Now more than ever many people are choosing the option of filing for bankruptcy. This may be occurring for several reasons. The main reason most people file is due to a loss of a job in the declining job market in today’s society. You should look for a Bankruptcy Lawyer Pompano Beach who understands this and specializes in bankruptcy laws from all legal standings.
Another reason that people may file is due to overspending of funds that they do not have available. This may occur when people decide to charge items, thinking they can pay them off. The interest piles up on the credit cards, and then the person realizes they will not be able to pay by the due date on their cards, late fees begin to build and may end up costing more than the actual date that the card is coming due on. They then may let the card be charged off on their credit report.
Once all this takes place it is near impossible to get approved for loans such as other cards, however the major effect will be that you may not be able to get approved for home-loans, or vehicle loans.
In order to wipe the slate clean, this is why many people choose the option of starting over again or filing bankruptcy. Although bankruptcy will appear on your credit report for up to 10 years, you may be able to get a home in as soon as 2 with a stable job and also bills that are not delinquent or behind on any payments.
There are 2 types of bankruptcy, chapters 7 and 10. Both of these are for the same purpose, however on chapter 7 the entire debt is wiped clean and it is not restricted into a payment plan like chaper 10 involves.
By getting a good Bankruptcy Lawyer Pompano Beach you will find someone who can best assist you in whatever financial needs and questions that you may have. Once bankruptcy has been filed you are not allowed to file again for a set amount of years to come and should be close to watch your spending habits. It also may be good to have a financial guide who may assist you.