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For many people filing for bankruptcy, the decision to do so is not immediate and is not done at the first sign of trouble. It isn’t until debts begin to significantly stack up, and creditor calls are more frequent than friends or family that people are likely to think about filing for bankruptcy and imagining the feeling of relief that would come from a fresh financial start.

One primary source of apprehension regarding bankruptcy is the damage it can do to your credit. What people may not realize is that the longer you wait to file for bankruptcy, the more likely you are to see your credit score plummet from things like late and missed payments as well as charge-offs. Those negative reports won’t be removed by filing for bankruptcy and are unlikely to fall off of your credit for seven years from the initial date of the delinquency.

So while a bankruptcy filing will show up on your credit score as a negative occurrence, you aren’t doing yourself any favors by putting off the inevitable. If you think bankruptcy is a viable option for your future, it may benefit your particular circumstances to file sooner rather than later.

A Florida bankruptcy attorney will be able to assist you in weighing the pros and cons of filing and help you determine the best move to make regarding your financial situation. Numerous late payments and charge-offs may be more damaging than a bankruptcy filing, and it can only benefit you to enter into decisions of this magnitude fully informed.