Posted On: April 2, 2010
Jacksonville Bankruptcy Attorney Discusses Life After Bankruptcy
Data from the National Bankruptcy Research Center showed that consumer bankruptcies rose 14 percent in February 2010 compared to the same month in 2009. And according to one Jacksonville bankruptcy lawyer, one key advantage of filing for Florida bankruptcy is getting the opportunity to make a fresh, debt-free start.If you have filed for Chapter 7 or Chapter 13 bankruptcy in Florida, you should know that there is life after bankruptcy, and prepare yourself for it.
If you have filed a Chapter 13 bankruptcy, you will be living with a court-ordered repayment plan for a period of three to five years. A court-appointed trustee will oversee the implementation of this plan, including the distribution of payments to your creditors and your living expenses. This often means adapting to a new financial lifestyle and spending only on the basics. How you approach this new reality will determine how quickly you can recover; a positive attitude helps immensely in learning to live a debt-free life.
If you have filed a Chapter 7 bankruptcy, most of your old debt is gone. But the bankruptcy will stay on your credit report for up to 10 years, so you need to adapt to living on cash and building a savings account to cushion any emergency expense.
Bankruptcy is not an end, but a beginning to a better financial future. If you need more information on all the ramifications to filing Florida bankruptcy, contact our Jacksonville, Florida bankruptcy law firm.
Greg Gilbert
Keith Maynard
