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How will I Know when Bankruptcy is the Right Choice for Me?

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It is not easy to accept that you are facing such a large amount of debt that bankruptcy is your only option. But if you have exhausted all other options and you cannot realistically repay the debt on your own, this is a truth you need to accept. Speaking with an accredited financial counselor or a bankruptcy lawyer can help you make this determination and explore options you might not have realized you had.

If you are facing one or more of the following struggles in your life, it could be time for you to file for bankruptcy.

When your Debt Grows Each Month Despite No New Charges

Debt compounds the longer it goes unpaid. Currently, the average annual percentage rate (APR) for credit cards in the United States is 15.07 percent.

When you carry a large enough balance, you can find yourself facing a growing amount of debt each month even if you make payments on your credit cards because your interest is growing faster than you can pay the balance down. When your debt is growing at a rate that you cannot control, bankruptcy could be the right choice for you to break the cycle of collection calls and minimum payments.

When Foreclosure Becomes a Very Realistic Possibility

When you cannot repay your mortgage, the lender can begin the foreclosure process on your home. This can mean losing your home and having no equity or cash to show for it. When you file for bankruptcy, the automatic stay goes into effect. This halts all debt collection attempts and the foreclosure process, which can help you stay in your home.

When you Cannot Eliminate your Debt Any Other Way

There are other ways to eliminate or manage your debt, like refinancing your home or consolidating your debts. These can help you avoid bankruptcy. But when you have exhausted these options, bankruptcy could be the only way to take control of your finances.

You are Ready for a Fresh Start

Filing for bankruptcy is not easy. Whether you file for Chapter 7, which may involve the liquidation of your nonexempt assets, or Chapter 13, which will provide a budget and a repayment plan for the next three to five years, you will have to work hard to become financially solvent again. Filing for bankruptcy will impact your credit score, but this impact is not permanent.  In fact, your credit score begins to improve once you file and as continue to make timely payments.

Work with an Experienced Orlando Bankruptcy Lawyer

Once you determine it is time to file for bankruptcy or would like to explore this option and how it may help you eliminate debt, contact an experienced bankruptcy lawyer in Orlando to get the process started. Your lawyer is your advocate and will guide you through each stage of your bankruptcy, ensuring that your rights are protected at every stage. Contact our team at Goodblatt • Leo today to set up your initial consultation in our office.

Resource:

creditcards.com/credit-card-news/interest-rate-report-100114-up-2121.php

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