How Bankruptcy in Orlando Can Save the Financial Future?

Bankruptcy has been considered a financial loss for decades in Orlando. The modifying bankruptcy laws made to high filing numbers further strengthened the concept of bankruptcy being bad. It can never be the perfect solution for a financial crisis but can help in solving certain monetary troubles. Bankruptcy is to press the restart button as it can protect your financial future. Want to know how? In the following ways:

1. Boost Your Credit Score 

Once you file for bankruptcy in Orlando, your credit takes a blow. However, your credit score can increase quickly over time. Bankruptcy quickly eliminates critical judgments from your credit report and simplifies challenging the remaining negative records. You can see significant credit score improvement in 3 years after filing for bankruptcy. 

2.  Get a Chance to Rebuild Credit

Rebuilding your terrible credit score takes time. Negotiating current debts to get them removed from the credit score and arranging money to pay delinquent accounts get difficult. Once you file for bankruptcy and it gets discharged, you get the chance to rebuild your credit score. You will get access to credit in the form of secured credit cards, store credit cards, and secured loans.

3. Avoid Wage Garnishments

Wage garnishment happens when creditors accompany you to court. The creditors get a judgment, which allows them to collect the money you owe directly from your paycheck. Such garnishments immediately constitute a huge portion of your salary, which puts people living paycheck-to-paycheck in crisis. Bankruptcy filing quickly pauses debt collection activities, like garnishments. 

4. Protect Your Vehicle

A vehicle is one of the most precious and essential assets of the working class people. Without driving a vehicle, you can’t reach your home or workplace on time if you stay or work in a location with limited transportation. Many Americans prioritize having their vehicles and thus, they are very serious about possessing them. If you haven’t made the car payments yet and are stressed about the lender repossessing your car, filing for bankruptcy gives you the required chances to get payments back.

The Takeaway

So, these are the ways bankruptcy in Orlando saves your financial future. Consult a bankruptcy attorney to learn how bankruptcy can help you. They can review your financial position to suggest which chapter to file or if you should file for bankruptcy.