Port St. Lucie Debt Resolution Attorney
Dispelling Common Myths About Bankruptcy
At the law office of Alan J. Fisher, we are dedicated to helping our bankruptcy clients get the help they need. From our offices in Port St. Lucie, Lake Worth and Boca Raton, bankruptcy attorneys at our firm work to find effective solutions to provide clients with the debt relief they need.
We can help you understand the truth about the bankruptcy process and how it can stop home foreclosure, end IRS/tax problems, relieve you of your unsecured debts and put an end to creditor harassment. Contact our bankruptcy law firm to discuss your legal options in a free consultation.
Myth 1: It Is Impossible to File for Bankruptcy Under the New Laws
This is simply not true. The bankruptcy system was designed to help people who are struggling under the weight of debt.
At our firm, we will sit down with you to determine if bankruptcy is right for you. By analyzing your assets, debts, income and expenses, we will help you figure out the appropriate debt relief option for your situation.
Myth 2: Bankruptcy Will Ruin My Credit
Many clients come to our firm unable to pay their mortgage or car payment on time. Sometimes, they haven't paid their bills for months. By that time, their credit is already ruined. Your credit score drops every month you don't make a payment and it is multiplied by each account that is delinquent.
Bankruptcy can stop your credit score from sliding further down the rabbit hole. By wiping out your debt through bankruptcy, your credit scores can begin to rise again. Not every client immediately sees an improvement, but by diligently examining your credit reports and paying your bills on time, you can get started on building your financial future.
Myth 3: I Will Lose My House or Car
You will not lose your car or house if you continue to make timely payments. If you have made payments prior to bankruptcy and continue to pay, you can keep your assets, like your vehicle or home.
In order to keep your assets, however, you may have to sign an agreement with your creditor or lender to reaffirm your payment agreement. This agreement must be drafted according to terms in the Bankruptcy Code and it needs to be approved by the court.
Additionally, you may be able to keep your home even if you are behind on your mortgage payments. In Chapter 13 bankruptcy, there are ways to make up your missed payments over a term of 36 to 60 months. For example, if you were a few mortgage payments behind and were $6,000 in arrears to your mortgage company, you could pay it back over the next five years. If you paid $100 extra each month, in addition to your normal mortgage payment, you would be able to catch up on your missed payments and keep your home.
Contact a Port St. Lucie Chapter 7 Attorney
Whether you are filing for Chapter 7 or Chapter 13 bankruptcy, we can answer your questions about bankruptcy in Florida and throughout the Treasure Coast. Contact our Port St. Lucie Chapter 7 lawyers to discuss your financial goals and for help getting the debt relief you need.
