Should I File for Bankruptcy in 2023?

Filing for bankruptcy isn’t something anyone looks forward to. However, it can be a viable option if you find yourself facing insurmountable amounts of debt and no other way out from under them without damaging your credit score even further than it already is.

There are risks associated with filing for bankruptcy. It negatively impacts your credit score. You might struggle to get a loan in the future. Despite these drawbacks, there are many benefits. Whether you need to stop creditor harassment, discharge debts, or any other solution that can help you rebuild financially, a bankruptcy attorney can help.

For more information, contact the Law Offices of Robert M. Geller at 813-254-5696 to schedule a free consultation with an experienced attorney.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

Will Filing Bankruptcy Stop Eviction?

Are you struggling with an eviction notice and don’t know where to turn? You may be wondering if filing for...
Read More

Will Filing Bankruptcy Affect My Social Security Disability?

For those who receive Social Security Disability (SSD) benefits, filing for bankruptcy can be a tricky situation. The goal of...
Read More

Will Bankruptcy Affect My Citizenship Application?

Applying for US citizenship can be a long and complex process. One of the factors that the United States Citizenship...
Read More

What Does It Cost to File Bankruptcy in Florida?

If you are considering filing for bankruptcy in Florida, there is a lot to consider. From understanding what type of...
Read More

Why Should You Consider Bankruptcy in 2023?

With the New Year upon us, it’s important to consider all of your options for getting out of debt. Bankruptcy...
Read More

Can You Keep Bankruptcy a Secret?

Considering bankruptcy is a difficult decision, and it can be a lonely one. You may feel like you’re the only...
Read More

How Will Filing for Bankruptcy Affect My Loved Ones?

Filing for bankruptcy is a serious decision and not one that should be taken lightly. You'll likely wonder will bankruptcy...
Read More

Can I Spend Money If I’m Planning to File for Bankruptcy?

When you’re considering filing for bankruptcy, it can be hard to know the right course of action. One of the...
Read More

What to Do Now If You Intend to File for Bankruptcy Next Year

If you intend to file for bankruptcy in the New Year, there are certain steps you must take to ensure...
Read More

5 Lessons You’ll Learn from Filing for Bankruptcy

Looking for a bankruptcy lesson plan? Here are five things you can learn from filing for bankruptcy. Filing for bankruptcy...
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