Filing for bankruptcy can be scary for anyone or any family, and it's not something that should be done on a whim. You might not be able to pay off your debts for a number of reasons. If this is the case, you will need to file for bankruptcy to get rid of your debts. Different states have different laws about bankruptcy, and if you live in Florida, you can look online in a few places to find answers to any questions you may have.
When I file for bankruptcy, what will happen?
If you live in Florida and want to file for bankruptcy, you will have to go to a federal court where cases like this are heard. If you file for bankruptcy and it is approved, most of your debts will be wiped out, but some, like child support and taxes, will remain. When you file for bankruptcy in Florida, a Chapter Seven or Chapter Thirteen decision will be made, depending on your situation, to either get rid of all of your debts or help you pay them off.
How will my credit score change if I file for bankruptcy?
When it comes to how bankruptcy affects your credit score, Florida credit agencies look at it the same way as any other system. If your debts are so bad that you need to file for bankruptcy, this will show up on your credit report for the next ten years. During that time, you'll have to work hard to show potential lenders that you're fixing the problem and can be trusted to make payments on time. But this will depend on your personal situation and why you're filing for bankruptcy.
If I file for bankruptcy, can I still get a credit card?
Florida and most other states will give you some time to work on getting your credit score back up after you have filed for bankruptcy. Some lenders will give you a credit card, but it will be hard to find and get one unless you can use your own bank account to guarantee future payments. It's probably best to stay away from credit cards for a while after you file for bankruptcy. Instead, use a regular debit card until you're back on your feet.
How does my spouse get hurt by me going bankrupt?
If you file for bankruptcy in Florida, only the debts that you and your spouse have made together will be taken into account. There are pros and cons to applying as an individual or as a couple, and your legal team should help you figure out what those are.
