Contrary to popular belief, bankruptcy is not a “cure-all” solution to debt problems. In some cases, bankruptcy can actually make matters worse. It is important to consult with an experienced attorney before considering bankruptcy. Some debts may not be discharged through bankruptcy and even after a necessary bankruptcy, the effects can last decades.
A bankruptcy will last on your credit report for at least 7 years and can continue to harm your credit score for several more years. This makes it incredibly difficult, if not impossible for some, to ever borrow again. Since the recession, many Floridians have been saved by bankruptcy, but it isn’t right for everyone.
Chapter 13 bankruptcy will combine all of your unsecured debts and create a court-approved repayment plan, typically 3 to 5 years. After making payments, any remaining debts are discharged and the borrower may keep most of their assets. Chapter 7 is mainly for business owners, but may be available to certain borrowers. In this form, almost all assets are liquidated to pay off the debts.
Boss Law represents borrowers with:
- Chapter 7
- Chapter 13
- Businesses and Individuals