Credit Repair

When people think of filing for bankruptcy, they automatically assume that bankruptcy will destroy their credit. Though bankruptcy has an effect on your credit, it can be a helpful tool used to rebuild your credit and help you move forward with your life.

At the law firm of Sacks & Sacks, P.A., our Jacksonville bankruptcy attorneys advise clients on a daily basis. We work to see that clients understand the impact that bankruptcy will have on their lives and credit, and see the benefits and potential drawbacks of filing for bankruptcy.

Before Losing Your Home

If you have been notified that the bank is foreclosing on your home due to non-payment of the mortgage, it may be in your best interests to file for bankruptcy. The bankruptcy may stop the foreclosure and protect your credit, as a foreclosure would be more detrimental than filing for bankruptcy. A short sale will also negatively impact your credit. It is important to understand how bankruptcy may have a more minor impact on your credit than a foreclosure or short sale.

Take Action Immediately

In order to get paid, creditors may seek a judgment against you for which you are liable. However, many individuals know before the judgment is even entered that they will not be able to pay on it. Protect your future credit by filing for bankruptcy before a judgment is entered. In many cases, the debt will be discharged and you will no longer be responsible for the money owed.

Protecting Your Credit

While a bankruptcy does stay on your credit report for 10 years, there are other financially responsible ways that you can work to repair your credit. Bankruptcy is only the first step in rebuilding your credit. We also recommend that clients:

  • Review your credit report regularly to identify errors
  • Use your credit cards responsibly
  • Pay your bills on time and responsibly

Contact a Jacksonville Bankruptcy and Credit Lawyer

If you wish to learn more about fixing your credit and how bankruptcy may be an appropriate option for you, call 904-396-5557 or simply contact us online to schedule your free initial consultation with one of our Florida bankruptcy attorneys.