Bankruptcy Lawyer Tampa, FL
For some struggling with debts, taking the step to reach out to our bankruptcy lawyer in Tampa, FL from Carolyn Secor, P.A. will be critical to starting fresh. There are many reasons people may need financial relief, and there are several reasons why bankruptcy will be in your best interest. Taking the proper steps towards resolving and settling debts is critical, and Carolyn Secor, P.A. is prepared to assist you with moving through this process.
We know that many have concerns about how bankruptcy will impact their credit. Still, there are many ways a person can begin the process of rebuilding their credit immediately after bankruptcy. With our legal assistance, you will be able to say goodbye to crushing debt and endless calls from creditors for good.
Many people cringe at the thought of filing for bankruptcy, but it’s essential to be aware that this option truly helps people clear the slate of the debts they may be struggling with. Chances are if you are unable to pay your bills, are experiencing constant calls from creditors, or are behind on your mortgage, it will be critical to take action in some way. There are alternatives to bankruptcy, and weighing out available options will be vital.
Accessing the assistance of our bankruptcy lawyer ensures that the best decision is made based on your situation. If you have a large amount of debt and are having difficulty finding a solution, start by calling our office so that we can assist.
What is bankruptcy?
Bankruptcy law is going to allow debtors who are unable or partially unable to pay outstanding debts to rid themselves of these debts and obtain a fresh start. This was started by the Supreme Court to allow for a future unhampered by the pressure and discouragement of pre-existing debt as set forth by Local Loan Co. v Hunt 292 US 234, 244 in 1934.
Federal bankruptcy laws going to consist of statues published in the bankruptcy code in addition to federal bankruptcy law there are state statutory laws on bankruptcy which address areas that are delegated to states are not covered by federal law. If you have questions about bankruptcy and what is reach out to a bankruptcy lawyer in Tampa, Florida.
What are the differences between Chapter 7 and Chapter 13?
Being of the goal of Chapter 7 and Chapter 13 bankruptcy is to discharge debts, you might be wondering what the main differences are and the eligibility requirements. The main differences are the eligibility requirements for both bankruptcies are different, the wings of time that the types of bankruptcies are going to take, whether you are going to need to repay your debts or not, and how much property you can keep.
In chapter 7 bankruptcy you do not have to commit to paying your debts but in chapter 13 bankruptcy you have to file a debt repayment plan with the bankruptcy court. In chapter debt is going to be repaid over a 3 to 5 year period and you have to have income that is sufficient to make full timely payments. You won’t receive a discharge until you have completed your plan. Typically you do not lose your property in a chapter 13 bankruptcy as long as you can account for repayment of any arrearages as well as payments they come due during the plan.
In contrast the chapter 7 bankruptcy, a trustee can take the property you oh that is not exempt from collection they can sell it distribute the proceeds to your creditors said the accreditors are repaid to the extent possible. Often times exemptions in chapter 7 vary from state but often you are able to keep some or all of the equity in your home, car and personal property. Only those who pass a means test can file for Chapter 7 bankruptcy, and assuming you best that means yes and include all of your debts in your paperwork you are likely to be fully discharged from debt within 4 to 6 months.
When looking for advice on file for bankruptcy, talk to a bankruptcy lawyer who can inform you on what type of bankruptcy you qualify for if any. You should always discuss your open debts openly with your lawyer so that they know exactly what they are dealing with and what you are dealing with. Hiring a bankruptcy lawyer is going to take a lot of stress off of your shoulders because they are going to know how to help you do all of the processes, attend all of the meetings and file all the paperwork.
Taking The Right Next Step
Should it be in your best interest to file for bankruptcy, it’s critical to choose the right type of filing. Typically when filing for personal bankruptcy, there are primarily chapters to choose from:
Chapter 7 (Liquidation)
For those who need a fresh start and do not have the means to repay their debts. To file for Chapter 7, you must qualify by having income below the state’s median and by passing the means test. Typically in Chapter 7, all unsecured debts are discharged. The process is shorter to resolve and often is complete within a 6-month timeframe (sometimes sooner).
Chapter 13 (Reorganization)
For those filing for bankruptcy whose income falls above the state median. This can be a better option for those looking to retain some of their assets, such as their home or car. Chapter 13 allows the debtor to make payments towards their debts over 3-5 years. At the end of that timeframe, unsecured debts that are leftover may be discharged.
Chapter 9 (Municipalities)
Chapter 9 bankruptcy is for towns, cities, and school districts, and counties. Municipalities that file for bankruptcy under this chapter have protection from creditors as they create a plan for debt adjustment.
Chapter 12 (Farmers and Fishermen)
This type of bankruptcy was established to support family fishermen and farmers who are going through a financially difficult time. Under Chapter 12, the individual in debt creates a plan to pay back their creditors over the course of 3-5 years.
Chapter 11 (Reorganization)
Chapter 11 is available to both businesses and individuals. In comparison to Chapter 7, the debtor is in control of business operations and doesn’t have to sell off assets. A business owner can strive to have a more financially stable and healthy business.
Chapter 15 (Foreign Debts)
Added to the bankruptcy code in 2005, Chapter 15 bankruptcy offers a way to deal with cases including more than one country. The purpose of this chapter is to provide a cooperative solution between foreign courts, a foreign debtor, and the United States bankruptcy court. A debtor who has foreign assets in more than one country will likely be encouraged to file for Chapter 15.
Is It Time To File?
Making the decision to file for bankruptcy is a serious one, and shouldn’t be done lightly. It can significantly reduce debts, but will also impact your credit for up to ten years. Those who are in true need of a resource that gets them on the path to financial stability may benefit from filing for bankruptcy. But, how do you know that it’s time to do so? Here are a few red flags that you should probably consult with a Florida bankruptcy lawyer in Tampa as soon as possible:
- You are unable to pay minimum payments for debts
- You spend more money than you make on a regular basis
- You have had to choose between paying for debts or necessities of living
- You skip some bills each month
- You don’t see yourself earning more money in the near future
- You have to deal with relentless calls from collection agencies and creditors
- You are being sued by a creditor
If the above applies to you or a loved one, then it is recommended you speak with a bankruptcy lawyer promptly before your financial situation worsens. Early intervention and learning about your options can make the difference in the long-term for your financial stability.
Rebuilding Credit After Bankruptcy
One of the top worries many people have is the impact bankruptcy will have on their future credit. Keep in mind that if you are already struggling to make your payments and have a high amount of debt, your credit may already be suffering. While bankruptcy will impact your credit, it can also provide the opportunity to start anew. Typically bankruptcy will remain on your credit for ten years but, there are steps you can take immediately to begin rebuilding your credit:
- Learn from your past mistakes
- Keep a close eye on your credit score
- Get a secured credit card to begin rebuilding credit slowly
- Try not to carry any debts over; pay everything off each month
Our law firm is just a phone call away, and with her help, you may be able to resolve many of the issues surrounding your debts. Debt can be all-consuming, and for many, bankruptcy is the right solution to move forward. Don’t hesitate to schedule a consultation with our Tampa, FL bankruptcy lawyer at Carolyn Secor, P.A. as soon as possible.