' Will Bankruptcy Ruin My Life?
CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Will Bankruptcy Ruin My Life?

will bankruptcy ruin my lifeBankruptcy is a legal solution for people struggling with unmanageable debt. It can be a difficult decision to make. In part, this is because many people are unsure of the consequences of filing for bankruptcy. Many ask “will bankruptcy ruin my life?”

Chances are this isn’t the case. Here’s what you need to know.

What Does it Mean to File for Bankruptcy?

Filing for bankruptcy is a legal process that allows individuals or businesses to obtain relief from their overwhelming debts. It involves liquidating assets to pay off creditors while also allowing the debtor to keep certain assets that are exempt from liquidation.

Depending on the type of bankruptcy filed (Chapter 7 or Chapter 13), the debtor may be required to repay some or all of the debt over time.

Consequences of Filing for Bankruptcy

Filing for bankruptcy can have long-term consequences for both individuals and businesses.

For individuals, filing for bankruptcy could result in difficulty obtaining credit in the future as lenders may be hesitant to offer loans due to the risk associated with bankruptcy. It also affects one’s credit score which could last up to 10 years after filing.

Businesses may face difficulty in obtaining financing or investments due to their previous bankruptcy filing as well as potential reputational damage if customers become aware of their financial situation.

Moving Forward After Bankruptcy

Bankruptcy does not have to mean the end of your financial life. There are steps you can take towards rebuilding your credit score and reestablishing yourself financially after filing for bankruptcy.

Start by creating a budget that works within your means and begins paying down any remaining debt you still have—this will help build your credit score over time.

Additionally, consider setting up automatic payments so that you never miss any payments in the future. This helps improve your credit score going forward.

Lastly, it would be beneficial to look into consumer credit counseling services. This teaches you how best to manage your finances going forward so that you don’t fall back into bad habits again in the future. Our program can help you rebuild your credit once you complete the bankruptcy process. We’ll discuss the program at your consultation and help you get started once you’ve reached that point in the process.

Filing for bankruptcy is an intimidating prospect but understanding its implications can help mitigate some of those fears. While there will likely be long-term consequences such as difficulty obtaining financing or lower credit scores, taking proactive steps towards rebuilding one’s finances post-bankruptcy can help ensure a brighter financial future going forward.

For more information or to discuss how bankruptcy will affect your life, 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

Do Both Spouses Have to File Bankruptcy?

For some couples, filing for bankruptcy is the best way to get out from under crippling debt. But what if...
Read More

Will Bankruptcy Ruin My Life?

Bankruptcy is a legal solution for people struggling with unmanageable debt. It can be a difficult decision to make. In...
Read More

Can Bankruptcy Take Inheritance?

Are you considering bankruptcy? Do you have concerns about your assets? Can bankruptcy take your inheritance? Here’s what you need...
Read More

Can You Go to Jail for Filing Bankruptcies?

Bankruptcy is a difficult decision. However, it can be necessary if you are struggling with debt. This is true whether...
Read More

Can You File Bankruptcy If You Don’t Have a Job?

Filing for bankruptcy is an intimidating prospect. Unemployment adds another layer of complexity to the situation. Can you file for...
Read More

Who Pays for Bankruptcies?

When a debtor files for bankruptcy, the court discharges the majority of their debt. This means that the creditors must...
Read More

Do You Have to Go to Court to File for Bankruptcy?

If you are considering filing for bankruptcy, one of the biggest questions you may have is whether or not you...
Read More

Can You Rent After Bankruptcy?

Filing for bankruptcy can be an overwhelming experience, and it’s important to understand the implications of this process before you...
Read More

Can You File Bankruptcy on Unemployment Benefits?

If you’re considering filing for bankruptcy due to financial hardship, it can be helpful to understand the various options available....
Read More

Do Bankruptcies Show Up on Background Checks?

The decision to declare bankruptcy can be difficult, and it is important to be aware of the potential consequences. One...
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