Chapter 7 Bankruptcy Lawyer Clearwater, FL
As a Chapter 7 bankruptcy lawyer Clearwater, FL residents recommend, we are well aware of the challenges that debtors may be facing. Managing crushing debts can feel impossible to conquer. When people debtors find themselves feeling as though there is no way out, Chapter 7 bankruptcy may be the most appropriate option for moving forward. Carolyn Secor, P.A., has the experience needed for those who are considering whether bankruptcy is the right option for them. When managing crushing debts, it’s only natural that the prospect of bankruptcy will leave our prospective clients with several questions. It’s critical to have answers that help outline Chapter 7 bankruptcy and whether it is the right option for you and your family.
What is Chapter 7 bankruptcy?
When a person has significant debts that they cannot regain control over, bankruptcy may be a possible solution. Chapter 7 bankruptcy is also known as a full liquidation, meaning that a debtor can initiate a process that clears any unsecured debts, offering debtors a fresh start. When a person files for bankruptcy, they can take advantage of immediate financial relief from the automatic stay. Once a person files for Chapter 7, debtors are no longer able to obtain debts from the debtor.
Are there eligibility requirements necessary to qualify for Chapter 7?
Yes- to file for Chapter 7, debtors must qualify. Our Clearwater, Florida Chapter 7 bankruptcy lawyer will share that you must engage in pre-bankruptcy credit counseling and pass a means test to qualify.
What are some signs that I may need to consider bankruptcy?
Filing for bankruptcy can be a tough decision to make, but recognizing the signs that bankruptcy is appropriate for you is imperative to taking control of the situation and moving forward. Signs that bankruptcy may be in your best interest include:
- Your debts equate to more than half of your overall income
- It will take a substantial time to pay your debts off (more than five years)
- You are using credit as a way to pay for your everyday expenses
- Your income equates to less than the median income in the state where you live
How long will it take for my credit to recover after filing for Chapter 7?
One of the biggest concerns that people have when considering whether they should file for bankruptcy is their credit impact. There’s no way around it. Filing for bankruptcy will impact your credit, but once you file, you can have peace of mind knowing that your credit will eventually recover. Once a person files for bankruptcy, it will remain on your credit report for ten years. However, there are steps that debtors can take immediately to begin the process of rebuilding their credit. While it may take ten years for Chapter 7 to be removed from a credit report, credit will start improving almost immediately.
Debts can quickly become overwhelming, and there are many reasons that you might be facing such financial challenges. In many cases, immense debts can come from unexpected life events that families are left to contend with. That’s where a call to Carolyn Secor, P.A., will become a priority. With our help, we can assess your situation, your needs, and your wishes to map out a solution for moving forward. To learn more about our services and how we can help, schedule a consultation with our Clearwater, Florida Chapter 7 bankruptcy lawyer as soon as possible.