Discharging Debt Lawyer in Melbourne, FL

Financial struggles are never easy to go through, as a discharging debt lawyer in Melbourne, Florida who has helped many clients know. Debt can get out of control very quickly and suddenly, and even the most financially literate individuals can struggle with a large amount of debt. It can take one disaster to derail your financial plan. Unforeseeable changes to business developments or sudden medical emergencies can cause your debt to skyrocket. If you are having difficulty resolving your debt issues, a lawyer who has a background in bankruptcy can help you take back control of your situation. 

Discharging Debt Lawyer in Melbourne, FL 

The thought of having to file for bankruptcy is not appealing for many people. It is one of the last things people want to do to solve their financial problems. You may be concerned about the damage it does to your credit, and it may affect what type of loans you will be eligible and approved for. The security of your assets is another pressing issue that may cause you to be hesitant about filing for bankruptcy. While bankruptcy does come with its disadvantages, it also does come with positive solutions, especially in the long-term. Though bankruptcy is a last resort, it may be the more preferable, or best solution for people dealing with particular financial circumstances. 

Here are some of the main benefits of filing for bankruptcy:

• Eliminates many types of debt you are unable to pay. Bankruptcy can discharge a variety of debt, such as medical bills, credit card debt, utility bills, and judgements on foreclosures. Lenders will no longer be allowed to collect payments from the debtor. It is important to understand though that bankruptcy is not capable of eliminating certain types of debt, such as student loans. 
• Allows you to start fresh. Bankruptcy allows people to start over and begin building back their credit. The effect of bankruptcy on a credit score is cited as one of the top points of concern most people have when it comes to filing for bankruptcy. However, as a bankruptcy lawyer Melbourne, FL can explain, if an individual files for bankruptcy their credit score does gradually recover over several years. Bankruptcy appears on your record for 7-10 years and it does lower your credit score in the short-term, but many people start to see their credit score improve soon after filing for bankruptcy. If they consistently make their payments on time, they will see that their credit score can increase to a healthy range.
• Delays or prevents foreclosure. Homeowners who fail to make their mortgage payments can be at risk of foreclosure. One of the benefits of filing for bankruptcy is that it can allow homeowners to delay that process or prevent it from occurring. The court will issue an automatic stay so that debtors are able to keep their property. Speak to a bankruptcy lawyer to discuss which type of bankruptcy is more likely to help you keep your home. 

Legal Assistance is Available 

To see if bankruptcy is the right choice for you, contact a trusted discharging debt lawyer that Melbourne, FL residents depend on at the Law Offices of Arcadier, Biggie & Wood to schedule a consultation.