Tag Archives: tampa bankruptcy attorney

Bankruptcy: Secured vs. Unsecured Debt

Posted on February 21, 2013 by Blick Law

Many people, when going through Bankruptcy, have common questions about the different terms encountered while going through the Bankruptcy process. Understanding the difference between Unsecured and Secured Debt can be confusing, and it is important to be well informed when considering whether or not to file for Bankruptcy.

Secured Debt is debt that has a security interest or collateral tied to the agreement, whereby creditors can repossess or foreclose on the collateral if the debtor fails to pay back the loan. Common examples of Secured Debt are home mortgages or car loans; in the event the debtor cannot pay the amount owed, the loan is secured by the ability of the creditor to repossess the home or the car.

On the other hand, unsecured debt is debt that has no collateral attached to the agreement. Instead, unsecured creditors generally rely on your credit score and issue credit based on good faith that you will repay the amount loaned. Common examples of unsecured debt are credit card bills, medical bills, and utilities bills.

Upon filing for Bankruptcy, most Unsecured Debt is discharged with the exception of Student Loans, Child Support and Alimony Payments, Court Fines, DUI judgments against the debtor, and debts incurred by Fraud. The discharge of unsecured debt is a primary benefit of filing for Bankruptcy, and comes along with an Automatic Stay against creditors pursuing their collection efforts.

Understand that filing for Bankruptcy is a complex process with important benefits, consequences, and alternatives to consider. In the event you are considering Bankruptcy, call Blick Law Firm today for help at (813) 931-0840. Schedule a free 15 minute consultation with attorney Michael Blickensderfer. Think quick, call Blick!

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Tampa Attorneys

Posted on October 4, 2012 by Blick Law

Blick Law Firm offers a wide array of legal services to help serve the public including Personal Injury, Criminal Law, Real Estate, and Bankruptcy; we also provide help in Family and Probate Law matters. As a result, our blog topics range from auto accidents to short sales.

Grounded in Christian values, Blick Law Firm strives to not only meet the legal needs of its clients and their families, but also to provide physical and emotional support. We treat each client equally and with the utmost respect; offering high-quality legal representation and counsel to those who need us most. We pride ourselves on our motto of Helping the Hurting, and reach out to the community in a variety of ways.

Our website Blicklawfirm.com provides useful information on our blog that may be helpful in addressing your legal concerns; additionally, we offer details about our services aimed at providing reassurance that your legal needs will be handled effectively. With over 25 years of knowledge and practice, including a broad range of trial and courtroom experience, we will work hard for you.

If you or a loved one have legal concerns and are seeking quality legal representation, call Blick Law Firm today at (813) 931-0840. Schedule a free 15-minute consultation with attorney Michael Blickensderfer. Think quick, call Blick.

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Chapter 13 Bankruptcy

Posted on September 17, 2012 by Blick Law

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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Secured vs. Unsecured Loans

Posted on August 20, 2012 by Blick Law

Many people, when going through Bankruptcy, have common questions about the different terms encountered while going through the Bankruptcy process. Understanding the difference between Unsecured and Secured Debt can be confusing, and it is important to be well informed when considering whether or not to file for Bankruptcy.

Secured Debt is debt that has a security interest or collateral tied to the agreement, whereby creditors can repossess or foreclose on the collateral if the debtor fails to pay back the loan. Common examples of Secured Debt are home mortgages or car loans; in the event the debtor cannot pay the amount owed, the loan is secured by the ability of the creditor to repossess the home or the car.

On the other hand, unsecured debt is debt that has no collateral attached to the agreement. Instead, unsecured creditors generally rely on your credit score and issue credit based on good faith that you will repay the amount loaned. Common examples of unsecured debt are credit card bills, medical bills, and utilities bills.

Upon filing for Bankruptcy, most Unsecured Debt is discharged with the exception of Student Loans, Child Support and Alimony Payments, Court Fines, DUI judgments against the debtor, and debts incurred by Fraud. The discharge of unsecured debt is a primary benefit of filing for Bankruptcy, and comes along with an Automatic Stay against creditors pursuing their collection efforts.

Understand that filing for Bankruptcy is a complex process with important benefits, consequences, and alternatives to consider. In the event you are considering Bankruptcy, call Blick Law Firm today for help at (813) 931-0840. Schedule a free 15 minute consultation with attorney Michael Blickensderfer. Think quick, call Blick!

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Chapter 7 and Chapter 13 Bankruptcy basics

Posted on August 2, 2012 by Blick Law

Available Bankruptcy claim types vary depending on your particular situation, 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. Usually, 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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What not to do when filing for chapter 7 bankruptcy

Posted on May 28, 2012 by Blick Law

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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