Disadvantages of Filing for Bankruptcy in Orlando
November 11, 2010 By John Roberts & Associates, P.A.
The author discusses the disadvantages of filing for bankruptcy.
When declaring bankruptcy in Orlando, you might lose some of your personal belongings, including all your credit cards and “non-exempt properties.” The classification of “non-exempt property” varies for individuals. An Orlando bankruptcy attorney will give you a good idea of what property qualifies as exempt or non-exempt in your situation.
One disadvantage to declaring bankruptcy in Orlando is it will affect your future credit ratings. You may have difficulty getting a future loan, mortgage or job for several years after you file for bankruptcy. For example, when you apply for a job, the company may do a financial background check and deny you the position based on the bankruptcy in your records. Keep in mind that declaring bankruptcy will remain on your credit report for 7 to 10 years.
Not all debts can be discharged when declaring bankruptcy in Orlando. This depends on the type of bankruptcy chapter you file. In a Chapter 13 bankruptcy you still need to pay your debt, but are allowed to pay in installments. Student loans, child support, and federal taxes are common debts which cannot be discharged by declaring bankruptcy.
The negative effects of declaring bankruptcy in Orlando should always be considered before you file. To resolve financial issues that have spiraled out of your control, you may have other options besides bankruptcy, which is why speaking to a bankruptcy professional can help you make the most informed decision possible.
Whether you file a Chapter 7 or a Chapter 13 bankruptcy or a bankruptcy alternative, an Orlando bankruptcy attorney can determine which option is suitable for you, and explain the short- and long-term ramifications of your decision.
ABOUT THE AUTHOR: John Roberts
John Roberts and Associates, P.A. offers legal advice and personalized attention to Central Florida residents in financial crisis. Our firm is unique because we are highly experienced in both bankruptcy and foreclosure defense -- and these two areas are the entire focus of our practice.
Copyright John Roberts & Associates, P.A.
More information about John Roberts & Associates, P.A.
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
One disadvantage to declaring bankruptcy in Orlando is it will affect your future credit ratings. You may have difficulty getting a future loan, mortgage or job for several years after you file for bankruptcy. For example, when you apply for a job, the company may do a financial background check and deny you the position based on the bankruptcy in your records. Keep in mind that declaring bankruptcy will remain on your credit report for 7 to 10 years.
Not all debts can be discharged when declaring bankruptcy in Orlando. This depends on the type of bankruptcy chapter you file. In a Chapter 13 bankruptcy you still need to pay your debt, but are allowed to pay in installments. Student loans, child support, and federal taxes are common debts which cannot be discharged by declaring bankruptcy.
The negative effects of declaring bankruptcy in Orlando should always be considered before you file. To resolve financial issues that have spiraled out of your control, you may have other options besides bankruptcy, which is why speaking to a bankruptcy professional can help you make the most informed decision possible.
Whether you file a Chapter 7 or a Chapter 13 bankruptcy or a bankruptcy alternative, an Orlando bankruptcy attorney can determine which option is suitable for you, and explain the short- and long-term ramifications of your decision.
ABOUT THE AUTHOR: John Roberts
John Roberts and Associates, P.A. offers legal advice and personalized attention to Central Florida residents in financial crisis. Our firm is unique because we are highly experienced in both bankruptcy and foreclosure defense -- and these two areas are the entire focus of our practice.
Copyright John Roberts & Associates, P.A.
More information about John Roberts & Associates, P.A.
View all articles published by John Roberts & Associates, P.A.
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
