Filing for bankruptcy can be daunting for any person or family, and it is a decision that should not be entered into lightly. You may not be able to pay off your debts for a variety of reasons, and will need to file for bankruptcy in order to have the accounts cleared. Various states will have different laws for bankruptcy, and in Florida there are a few places you can look online to help you with any questions that you may have.



What Happens when I File for Bankruptcy?

When filing for bankruptcy in Florida, you will need to appear in a federal court where cases such as this are handled. Once you have filed for bankruptcy and your request is approved, most of your debts will be wiped clean, with the exception of a few such as child support and taxes. When dealing with bankruptcy, Florida courts will make either a Chapter Seven or Chapter Thirteen ruling to completely eliminate your debts or to guide you in paying them off, depending on your circumstances.

How will Filing for Bankruptcy Affect my Credit Rating?

As with any credit rating system with regards to bankruptcy, Florida credit agencies view them in the same way. If you have reached the stage where you need to file for bankruptcy, your credit history will reflect this event for the next ten years. During that time period, you will need to work hard at showing any prospective lenders that you are repairing the situation, and you can be reliable at making timely payments. However, this will depend on your individual circumstances and the reasons you're your bankruptcy.

Can I get a Credit Card After I File for Bankruptcy?

Once you have filed for bankruptcy, Florida and most other states will expect a period of time to pass while you work at getting your credit rating up again. There are some lenders who will offer you credit cards, but they will be difficult to find and obtain unless you can use your own personal bank account to guarantee payments in the future. It is probably wiser to avoid credit cards completely for the initial time period after your bankruptcy is filed, and use a regular debit card until you get back on your feet again.

How does Bankruptcy affect my Spouse?

If you file for bankruptcy, Florida will only recognize the debts that you and your spouse have jointly accrued. There are various advantages and disadvantages in applying as an individual or as a couple, and these factors should be explored with your legal team.