Previously we discussed the reason why most people end up filing for bankruptcy. Now you may be thinking that bankruptcy is an easy way out of your debts. While it does provide a way to begin making better financial decisions, it’s not going to be a simple process.
For starters, a bankruptcy will linger on your credit report for up to ten years. During this time, you’re quickly going to notice how much harder it will be when it comes to anything involving finances. It will be tougher to receive an auto loan, rent an apartment, and even find a job in some cases. If you do receive approval, expect your payments and interest rates to be considerably high.
It’s also important to remember that even though you may have no money, you’re still going to need it to file for bankruptcy. The bankruptcy code is intricate and complex, and you’re going to need a bankruptcy attorney who can fill out all of the paperwork and make sense of the code. Any fees that you may incur when filing will likely come out of your pocket.
If your circumstances allow, consider building a savings account, even if it’s only a minimal amount you can put away each month.
This information is provided by Miami bankruptcy lawyer Alonso, Perez & Santos, LLP. Our areas of practice include bankruptcy, insurance litigation, debt harassment, credit card defense, foreclosure defense, immigration law, condominium law, business start-ups, and more. Call 305-676-7545 to speak with a Miami insurance attorney or bankruptcy attorney and receive a free consultation. We look forward to working with you.
This information is provided for educational or informational purposes only and should not be construed as legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice.