' Will Bankruptcy Ruin My Life?

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.


Video Testimonials

Tampa Bankruptcy Law Blog

How Long Should I Keep My Bankruptcy Discharge Papers?

If you've successfully navigated the bankruptcy process and received your discharge papers, congratulations are in order. It's a significant milestone...
Read More

Can I Lose My House If I File for Bankruptcy

The potential loss of your house when filing for bankruptcy depends on various factors. These include the type of bankruptcy...
Read More

What Can You Write Off in Bankruptcy?

Many people filing for bankruptcy aren’t sure what debts can be discharged, or "written off," through bankruptcy. It’s important to...
Read More

How Often are Bankruptcies Denied?

Bankruptcy offers a lifeline for people drowning in debt. It provides a chance to start anew and regain financial stability....
Read More

How Much Debt Should I Have Before Considering Bankruptcy?

Dealing with overwhelming debt and financial hardship is difficult. The prospect of bankruptcy may offer a path toward relief, as...
Read More

How Long Does Chapter 7 Bankruptcy Take to Discharge?

Chapter 7 bankruptcy offers a fresh start and a path toward financial stability for people struggling with debt. But when...
Read More

Does Business Bankruptcy Affect Personal Credit?

Does Business Bankruptcy Affect Personal Credit? For entrepreneurs and business owners facing financial challenges, the prospect of business bankruptcy can...
Read More

Can I Get an Apartment After Filing for Bankruptcy?

Filing for bankruptcy often feels challenging and overwhelming. It also raises a variety of concerns. One of the most common...
Read More

Are SBA Loans Dischargeable in Bankruptcy?

Navigating the complexities of Small Business Administration (SBA) loans and bankruptcy can be a daunting task for many business owners....
Read More

How to Get Bankruptcy Off of Your Credit Report

Rebuilding financial health after bankruptcy is challenging, but that doesn’t mean filing is worth the effort. One common concern for...
Read More


For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More


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


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