Fears and Myths about Bankruptcy
- Filing bankruptcy is very complicated and time consuming.
It is not recommended that a debtor attempt to file bankruptcy alone, as it may be a daunting task. Filing for bankruptcy can be pain-free and quick with the help of a skilled and seasoned attorney, such as Bankruptcy Attorney Carmen G. Soto. It is Bankruptcy Attorney Carmen G. Soto's goal to expedite the process of bankruptcy and allow you the fresh start and relief you deserve under Florida law.
- I can only file for bankruptcy once in my life.
This is not true. Filing for bankruptcy in the past does not disqualify the debtor to file again. The Bankruptcy Code outlines rules, requirements and timelines for a debtor that is filing for a second time. Fort Lauderdale Bankruptcy Attorney Carmen G. Soto will personally explain the rules and apply them to your situation during your FREE CONSULTATION.
- My credit will be destroyed if I file for bankruptcy.
A bankruptcy will appear on your credit report, but this does not mean that your ability to borrow money will be affected forever. A debtor may begin to rebuild credit immediately after a bankruptcy discharge has been granted. If the debtor is considering filing for bankruptcy there is a high probability that their credit history is already tarnished. A person's credit score decreases every month that they don't make payments. A bankruptcy will discharge the debt and allow the credit score to move in a positive direction. Prolonging filing for bankruptcy for whatever reason will only further damage a debtor's credit record, and lessen their chances of obtaining a successful discharge.
- After I file for bankruptcy I will not be able to buy a home or property.
It may actually be just the opposite, a bankruptcy will allow a debtor a fresh start, after which they may be able to save for a down payment and purchase a home. A bankruptcy in no way makes a debtor ineligible to purchase a home or property. In all actuality, if a debtor is considering filing for bankruptcy they probably are not able to buy a house anyway. Therefore, filing for bankruptcy will be the only way to facilitate such a purchase since in order to qualify for a mortgage the debtor's debt may not exceed a certain percentage of their income.
- I will not have anything left after I file bankruptcy.
There are many assets that are protected from creditors under Florida law. There are exemptions that can be claimed by the debtor as well as non-exempt items. There are specific steps that must be taken if the debtor wishes to continue making payments in order to keep certain assets. These steps and possible exemptions found in the Bankruptcy Code can be further explained during your FREE bankruptcy consultation with Fort Lauderdale Bankruptcy Attorney Carmen G. Soto.