Feeling overwhelmed by a massive amount of debt? Feeling the weight of the economy piling on your shoulders? At Blick Law Firm, we understand that filing for bankruptcy can be a very difficult and emotional process. However, it is important to remember that bankruptcy protects and provides relief for people overwhelmed with debt. Bankruptcy laws liquidate assets to pay debts or create repayment plans to help people make a fresh, financial start. People with businesses are also able to file bankruptcy for orderly distributions of liquidation or financial re-organization. Most bankruptcy cases are filed under Chapter 7 or Chapter 13 of the Bankruptcy Code. Federal courts have exclusive jurisdiction over bankruptcy cases, so they cannot be filed in a state court.
The difference between a successful and an unsuccessful bankruptcy claim lies in correctly filing information and paperwork. Make sure you take the proper steps and precautions when filing for bankruptcy. Blick Law Firm has the expertise to assist you with your bankruptcy claim. We guide our clients every step of the way to answer any questions that may arise and ensure your claim is successful.
In today’s economy, filing for bankruptcy is common and often the best alternative. Rise above your current financial situation and take control today. Call Blick Law Firm to set up your FREE consultation to see if you qualify for a Chapter 7 or Chapter 13 Bankruptcy.
Tampa Chapter 7 Bankruptcy
Many people in Tampa, Florida struggle to pay their bills. They may lose hope that they’ll ever be able to cover their debt. One option they may turn to is bankruptcy.
There’s no magic formula for deciding when bankruptcy is the right choice. It’s an option you might consider if you:
- Are paying only minimum amounts on your bills
- Can’t budget yourself out of debt within five years
- Are getting notices that your mortgage or loans are being foreclosed
- Have had a severe financial setback, such as losing your job or a major client, a divorce or a costly illness
Bankruptcy does not get rid of all debts. You’re still responsible for:
- Child support
- Most recent back taxes
- Most student loans
- Recent large purchases of more than $550 for luxury goods bought within 90 days of filing
- Fines or penalties of government agencies
- Fraudulent debts
- Cash advances of $825 within 70 days of filing
As a Tampa consumer, you can file for bankruptcy in Florida under either:
- Chapter 7 (Straight Bankruptcy) to wipe out all debts except those listed and get an immediate fresh start or
- Chapter 13 (Wage Earner Bankruptcy) to set up a repayment plan to pay back your debts over several years’ time.
- Bankruptcy Abuse Prevention and Consumer Protection Act
On April 20, 2005, the President signed into law the Bankruptcy Abuse Prevention and Consumer Protection Act, which limits individual access to US bankruptcy courts. Some of the changes, which were effective October 17, 2005, included:
- New bans on Chapter 7
- Increased Chapter 13 payments
- New presumptions against debtors with increased penalties
- The reduction of judicial discretion to balance competing interests
What Can I Keep?
“Exempt” property is property that you are allowed to keep. What property is exempt is determined by state law. The items and amounts in this section may change in the future. Updated information can be found in the state code.
In Tampa, Florida, you may take only state exemptions. You may not take the exemptions provided by federal bankruptcy laws even though the federal exemptions may be more beneficial.