What Happens After You File For Bankruptcy

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Filing for bankruptcy can cause severe stress and anxiety to any individual. The results of filing for bankruptcy can have unknown future consequences. Some of these consequences can have lasting effects, that is why searching out Bankruptcy Lawyers in Port Charlotte could curtail some of the repercussions from filing for bankruptcy.

Also, knowing the steps to filing for bankruptcy and what usually occurs after filing can ease some worry and stress. This will allow you to make clear and prompt decisions when presented with them in the bankruptcy process. Understanding the process of what happens after filing for bankruptcy can be very difficult especially with the time period it takes to complete the bankruptcy process, the legal jargon involved, and the ancillary bankruptcy consequences. Bankruptcy Lawyers in Port Charlotte, especially Florida Bankruptcy, can help you with these side consequences that come from bankruptcy filings. Some of the ancillary bankruptcy consequences that will show their face after the process begins could be problems with credit scores, obtaining loans, and dealing with lengthy proceedings. These consequences will be discussed below. Also, how to deal with these issues and what normally happens for individuals in this situation.

Credit Score

Bankruptcy has many effects upon a person’s life. One of these effects will be upon your credit score. It should be known that filing for bankruptcy will dramatically affect your credit score. A bankruptcy will usually be on your credit score for seven to ten years before it is removed. The amount of years the bankruptcy is shown on your credit score will depend on whether you filed for Chapter 7 or Chapter 13 bankruptcy.

The comforting thing about a credit score is that overtime the burden of the bankruptcy on your credit score will dissipate. The effects of the bankruptcy on your credit report can be overcome by taking steps to build your credit score. Some of these steps can be any of the following:

  • Stay up on payments that you have for any type of loan
  • Have credit cards that you use regularly and be vigilant in paying them off
  • Create a trail of complete and on time payments

Many companies may seek to send you credit cards or offer loans. This is fine, but use wisdom in how many credit cards you will have. Bankruptcy Lawyers in Port Charlotte can help you understand how to raise your credit score and what steps can be taken to remove a bankruptcy filing from your credit score. Florida Bankruptcy has the knowledge and experience to help you understand what will transpire with your credit score and how to best deal with it.

Obtaining Loans

Obtaining a loan after you have filed for bankruptcy can be a difficult and trying experience. It is not easy to obtain a personal loan after you have filed for bankruptcy. Although, it may be difficult to obtain a loan, it is not impossible. Credit scores play right into the conversation on obtaining a loan. The better your credit score is then the better opportunity you have to receive a loan. Filing for a bankruptcy does major damage to your credit score. That is why it is so important to expend the necessary energy in building your credit score immediately. Building can occur by performing the tasks discussed above.Bankruptcy Lawyers in Port Charlotte

Usually, loan officers are hesitant to offer loans to individuals with bad credit. However, this can vary based on where you are seeking to obtain the loan such as a large bank or a credit union. Other variables that come into play involve whether the loan is personal or for a business. Bankruptcy Lawyers in Port Charlotte are not only lawyers but they are counselors and advisers. They will be able to advise you on how to approach your future when it comes to seeking loans. They have had enough experience to understand how to best help their clients.

Bankruptcy Timeline

To start, a bankruptcy proceeding begins with the debtor filing a petition with the bankruptcy court. Bankruptcy Lawyers in Port Charlotte are a necessary tool for filing the petition and understanding this legal timeline. The bankruptcy court must have the proper jurisdiction over the debtor to hear the case. The debtor must file with the court the following documents in addition to the petition: (1) schedules of assets and liabilities; (2) a schedule of current income and expenditures; (3) a statement of financial affairs; and (4) a schedule of executory contracts and unexpired leases. Fed. R. Bankr. P. 1007(b). This will be the start to the proceeding.

These proceedings can last anywhere from about three to six months depending on assets and the Chapter that you are filing under. It can be a long arduous process due to all the hearings and the documents that are involved. The hearings will involve the creditors, which will allow the creditors to be heard by the court. This usually occurs 30-45 days after your case is filed. It definitely would be a process that would be more difficult if walked alone and without the aid of Port Charlotte Bankruptcy Lawyers.

How Bankruptcy Lawyers in Port Charlotte can assist you after you file for bankruptcy

Bankruptcy Lawyers in Port Charlotte can assist a client in numberless ways. The wisdom and experience alone will pay dividends for the debtor. They will know how to present the case to the bankruptcy court in the jurisdiction in a way to support the client’s best interests. The legal jargon involved in any legal case, but especially a bankruptcy proceeding can be nauseating for a layperson. Having Bankruptcy lawyers in Port Charlotte assist you by wading through and sifting through all of the legal terminology and process can prove to be relief that gives you peace of mind.

Not only can Bankruptcy Lawyers in Port Charlotte assist in helping you understand the case, they can also be helpful in filing all the correct documents in the correct time frame. Deadlines in filing documents in the court are important in whether the proceeding will go as you wish or even proceed at all. Knowing these deadlines can help you maintain the case in a manner that proceeds without speed bumps.

These lawyers know the legal process, but they also know how to console their clients in bankruptcy proceedings. Having had many other clients dealing with the same life choices and uncertainties that follow, they can pacify their clients in a time of need. Just knowing that an experienced lawyer is handling the case and the technicalities of dealing with the legal system can be exactly what is needed. These lawyers can help their clients from start to finish with a bankruptcy proceeding. They can help ease any additional stress that is unnecessary while going through a financial crisis.

Contact Florida Bankruptcy for any assistance.