How does bankruptcy affect me?

Orlando Bankruptcy Lawyer

Best Bankruptcy Lawyer in Orlando Florida - Nardi & Nardi, P.A

When you find yourself in a position where you have no other alternative but to file for bankruptcy, it is important to note that you will be able to get your finances under control. It is important to understand the different types of financial solutions available to you, and how they will impact your life. Don't continue to try and pay your debts with accumulated interest, refinance, etc. In the long run the decision you make negatively impacts your life, your health and your happiness. Your financial difficulties can have major negative effects on those closest to you.

Before considering all the "negative" impacts of bankruptcy, consider the "positive" At Nardi and Nardi we understand that circumstances are usually out of your control. Some of the major reasons why many Americans file for bankruptcy are;

* Bankruptcy due to over exposure on debts like credit cards, short-term loans etc.

* Bankruptcy due to divorce or separation

* Bankruptcy due to natural disasters

* Bankruptcy due to medical bills (it is staggering how many Americans cannot afford insurance)

* Bankruptcy due to uninsured debts like theft, car accidents etc.

Alternatives to Bankruptcy

People always refer to bankruptcy as the last resort, but in most cases delays can result in legal rights losses. If you are considering bankruptcy due to foreclosure or repossession you should act fast. Bankruptcy can save your home, or car, and prevent foreclosure or repossession but not if these processes have been completed already.

Chapter 13 and Chapter 7 Bankruptcy

Chapter 13 - Adjustment of debts

Chapter 7 - Liquidation

Learn more about the differences between Chapter 13 and Chapter 7 or contact us for a free consultation

On bankruptcy your credit reports will note which of your debts formed part of your bankruptcy. The general cut off for all negative items on a credit report is 7 years. Again during this time it will not be "impossible" to restore your credit, you may still be able to obtain credit like credit cards, it may just be at a higher rate. It is unlikely you will be able to qualify for a mortgage loan, but in the event that you do, this may also just be at a higher interest rate, with larger down deposit. Restoring your credit will become easier as time goes by.

How does bankruptcy effect employment?

Employment laws protects you against discrimination. Although an employer has the right to do a credit check, they are not allowed to refuse work on this basis. If you are already employed, an employer is not allowed to fire you because you filed for bankruptcy. Contact us today, if you need more guidance on bankruptcy laws, “Protection against discriminatory treatment”

The "emotional" effects of bankruptcy

Filing for bankruptcy definitely has a negative emotional effect, most common is that you may feel guilty but it is important to understand that difficult and unfair situations in our lives are usually out of our control. At Nardi and Nardi we are there to support you not only through the legal process but the emotional process that arises from long standing financial problems that have made you feel hopeless.