The Time When Filing for Bankruptcy Is Not the Best Solution

Filing for bankruptcy might not be the best solution in stopping your financial issues especially when you feel like you are terribly buried in debt and you only have little assets. The reality is, this might make things even worse for you. If you are on public assistance, unemployed do not own an automobile, have no more money or only little in your bank account or live with other or only renting, filing forbankruptcy may do a little to make your situation better. If you cannot pay your obligations on time, you may not even in need of protection that bankruptcy provides.

Lenders cannot strip you with your needs and cannot collect any amount of money from you to compensate of all your debts if you do not have it. They may try to sue you but they will only be wasting their time and effort if you cannot probably pay them. In addition, any public assistance you will be receiving cannot be touched by lenders.

Lenders have lesser options available to collect for your debts if you do not own a car or house. They cannot even send somebody to take away your individual belongings and do not have the power to sent you to jail for not paying. You can only be jailed if you neglect child support or pay your taxes.

If you have no assets that can be seized or you find it impossible to pay your liability, do not do anything about it. If you are unable to pay your debts, just focus on paying your living expenses. Bankruptcy can cost you big that you cannot easily afford in regard to your present financial status.

This can also yield more damages to your credit report than missing payments. Filing for bankruptcy can place a black mark on your credit report for seven (7) years under the Chapter 13 bankruptcy or ten (10) years under Chapter 7 bankruptcy. All the debts that are not carried over by bankruptcy will instantly be considered uncollectible after 7 years and must be taken off in the credit report within 7 years.

If the debt collector is already harassing you, you can contact and ask for help by a lawyer. You can directly negotiate with your debtors before dealing with collectors. In most cases, lenders would prefer collecting partial debt than nothing. In this manner, you can save your finances and your credit rating. If your finances are on the edge of collapsing, bankruptcy is only one of so many options available for you.

Winston I. Cuenant, Esq., is an eminent Foreclosure defense lawyer Fort Lauderdale who can help in handling filing forbankruptcy. Mr. Cuenant areas of expertise include Fort Lauderdalebankruptcy attorney, French speakinglawyer, Ft. Lauderdale bankruptcy lawyer, Fort Lauderdale Real EstateLitigation attorney, General Civil litigation attorney Fort Lauderdale and Bankruptcy Law Fort Lauderdale.

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