Is Bankruptcy Right for You? – Work with a Bankruptcy Lawyer in St. Cloud
Bankruptcy isn’t a bad word, and it’s not the end of the world. Sometimes, it’s the best decision for you when you are in a situation where you can’t repay your debts and cover all of your expenses. It doesn’t carry the same negative stigma that it once did because more and more people are starting to understand that financial problems can affect anyone at some point. You may even find that bankruptcy could be beneficial for you in the long run.
Benefits of Filing for Bankruptcy
Let’s consider some of the main benefits of working with a bankruptcy lawyer in St. Cloud and getting started on this path. When you file for bankruptcy, it means you are going to immediately have all of the collection attempts on you stop. This means you will no longer have to deal with the phone calls and letters from collectors. It will also put a stop to the lawsuits against you, and it will stop wage garnishments that might be happening because of certain debts you owe. Your debt is, essentially, erased.
Consider some of the types of debt that can be removed when you go through Chapter 7 bankruptcy. It can wipe out credit card debt, personal loans, medical bills, most civil judgments except for fraud, business debts, and some old tax debts. Your attorney will give you a better idea of what can and can’t be forgiven through bankruptcy.
Of course, this shouldn’t be considered a way to “fix” all types of debt. For example, recent tax debt and child support can’t be removed. It’s rare for student loans to be removed, either. However, removing those other debts often makes it easier to pay off those that remain. It may be worth considering, even if you still end up having your student loan debts to handle.
Many people only pay attention to the bad things about bankruptcy. Maybe you heard that it is going to drive down your credit scores and put a dark mark on you for years to come. While it’s true that your credit rating is going to suffer because you will have bankruptcy on your record, it’s not the end of the world. After all, if you are in a situation where you are thinking about bankruptcy, it likely means that your credit score has already been battered. It might be better to file for bankruptcy now and get it over with.
The sooner you do this, the sooner you can start to rebuild your credit scores. At that point, the scores are going to start to rise over the years, not fall. Even though you might have bankruptcy on your report for up to 10 years, it will not be as much of a burden on you as you might think. You can start to recover quickly, and you can build your score back up to the point where you start to rebuild your financial lift. This can be true of both Chapter 7 and Chapter 13 bankruptcy.
Each Case Is Different
While many people will benefit from working with a bankruptcy lawyer in St. Cloud, that may not be the case for everyone. Each person has a unique financial history and debts they have to pay. Sometimes, bankruptcy, either Chapter 7 or 13, will be the smart choice. Other times, the attorneys could have other suggestions based on either the amount of debt or the type of debt that may still be owed.
If you are considering going through bankruptcy, take the time to thoroughly understand your situation to be sure it’s the right option for you going forward. You want to do what’s right for your case, so you can get your finances back on track as soon as possible. Sometimes that means taking the hit and going through bankruptcy sooner rather than later.
Contact a Bankruptcy Lawyer in St. Cloud
If you find that undergoing bankruptcy is the best solution, you need to be sure you are working with a great attorney.
Take the time to look for attorneys who have experience working in the field and who have handled plenty of these cases in the past. A good attorney can provide you with the advice and guidance you need and may even have other options that could work better for your case. Listen to the attorney and then determine what is right for you.
We at Orlando Law Group are proud to have some of the best bankruptcy lawyers in St. Cloud that could be a perfect fit for you. Take the time to get in touch and learn more about what we can offer. We look forward to hearing from you.
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