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Your Bankruptcy Worries Addressed


Creditors are knocking down your door, and your only option is to file for bankruptcy.  But the idea frightens you!  It’s such a big step, and you have a number of serious concerns.  You should know that the process, though certainly not pleasant, can make a huge difference in the amount of stress you have to deal with on a daily basis.  Bankruptcy is a good solution for many Americans who find themselves overwhelmed with bills they cannot pay.  So let’s just address some of the most common concerns you may have:

  1. They’ll leave me with no possessions whatsoever:  While you may have to surrender some property, there are exemptions to protect many of the basic items you need going forward.  For some, even vehicles and homes are safe.
  2. Everyone will think I’m a loser:  First of all, even though bankruptcy filings are public record, very few people have any idea who has filed.  And even if they know, you and others need to recognize that filing for bankruptcy is not a sign of failure. Plenty of successful people relied on bankruptcy courts to give them a fresh start, including Walt Disney, Toni Braxton, Francis Ford Coppola, and Larry King, to name a few.
  3. I don’t want to ruin my spouse’s credit:  If you file individually and your spouse isn’t legally tied to your debt, they will keep the same good credit they already have in most cases.
  4. I’ll be financially ruined forevermore: If you’re filing for bankruptcy, you’re already in financial peril.  But now you’ll have the opportunity to rebuild your credit with smart decisions and a little patience. Yes, you’ll be paying higher interest rates on loans, but with every on-time payment, your credit will slowly get stronger.

Facts Worth Knowing

 The truth is, the majority of people who file for bankruptcy are not simply reckless with their money.  They simply find themselves in difficult financial circumstances due to job loss, medical calamity, or other unexpected events. Nearly 400,000 people filed for bankruptcy in 2022, and those numbers have been growing ever since. Inflation is making it difficult for people who have fixed incomes and/or limited savings to stay caught up, let alone get ahead financially. And the number of filers over age 65 has tripled in the last few years. Maybe that’s why Florida sees more bankruptcy filings than every state in the nation except California.

Let Us Help 

The compassionate, knowledgeable Miami bankruptcy attorneys at the Law Office of Julia Kefalinos can answer your bankruptcy questions and help you throughout a difficult process as you take flight on the road to financial stability.  Schedule a confidential consultation in our office today.



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