Bankruptcy often has a stigma around it that it shouldn’t have. The pandemic has shown that sometimes it is necessary. Our economic situation can change and impact us in unforeseen ways. Most Americans have a hard time saving for the proverbial rainy day, so it can be impossible to plan ahead. Living week to week can make this impossible. A job loss can have devastating consequences. Contacting a bankruptcy lawyer is the first step if you feel trapped and need information on something like bankruptcy law Orlando-based.
How It Can Help
Bankruptcy doesn’t discharge all of your debts, but it can offer relief and a chance to get life back on track. With bankruptcy, unsecured debts are forgiven. Once the bankruptcy is filed, the harassing calls from debt collectors stop. Your family can move forward in life with the knowledge that you have a fresh start ahead.
Rebounding from Bankruptcy
Getting your credit back after a bankruptcy isn’t that hard. Many can raise their credit score above a 640 within two years. Just taking out some small store credit cards or a secured card with a bank can start the process of rebuilding. Reviewing your credit report monthly is a smart move and can be done through many apps available for your phone. Borrowers that have successfully started rebuilding after a bankruptcy often can secure a new mortgage at just slightly over the rates of others.
Bankruptcy isn’t a dirty word. In times like we have recently seen, it can be the only way to find relief. Your financial stress can be eliminated, and rebuilding isn’t tough.