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When to File For Bankruptcy

Timing matters when it comes to bankruptcy proceedings. Whether you file for Chapter 7 or 13 bankruptcy, how and when you do so makes an impact on your situation. For instance, if you plan a move from one state to another, you might want to time the bankruptcy proceedings before the move. Each state has different guidelines for bankruptcies. Moving could disrupt the process and make it more challenging on your end. Another thing to keep in mind: Bankruptcy only protects you from current debt. The longer you wait, the more intense the debt grows. Acting now is the best way to secure your future.


Is Filing For Bankruptcy Right For Me?

If you’re asking yourself that question, it’s important that you understand the consequences of bankruptcy. For instance, even though your responsibility to your current debtors will cease, bankruptcy remains on your credit report for seven to ten years, depending on whether you choose Chapter 7 or 13 bankruptcy. Future lenders make decisions partially based on your credit report and score. However, sometimes the benefits outweigh the consequences. You should consider reaching out to Carolyn Secor, P.A. for debt relief solutions for any of the following reasons:

Your Creditors Will Not Compromise

Sometimes, debtors will negotiate debt, understanding that they might not recoup as much of the debt during the bankruptcy process. However, some debtors won’t do so. If that’s the case, then bankruptcy might be the next step.

Your Creditors Have Filed Suit

If you miss enough payments, your debtors might sue you. If that’s the case, the cost of fighting the suit in court might be cost-prohibitive. Filing for bankruptcy could be a more affordable and effective solution.

You Use Multiple Lines of Credit

Have you found yourself incurring debt on one credit card to pay off another? Has that happened several times? Debt can be a vicious cycle. Break it by engaging in the bankruptcy process, which can stabilize your finances and remove much of the debt.

You’re Behind on Mortgage Payments

We offer mortgage relief services, but sometimes bankruptcy is the best way to protect your home. While we can’t guarantee you won’t lose your home during the process, protecting your home is a common incentive for bankruptcy.

You are Resorting to Your 401k and IRAs

The IRS penalizes withdrawals from these accounts – to varying degrees. If your debt is severe enough to mortgage your future for the present, stop and take a breath. It might be better to schedule an appointment to explore other options.

Your Debtors Have Begun Calling You

Once they start, they don’t stop. Debtors can be merciless in attempting to obtain payment. If you dodge these calls, knowing you have no way of repaying your debt, it might be time for help. Bankruptcy prevents these calls and provides you with a repayment plan.

Why Hire A Bankruptcy Attorney? Can’t I Just Do It Myself?

We do not recommend filing for bankruptcy without professional assistance. Bankruptcy is a complicated and challenging process, one that requires legal expertise. We know the tricks of the trade. Our relationships with creditors enable us to provide better services to our clients. More importantly, we know how to follow Florida’s bankruptcy requirements faithfully. Believe it or not, one misplaced, misfiled, or dishonest form can derail the process and harm your chances of a favorable release from your debt. To get started with the process, contact us today. We will explore your circumstances and recommend the best course of action.

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    Client Review

    “Ms Secor and Sam were with me during a very dark time. They helped me through a mess I made by trying to do this on my own. She was extremely knowledgeable and had my best interest in mind. Thank you very much!!!”
    Kellie Almond
    Client Review