Caroline Secor PA

Chapter 7 Bankruptcy Tampa

Bankruptcy is a process created by federal law that provides relief for debtors, who can either eliminate their debts or repay their debts. The Bankruptcy Code is divided into “chapters” for the various types of bankruptcies. A Chapter 7 “liquidation” is the process by which individual debtors are rid of many of their debts. A Chapter 13 “reorganization” is the process by which an individual or a business prepares a plan for repayment of creditors. Bankruptcy is also intended to protect creditors’ interests by either dividing a debtor’s assets for repayment or creating a plan of repayment.

How does a Chapter 7 debtor get a “clean slate” to begin a new financial life?

Chapter 7 debtors seek to “wipe the slate clean” and start new financial lives. In fact, one of the goals of the Bankruptcy Code is to give debtors a “fresh start,” without the burden of overwhelming debt. Once a Chapter 7 debtor has received a “discharge” in bankruptcy, he is no longer responsible for most of his debts. Debts that cannot be discharged or eliminated in bankruptcy include student loans, most tax liabilities, and child support.

The Bankruptcy Code permits debtors to keep some assets or property that are necessary to begin with a “clean slate” or to make a “fresh start.” These assets and items are called “exempt property.” A debtor may or may not be permitted to keep his home; this depends on a number of factors, including the equity in the home and the “homestead exemption” laws applicable in the state.

Is the slate truly “clean” or are there lasting effects of bankruptcy?

A debtor’s slate is clean only to the extent that she is no longer liable to creditors for most debts. The slate is not truly “clean” as the fact of the bankruptcy will remain on a Chapter 7 debtor’s credit record for up to 10 years. Given the fact that more than 1 million individuals are filing Chapter 7 bankruptcy petitions each year, the “fresh start” offered by Chapter 7 is seen by many financially strapped debtors as either their best or their only option.

Carolyn Secor


The federal government passed new bankruptcy reform legislation in October 2005. However, don't be discouraged! Most studies indicate that the new law affects less than 15% of individuals who could have filed previously. If you are feeling overwhelmed by your debts and considering filing bankruptcy, it is highly probable that you fall into the category of the 85 percent of people who are still eligible to file.




"Serving Pinellas, Pasco, and Hillsborough Counties."

Carolyn Secor, Attorney at Law
Bankruptcy Attorney Tampa Bay Florida
Florida Law Firm with Offices in
Clearwater (Main Office) Tampa St. Petersburg Port Richey
Phone:  1-727-254-1704

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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