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Bankruptcy Laws | Bankruptcy Attorneys | Filing chapter 7

Chapter 7 Bankruptcy AttorneyFiling Chapter 7 Bankruptcy is a common option most pursue to eliminate debt. Filing for Bankruptcy may be a refreshing solution to gain a debt-ridden life.

How do I qualify for Chapter 7 Bankruptcy?

Chapter 7 Bankruptcy is for those seeking to cancel or get rid of insurmountable debt. Generally, those that qualify for chapter 7 personal bankruptcy filing are for those with little property aside from the basic necessities.

What is Chapter 7 Bankruptcy?

Chapter 7 Bankruptcy is a liquidation proceeding whereby the debtor turns over all non-exempt property to the bankruptcy trustee who then converts it to cash to pay off the creditors.

What kind of debt is dischargeable?

Most dischargeable debts include your credit card debt, old medical bills, utilities bills, unsecured loans, pay day loans, and most other types of unsecured debt.

What is the advantages to filing bankruptcy?

The advantage to filing Chapter 7 Bankruptcy is that your unsecured debt is completely eliminated, the process is not very long, and the automatic stay that takes place after filing prohibits creditors from making collection efforts.

It is important to seek counsel and legal representation when considering filing for bankruptcy. The process may be tedious and requires the collection and tracking of several documents for the filing preparation. The more prepared the debtor is, the more seamless the process becomes.

Bankruptcy is an intricate area of law which involves situations from, what type of bankruptcy to file; if bankruptcy is the right option; the use of exemptions; to understanding the protections of the Bankruptcy Code and applying them for legal Micheal Blick red tieadvantages.

Obtain legal guidance from an experienced bankruptcy attorney today. Schedule a free means test evaluation to see what you may be qualified for in your journey to recovering a debt free life! Think quick, call Blick!

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Chapter 13 Bankruptcy

Bankruptcy is a complex area of law and involves many considerations, including whether to file, determining which type of Bankruptcy to file, the use of exemptions, understanding the protections of the Bankruptcy Code and using them to your advantage.

Many people utilize bankruptcy as a strategy for resolving unmanageable debt. Today, it is more common than most realize and can be a refreshing solution to a debt-ridden life.

When considering Bankruptcy, a Chapter 7 filing is a useful way to discharge of most debt and can relieve the burden of creditor collection attempts. However, many times a debtor has equity in a home or property and would like to file for Bankruptcy but not surrender their home. In these cases, a debtor can reaffirm the debt for the particular property they would like to maintain and keep making the payments, or file for Chapter 13 Bankruptcy which allows the debtor to reorganize the debt into a consolidated and more manageable payment.

Chapter 13 Bankruptcy gives the debtor an opportunity to manage their debt over a period of 3 to 5 years and still maintain the rights to both exempt and non-exempt property. This is particularly useful when the debtor has a large amount of equity in the home or property. Chapter 13 also helps by reducing payments on debts that cannot be discharged by Chapter 7, such as Student Loans; additionally, Chapter 13 helps avoid wage garnishment, delays the foreclosure process on the home, protects co-signers, and allows for an overall extension on the repayment term of most debts.

However, the decision to declare Bankruptcy also comes with consequences. The disadvantages of filing Chapter 13 include:

  • Credit reports will show a Chapter 13 Bankruptcy filing for 7 years
  • The debtor will receive high interest rates on future credit
  • The debtor will have a strict budget in place in order to ensure the reorganized debt payments
  • Legal representation fees tend to be higher, plus added court costs

If you are having trouble meeting your debt obligations, consult an experienced Tampa Bankruptcy attorney to discuss your options.

Call Blick Law Firm today at 813-931-0840. Make an appointment for a free 15 minute consultation with Michael Blickensderfer to see if Bankruptcy is right for you.

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