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Your Life on Hold: Patience is a Virtue in Bankruptcy

Bankruptcy in Tampa allows you to eliminate or restructure debt, freeing you from the difficult money situation you’ve been in for years. It also means many changes in your life, and potentially putting some plans on hold while you get your finances sorted out. Bankruptcy can be the first step toward a brighter future, but it requires patience.

What are a few things you’re going to need to wait on after filing for bankruptcy?

Your Credit Score to Improve

Bankruptcy is going to help you repair your credit, but it’s going to take time. The bankruptcy itself will remain on your credit report for seven to 10 years, so it’s going to be awhile before you can completely put your financial struggles behind you. Just because the bankruptcy is on your credit doesn’t mean you won’t see some small improvements over the years, it’s just going to be gradual. Stay on track, keep your ultimate goal of a fresh financial start in mind, and eventually your credit score will reap the rewards.

Controlling Your Paycheck

Chapter 13 bankruptcy offers a number of benefits, including being allowed to stay in your home, but it also means giving up most of your financial freedom. For three to five years, depending on your chapter 13 repayment plan, you’ll be on a strict budget and payday isn’t going to have the same meaning it once did. Your income is regulated by the bankruptcy court and it’s going to be awhile before you regain control of your paycheck. Hang in there! The benefits are well worth the sacrifice as you get your financial life back on track.

Applying for Credit

Many people are surprised by the number of credit card offers they receive after they file for bankruptcy. The trouble is the lenders are taking advantage of you situation. They know you’ll be unable to file for chapter 7 bankruptcy again for several years, which means you’ll have no choice but to pay what you owe on the cards. Many of these unsecured credit cards have high interest rates and hit you with high penalties when you go over the limit or pay late.

You’re better off ignoring these offers and waiting until you’re in a better financial situation to apply for credit – or skipping credit cards altogether and making cash a part of your new approach to financial management. 

Buying a Home

It’s a common scenario: a person files for bankruptcy, begins to get on the right track financially, feels better about life in general, and decides it’s time to make a wise investment in a home. Unfortunately, that investment will need to wait awhile now that you’ve chosen bankruptcy.

It takes two years before you can be approved for a VA home loan and four for a conventional mortgage once you’ve filed for bankruptcy. This is a tough pill to swallow for some, but lenders just want to be sure you’re in the best position financially to make such a big commitment. Instead of feeling upset about your situation, focus on saving for your down payment – in the long run the more you put down the better your long-term financial outlook will be!

Are you wondering if bankruptcy is worth putting your life on hold? Do you want to know more about the process and how it can help you?  Contact the Law Offices of Robert M. Geller at (813)254-5696.

 

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$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


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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


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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.