Law Office of John A. Russo Frequently Asked Questions

Yes, you can rebuild your credit after a Chapter 7 bankruptcy. While the process takes time and effort, it is entirely possible to repair your credit score by following a structured approach. Create a budget (and stick to it). Check your credit reports often to make sure all your discharged debt is correctly recorded, and monitor your credit as it improves. Make your payments on time; even one late payment can hurt your credit score. Remember, be patient; rebuilding credit takes time. Consistent, positive financial behavior will gradually improve your credit score.

Filing for bankruptcy does not automatically mean you will lose your home. The outcome depends on your specific financial situation, and the type of bankruptcy you file. Florida’s homestead exemption in bankruptcy is one of the most generous in the United States; it allows debtors to exempt an unlimited amount of equity in their home from creditors, provided you meet specific residency and ownership requirements. The Florida Homestead Exemption can protect your home from most creditor’s claims, except for mortgages, property taxes, and mechanic’s liens. The Law Office of John A Russo, a Brevard County Bankruptcy attorney will use his experience and knowledge of federal and state law to do everything within his power to make sure you don’t lose your home.

When you move to a new state, it is highly recommended that you review and potentially update your will. Each state has different laws regarding probate, estate taxes, and the distribution of assets. Your existing Will might not be fully compliant with Florida laws, which could cause complications during probate. If you’ve acquired new assets or property in Florida, updating your Will ensures that these assets are included in your estate plan and distributed according to your wishes. Also, the person you appointed as the executor in your previous state might not qualify under Florida law. Florida requires executors to be either a Florida resident or a close relative. Seeking advice from an experienced Central Florida estate planning attorney who is familiar with state-specific laws can help you draft a Will that meets all legal requirements.

Filing for bankruptcy doesn’t permanently bar you from obtaining new credit, including credit cards and mortgages. While filing for bankruptcy will likely impact your ability to obtain credit in the short term, it is possible to rebuild your credit and qualify for these financial products in the future. Secured credit cards and credit-builder loans can be valuable tools in this process, and adherence to responsible credit habits will gradually improve your credit score. Waiting periods for mortgages vary depending on the type of bankruptcy and loan; if you file Chapter 13 bankruptcy, you may qualify for an FHA loan in as soon as one year, provided you have made timely payments and received court approval. It will be difficult to obtain credit in the short term, but with time and diligence, you can achieve your financial goals. Working with the Law Office of John A. Russo, a Central Florida bankruptcy attorney, can streamline the process and help you rebuild your financial situation.

If you’re facing creditor harassment, John A Russo, a Brevard County Consumer Debt attorney, can take several steps to help make it stop. He will take proactive steps to stop creditor harassment, protect your rights, and help you find a path toward financial stability. John will explain your rights under the Fair Debt Collection Practices Act, making sure you understand what creditors and debt collectors can and cannot do. He can draft and send a cease-and-desist letter demanding that the creditor stop contacting you. He can negotiate with creditors to reduce the amount you owe, potentially lowering your debt, and stopping collection efforts. He can also advise whether bankruptcy may be an option for you, help you file bankruptcy, and ensure the automatic stay is enforced, stopping most collection processes. John Russo, an experienced Central Florida consumer debt attorney, understands consumer protection laws and how they protect his clients. He can communicate with your creditors, reducing the stress and anxiety of creditor harassment. When needed, he can take legal action against creditors that violate your rights.