Filing for bankruptcy can begin credit repair process

Filing for bankruptcy can begin credit repair process

| May 19, 2020 | Uncategorized |

One day everything is fine; the Florida resident is able to go to work and earn the income necessary to pay the bills and maybe even have enough for desired extras. Unfortunately, this situation can change in an instant. A sudden illness, job layoff or job loss can result in financial disaster. As the bills mount and creditors call, the stress can be overwhelming. Filing for bankruptcy may be the solution that the individual is looking for.

By filing for bankruptcy, many of the individual’s debts can be discharged. Depending upon the type of bankruptcy chosen, they may be completely discharged, or a more realistic payment plan can be established. While some assets may need to be sold to account for secured debts, most unsecured debts will not require such action. Debts such as student loans and taxes though will typically remain.

One of the most common worries about filing for bankruptcy is the negative impact it will have on one’s credit score. The reality is that with one’s current financial situation, his or her credit score is already losing ground. Rather than continuing to watch it go down, it may be better to take the plunge and then begin the rebuilding process. There are a number of secured credit cards and other loan options available as the Florida resident begins to reestablish credit.

Job insecurity and serious illness already cause enough stress for the individual. Excessive debt does not have to add to that stress. Guidance is available to determine if filing for bankruptcy may be the solution that the individual needs.

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