Deciding whether or not filing for bankruptcy is a good idea for you is a hard decision to make. There are many factors to consider. You may run it over in your head many times, coming to a different conclusion each time. File bankruptcy, wait it out, file bankruptcy, it can get overwhelming having to make such a difficult decision. If you are in this situation, it may be time to get an expert’s opinion. At The Law Offices of John E. Mufson, our bankruptcy lawyers in Delray Beach can help you. Our team can give you a free consultation, hear your situation out, and advise you on what to do. Even if you aren’t in a rush to make a decision, you can at least know what a professional thinks you should do. To learn more about how a bankruptcy lawyer can assist you, stay tuned.
Credit Score Recovery
The biggest downside to filing for bankruptcy is how it affects your credit score. But, if you are drowning in debt, chances are that the debt is bringing your credit score down too. In this situation, you need to consider the lesser of two evils. If you keep living a life in debt, you may find it difficult to recover, and it may take years or some drastic life change, such as a high paying job. If you file for bankruptcy, your credit score may take a large hit, but without the debt, you can recover with time. When you choose the bankruptcy option, your bankruptcy lawyer in Delray Beach can help you out on the credit score recovery front. We can find ways to restore it to what it was before the bankruptcy. We can also evaluate your current situation if you aren’t sure what to do. By doing this, we can let you know how your credit score will play out in both scenarios.
While your attorney cannot pay off your debt for you, they can help you better manage it. We will take a look at your different kinds of debt and see what the best course of action is. If you choose to file for bankruptcy and still have remaining debt, such as student loans, we can help you find ways to pay it off. It may take some time for you to make a dent in it, but a lawyer will be able to assist you with budgeting and cutting spending. We will also be able to give you insight into what debt the bankruptcy can relieve you from and how much debt you will have afterward. It’s critical to keep in mind that expecting all of the debt to go away isn’t realistic. Some debt cannot be relieved with bankruptcy. And the debt that can be relieved may not completely go away; you may still have a small balance.
One reason many do not want to file for bankruptcy is out of the fear that they will lose everything. But it doesn’t quite work like that, especially with a bankruptcy lawyer in Delray Beach on your side. Your lawyer can try and ensure you are left without debt and left with some vital belongings. Some people are afraid of losing their home, car, and possessions, but we will work hard to make sure you keep these things. We understand how losing property and vehicles can set people back, which is why we fight for you and your case. At The Law Offices of John E. Mufson, our team will work hard to try and prevent foreclosure and repossession.
Contact Us Today!
Filing for bankruptcy may not be what you want to do, but knowing if it’s a good option for you is vital. And speaking with a professional is the only way to know what is best for your unique situation. To get your free consultation today, reach out to the team at (561) 272-1003.