Tag Archives: filing for bankruptcy

Tampa Chapter 7 Bankruptcy Process

Often times, people considering filing Bankruptcy are unsure of what documentation is required, how long the process takes, and what the Bankruptcy process entails. When a debtor seeks to file Chapter 7 Bankruptcy, they must first satisfy the requirements of the means test to determine their eligibility for a Chapter 7 filing. After determining eligibility, the debtor will then be required to provide a number of documents to the Bankruptcy Court for the Trustee’s review. This required information includes recent bank statements, pay stubs, creditor information, and specific information regarding the debtor’s assets and finances.

Upon compiling all of the necessary information, a voluntary petition for Bankruptcy is completed and filed for the debtor, whereby the Bankruptcy Court then schedules the Meeting of Creditors, or 341 Hearing as commonly referred to. The Meeting of Creditors is an informal questioning under oath of the debtor for the purpose of ensuring that the debtor fairly and honestly represented their assets, income, and debts in the filed bankruptcy petition. The Trustee appointed to the debtor’s case asks a series of questions under oath concerning the debtor’s property and financial situation. Upon completion of the Meeting of Creditors and Bankruptcy Filing Course Requirements, a debtor will have successfully completed the Bankruptcy process.

The entire process is usually completed within four months, and the debtor then receives a discharge of all dischargeable debts. This dischargeable debt includes credit card debt, old medical bills, utilities bills, unsecured loans, pay day loans, and most other types of unsecured debt. The advantage to filing Chapter 7 Bankruptcy is that your unsecured debt is completely eliminated, the process is fairly quick, and the automatic stay that takes place after filing prohibits creditors from making collection efforts.

It is important to be aware that while Chapter 7 Bankruptcy may ultimately relieve a debtor of the burden of insurmountable unsecured debt, it is a process that requires the production of several documents and tedious preparation. The more prepared the debtor is, the more seamless the process becomes.

No matter what your situation is, obtaining quality legal consultation from an experienced bankruptcy attorney is beneficial. Contact Blick Law Firm today at (813) 931-0840. Schedule a free 15 minute consultation with attorney Michael Blickensderfer to assess what option is best for you. Think quick, call Blick!

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Filing for Bankruptcy Debt

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. While individuals are allowed to file Bankruptcy without the use of an attorney (commonly referred to as pro se), it is strongly discouraged by the U.S. Bankruptcy Court.

Bankruptcy is a difficult process with very technical issues, and individuals are discouraged from attempting to file on their own because they could put themselves in jeopardy by not undertaking the proper steps or simply failing to compile all of the necessary information. If certain technical requirements for Bankruptcy are not satisfied properly, a debtor could be precluded from filing Bankruptcy altogether, may lose the right to file again, and may lose protections in a later case, including the benefit of the automatic stay.

The Bankruptcy Judge can also deny the discharge of all debts if a debtor does something dishonest in connection with the bankruptcy case, such as destroying or hiding property, falsifying records, or lying. Debtors should also consider that Individual bankruptcy cases are randomly audited to determine the accuracy, truthfulness, and completeness of the information that the debtor is required to provide.

A competent Bankruptcy attorney will ensure that the process is undertaken properly and that all necessary information is accounted for in order to successfully receive a proper Bankruptcy discharge.

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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Filing Bankruptcy After the Holidays

With the Holidays quickly approaching, many people are becoming mindful of the expenses related to purchasing gifts for loved ones and even splurging on deals for themselves on Black Friday. It is important to remember, especially for those in financial hardship to spend responsibly; and for people who are considering Bankruptcy it is even more important to be aware that debt accrued over the holidays may not be dischargeable through Bankruptcy.

If a creditor can prove that credit card charges over the Holidays were made fraudulently with the intent to file Bankruptcy afterward, the debt may survive the Bankruptcy. Generally, the Bankruptcy court will look to see the state of the finances when the charges were made and the nature of the purchases to determine whether Bankruptcy was imminent and the charges were made with the intent to file Bankruptcy.

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. Chapter 7 Bankruptcy is generally available when the debtor has little property aside from the basic necessities like furniture and clothing; and the debtor has difficulty making payments on basic expenses, or has very little money left after doing so.

The advantage to filing Chapter 7 Bankruptcy is that your unsecured debt is completely eliminated, the process is fairly quick, and the automatic stay that takes place after filing prohibits creditors from making collection efforts.

It is important to be aware that while Chapter 7 Bankruptcy may ultimately relieve a debtor of the burden of insurmountable unsecured debt, it is a process that requires the production of several documents and tedious preparation. The more prepared the debtor is, the more seamless the process becomes.

No matter what your situation is, obtaining quality legal consultation from an experienced bankruptcy attorney is beneficial. Contact Blick Law Firm today at (813) 931-0840. Schedule a free 15 minute consultation with attorney Michael Blickensderfer to assess what option is best for you. Think quick, call Blick!

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What is 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.

Available Bankruptcy claim types vary depending on your particular position, and understanding the differences is important.

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. Usually, within four months the debtor then receives a discharge of all dischargeable debts. These dischargeable debts include your credit card debt, old medical bills, utilities bills, unsecured loans, pay day loans, and most other types of unsecured debt.

Chapter 7 Bankruptcy is generally available when the debtor has little property aside from the basic necessities like furniture and clothing; and the debtor has difficulty making payments on basic expenses, or has very little money left after doing so.

The advantage to filing Chapter 7 Bankruptcy is that your unsecured debt is completely eliminated, the process is fairly quick, and the automatic stay that takes place after filing prohibits creditors from making collection efforts.

Chapter 13 Bankruptcy is more of a reorganization process that is available to debtors who have significant equity in a home or other property and want to keep it, or maintain a regular income but simply can’t keep up with the scheduled payments on their debts. Chapter 13 Bankruptcy allows the debtor to restructure the debt to have it paid off over a period of three to five years.

The advantage to filing Chapter 13 Bankruptcy is that you can maintain your property while spreading out the payments, you will have three to five years to catch up on delinquent accounts, and during that time you will make only one monthly payment to the bankruptcy trustee for payment to all creditors involved.

No matter what your situation is, obtaining quality legal consultation from an experienced bankruptcy attorney is beneficial. Contact Blick Law Firm today at (813) 931-0840. Schedule a free 15 minute consultation with attorney Michael Blickensderfer to assess what option is best for you. Think quick, call Blick!

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How long will a bankruptcy remain on my credit report?

According to The Fair Credit Reporting Act, 6 U.S.C. Section 605, law states that credit reporting agencies may not report a bankruptcy case on a person’s credit report after ten years from the date the bankruptcy case is filed.  The larger credit reporting agencies belong to an organization called the Associated Credit Bureaus. The policy of the Associated Credit Bureau tries to remove Chapter 11 and Chapter 13 cases from the credit report after seven years to encourage debtors to file under these chapters. The bankruptcy court has no influence over these reporting policies.

Bankruptcy filers who would like to rebuild their credit are justifiably concerned about how long a bankruptcy can appear on their credit report. It is still possible to build a positive credit report even with a bankruptcy on your record, so long as you act responsibly. If you’ve ever received credit card offers before, you are likely to receive them again after your bankruptcy.  If your goal is to build good credit, it’s worth your while to consider the post-bankruptcy card offers that you receive with an eye toward building a record of consistently and fully repaying an open line of credit each month.

The Federal Trade Commission has a website that allows consumers a free credit report from the three major credit reporting companies:  https://www.annualcreditreport.com/cra/index.jspAttorney, Michael Blickensderfer encourages all consumers to check their reports on a regular basis to ensure they do not contain any false information.  Should you find anything questionable, report it to the credit agency immediately.  If they are not willing to help you resolve this issue, call a Tampa bankruptcy attorney today at 813-931-0840.

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What not to do when filing for chapter 7 bankruptcy

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.

Some preventative quick tips when filing for Chapter 7 bankruptcy:

When filing for bankruptcy…DON’T do anything out of the ordinary in your finances beyond paying your regular bills and household expenses.

DON’T transfer any money or property to any one without first speaking to your chapter 7 bankruptcy attorney.

DON’T omit any information about your finances.

DON’T miss your meeting with the creditors.

DON’T omit any creditor from your bankruptcy filing.

DON’T be afraid or overwhelmed.  Blick Law Firm is here to assist you. Call today to receive your consultation at 813-931-0840. Think quick, call Blick.

 

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