Repairing your credit rating requires a solid plan

Many residents of Florida go through difficult financial times at some point in their lives. Once debts begin to pile up, things can quickly spiral out of control, with interest rates soaring and creditors soon hot on your heels. Before you know it, you could find yourself being hounded by debt collectors and wondering how you can ever recover from this financial disaster.

Some debt relief plans can be extremely beneficial in the right circumstances, but many are simply not as good as they sound. Some may even exacerbate your situation by giving you misleading advice or deliberately deceiving you into making poor decisions about your debt. However, you should not lose hope as there are still ways to wipe the slate clean and work toward a more financially stable future.

Bankruptcy is one such option. Better still, there is no hard and fast rule for how your debt needs to be settled, as there are multiple forms of bankruptcy to choose from. For example, with a Chapter 7 filing, you can choose to simply liquidate some assets to cover a portion of the amount you owe, then if you have any unsecured debt leftover, this will be discharged. The whole thing can often even be completed within a few months.

Of course, this does not mean everything has to go, as there are many ways to protect certain assets from liquidation. Our page on Chapter 7 bankruptcy has further information on this, and a lawyer may also be able to provide valuable advice if this sounds like the debt solution for you. The important thing to remember is not to panic. With the right guidance, you can begin resolving your financial worries and prepare to bid goodbye to the debts that have been plaguing you.