Bankruptcy can be the right solution if you have no better way to deal with your debts. The only one that can make the determination of whether bankruptcy is right for you...is you. But in order to make the best decision, you need to answer the following questions:
Bankruptcy is a legal option under federal law for those who are unable to pay their bills and would like to be discharged from the obligation to pay what they owe. When bankruptcy is filed, all collection efforts by creditors must stop immediately. A Fort Lauderdale bankruptcy lawyer can help you.
What are the benefits of Bankruptcy?Your debts will be discharged - meaning they are wiped out...gone....adios. Not only are you financially free but you are emotionally free from the stress and anguish over how you will make ends meet. This relief is something that can change your life from worry and anxiety to a new beginning of hope.
The Fort Lauderdale bankruptcy court will issue an Order of Discharge which will have the effect of wiping out all of the debts that were eligible to be dismissed. Unsecured creditors are no longer allowed to initiate any collection action against you as long as they were included in the bankruptcy.
What are the consequences of Bankruptcy?The major consequence is that your credit score will drop approximately 200 points and the notation of a bankruptcy filing will remain on your credit report for approximately 10 years. However, time erases the impact and if you begin to rebuild your credit conservatively and wisely, the score will steadily improve.
Will I ever have good credit again?Yes, as stated above, responsible management of credit in the future along with time will slowly raise your credit score. After ten years, the entire entry drops from your credit report and your credit is back in the higher ranges provided you have timely paid your creditors during the ten years.
What alternatives are there to Bankruptcy?Depending on your situation and what type of debt you have, bankruptcy may not be the best option for dealing with mounting debt. At our free initial consultation, a Fort Lauderdale bankruptcy attorney will review your situation and provide alternatives if they are available and in your best interests. Bankruptcy isn't the only way to go but sometimes it is the best way to start over.
What does it cost?For all cases, you will have to pay the court filing fee and miscellaneous administrative fees that are required to prepare your petition. The court filing fee for a Fort Lauderdale Chapter 7 is currently $306 and for a Fort Lauderdale Chapter 13, it is currently $281. Our administrative fees currently run an average of $150 and cover costs such as credit reports, due diligence fees for verifying certain information, postage, copying, etc.
We charge a flat fee for our services. Our legal fees are competitive and depend on what chapter of the bankruptcy code you are filing under. The average fee for a Chapter 7 case is approximately $1800 to $2000. The average fee for a Fort Lauderdale Chapter 13 case is approximately $3,500 and up depending on the complexity of the case and plan that has to be developed. The good thing about a Fort Lauderdale Chapter 13 is that you don't have to pay the entire amount up front. Normally, you can pay a down payment and part of the fees can be worked into your monthly payment plan with the bankruptcy court.
Call or email today for a free consultation with a Fort Lauderdale bankruptcy attorney from the Bankruptcy Law Firm of Clare Casas today!