Are you struggling with high amounts of debt and you simply can’t afford to pay your monthly bills? Many people find it easy to fall into debt, and very difficult to get out of debt. It can be easy to just pay for everything with a credit card and worry about it later. Then you get your monthly statement and wonder just how you’re going to pay for everything. You get stuck in the cycle of making minimum payments, where you’re barely paying more than the interest that accrued that month. If you’re ready to regain your financial freedom it’s time to talk with our bankruptcy lawyers at The Law Offices of John E. Mufson. Mr. Mufson and his team can help you eliminate your debts and regain your financial freedom.
Won’t filing for bankruptcy hurt my credit score?
Often times this is the first question people ask when they hear the work bankruptcy. Typically people who find themselves in high amounts of debt don’t have great credit, and after you file for bankruptcy you can begin rebuilding your credit. When you eliminate the debts that have burdened you you’ll be able to start rebuilding your credit with smart financial decisions. Bankruptcy can help reduce or eliminate many unsecured debts including:
- Medical bills
- Credit card debts
- Some taxes
- Personal loans
When you file for bankruptcy the harassing calls will stop and you’ll be able to get a fresh start financially. There are typically two main types of bankruptcy for individuals who are looking to file. The first is chapter 7 bankruptcy in which you must liquidate your assets to pay back the debts you owe. The other option is chapter 13 bankruptcy which doesn’t involve liquidation, rather this type puts you into a manageable monthly repayment play to help pay back your debts. Once you finish this repayment plan the rest of your debts are forgiven.
Bankruptcy is something that many people fear but it can actually help you a lot financially if you’ve found yourself with unmanageable debts. Whether it be high medical bills or credit card debts filing for bankruptcy can help you reduce or eliminate your debts. Once you are debt free you can work towards rebuilding your credit and regain your financial stability. If you think bankruptcy in Delray Beach could be an option for you contact our team at The Law Offices of John E. Mufson today. We’ll give you the best financial advice for your current situation and help you reduce or eliminate your debts.