What Happens After Declaring Bankruptcy in South Florida?
Most people do not know much about bankruptcy. Many in Miami and throughout the rest of the country are hesitant to consider it because they worry there will be adverse consequences after a bankruptcy filing, or they even have misconceptions about the effects. Some people believe they will “never get credit again.” But, this is a myth.
Bankruptcy exists to help people. Once your bankruptcy is complete, you will, by definition, have fewer debts. During life after bankruptcy, you will indeed soon get offers of credit, although the interest rate will be higher and you may have a lower credit limit.
Your Credit Rating
Since you won’t have the debt you now have, your credit rating should ultimately improve. Also, since the law prohibits you from filing again for eight years, creditors know that even unsecured debt cannot be discharged in that time. They may be quite willing to do business with you, proving that there is life after bankruptcy when it comes to credit.
If you are careful with credit cards and other credit, and make payments on time, slowly your credit rating will improve and you can re-establish credit. Your bankruptcy filing will remain on your credit report for seven years, if you filed under Chapter 13, and 10 years if you filed under Chapter 7, but you will still be able to rebuild credit.
Miami Bankruptcy Recovery Attorneys
The Law Offices of Patrick L. Cordero, PA Attorneys at Law, is centrally located in Miami and is recognized as one of the top bankruptcy-filing firms in the United States Bankruptcy Court Southern District of Florida. Over the years, the office has expanded to one of the largest bankruptcy law firms in South Florida, with a staff of over 50 people.
Mr. Cordero has helped thousands of families over 25 years of practice. Our attorneys have significant helping the people of Miami. We are dedicated to providing professional service, reliable legal advice and hands-on client service.
There is life after bankruptcy. We can help you get there. Contact our office today at 305-445-4855 to schedule an appointment for a free evaluationwith one of our skilled bankruptcy lawyers and put yourself on a path to a better financial tomorrow. We also assist Spanish-speaking clients.
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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.