Hundreds of thousands of Americans file for bankruptcy every year. Although a bankruptcy can remain on your credit report for up to 10 years, there are times when taking this route is the most efficient and effective way to get out from under insurmountable debt and gain a fresh financial start.
Last year, 898,970 non-business bankruptcy filings were made in the U.S. This was the equivalent to a rate of 2.8 people in bankruptcy per 1,000 people. According to data from the Administrative Office of the U.S. Courts, Tennessee had the highest bankruptcy rate with 5.89 people per 1,000.
Filing for bankruptcy is not a decision to be made lightly. Before you file, it is important to explore all of your options. Experts warn not to wait too long because this will only prolong your financial struggle.
Below are some tell-tale signs that indicate bankruptcy may be the best choice for you:
- Your debt balances grow, despite making payments;
- You are using retirement or savings to cover your debt payments;
- You are struggling with an underwater mortgage;
- Family members or loved ones are at risk if you do not address your debt.
Upon deciding to file, you will soon realize the many ways bankruptcy can help you. Depending on the type of bankruptcy you file, you may be able to discharge most or all of your debt, or arrange for a manageable re-payment plan. After filing for bankruptcy, consumers should begin practicing positive credit habits and focus on rebuilding their credit slowly.
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.