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Credit Lawyer Clearwater, FL

Credit Lawyer Clearwater, FLIt may be worth contacting a credit lawyer Clearwater, FL residents rely on for debt assistance if you are having trouble staying on top of your finances. While some debt is entirely normal, if you believe you are over your head, knowing when your debt has gotten too high will be necessary. There may be alternative options to bankruptcy for some debtors that may be viable for getting debts under control and rebuilding credit. However, as Carolyn Secor, P.A., will share, sometimes it is in your best interest to file for bankruptcy, and we can assist with determining the most appropriate chapter to file.  

Know When Your Debts Are Too High

Debt can be crushing, and for some, it can impact their ability to pay bills promptly (if at all) or to engage in financial planning for the future. Not being able to save or contribute to retirement is just one possible way that too much debt can be harmful. If you are finding yourself noticing any of the following, our Clearwater, Florida credit lawyer stresses the importance of taking action:

  • You are missing payments or have creditors calling
  • You are only able to make minimum monthly payments
  • Your credit cards are maxed out
  • You are not able to get approval for new lines of credit
  • You are hiding your spending from people that you know
  • Your debt inhibits your ability to have any savings account or rainy day fund

Calling on the assistance of a lawyer to develop an action plan will be critical. They will be able to assist with options that might be available to you. 

Alternative Options to Bankruptcy

When dealing with mounting debts, it’s essential not to ignore the problem. In some cases, it may be beneficial to take advantage of alternative options available to you before filing for bankruptcy. Some options that may properly remedy debts can include:

  • Credit Counseling
  • Debt Settlement Programs
  • Negotiating with Creditors
  • Selling Off Valuables or other Assets to Repay Debts
  • Changing Your Lifestyle, Creating a Budget, and Reducing Spending

Whether any of these solutions are an option will largely depend on your specific situation. Sometimes, alternative options can help you dig out of debt without the need to file for bankruptcy. 

Choosing Either Chapter 7 or Chapter 13

Typically most people who are filing for bankruptcy will choose between Chapter 7 or Chapter 13 filings. Determining the most appropriate form will primarily be based on the specifics of your situation. Both offer different advantages, for example: 

Chapter 7: is known as a full liquidation and allows debtors to have the slate wiped clean to start fresh. This might be an option if: 

  • You need immediate relief
  • Your income falls below the state median income
  • It makes sense to eliminate much of your unsecured debts
  • You would like to keep your personal belongings
  • Much of your property falls under exemptions

Chapter 13: this form of bankruptcy is known as the wage earner’s plan and allows debtors to develop a repayment plan. Some unsecured debts are forgiven, while others are repaid to a trustee over 3-5 years. This might be an option if:

  • Your income is too high to qualify for Chapter 7
  • You have a steady income
  • You would like to keep your home and have the opportunity to catch up on past due payments
  • You have non-exempt property or assets you don’t want to lose
  • You have debts that you cannot discharge, such as child support arrears, or owe taxes

Carolyn Secor, P.A., knows that tackling debt can be overwhelming, and the prospect of filing for bankruptcy can be scary. We are here to tell you that once you can take control of your finances with our help, many often experience a tremendous amount of relief. Contact our credit lawyer in Clearwater, FL, so that we may begin supporting you in making critical financial decisions.