If you are struggling with debt, then you may want to consider filing for bankruptcy. You can get your finances in order by filing for bankruptcy. You should hire a bankruptcy attorney in St. Petersburg, FL, if you want to file for bankruptcy. There are also several questions that you will need to ask yourself.
Can I Pay My Debt Off Within Two Years?
While bankruptcy can help you get rid of your debts, it should always be a last option. Your credit score will suffer, and there are fees that you will have to pay. You should ask yourself if you can pay the debts off within two years. If it is financially possible for you to do this, then you should pay off your debts instead of filing for bankruptcy.
However, if you know that you will not be able to pay off your debt within two years, then you should file for bankruptcy. Your debts will continue to grow and accrue interest as long as they go unpaid.
Should I File for Chapter 7 or Chapter 13?
Chapter 7 bankruptcy will typically wipe out debts within a few months. It may cause you to lose some of your assets such as your car, furnishings and clothing. It is often referred to as straightforward bankruptcy. This is a better option for low-income people.
Chapter 13 bankruptcy requires that you set up a 3- to 5-year repayment plan. You will not have to give up any of your assets. This may be a better option if you have a steady income. Your bankruptcy attorney in St. Petersburg, FL, will tell you which option is best.
Will It Help Me?
There are some debts that cannot be discharged. You probably will not be able to get rid of federal student loans or child support payments. If most of your debt cannot be discharged, then bankruptcy is not a good option.
Visit Attorneyfortampabay.com to get more information on filing for bankruptcy.
