Tag Archives: filing bankruptcy

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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How long will a bankruptcy remain on my credit report?

Posted on July 5, 2012 by Blick Law

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.jsp.  Attorney, 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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5 critical items needed for successfully filing your petition

Posted on June 12, 2012 by Blick Law

Filing for Chapter 7 or 13 Bankruptcy may be time consuming and stressful. There are critical documents that need to be recorded and filed to successfully discharge one’s debt. Five critical items needed for successfully filing your petition are:

1) When filing for bankruptcy, you will need to provide proof of income.

2) Recent payments need to be documented and reported for items including but not limited to: automobile payments, maintenance, rent, groceries, all household expenses, etc.

3) Itemizing your assets or items of value. This includes: bank account, 401K, cash on hand, valuable jewelry or the like.

4) Whether or not you intend to repay, you must record any accumulated debt you have acquired.

5) You may also need to provide information on certain transfers of money or property in the past recent years.

Filing for bankruptcy may be complex so it is important to hire a competent and experienced Tampa bankruptcy attorney to assist you through this stressful process. Call 813-931-0840 today for a free consultation on how we can assist you through your bankruptcy filing process.

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Can I lose my home if I file bankruptcy?

Posted on April 13, 2012 by Blick Law Firm

There are ways to keep your home in bankruptcy. “Automatic Stay” is one of the first advantages of bankruptcy, which will prevent creditors from taking collection action against you. If you are facing foreclosure, the filing of a bankruptcy petition will temporarily suspend the foreclosure action. While the automatic stay will not last forever, it will give you more time to review all of your options.   Attorney Michael Blickensderfer of Blick Law Firm can help you review all of your options before deciding which type of bankruptcy is best for your situation.

Personal circumstances, such as the type of bankruptcy you file, the amount of equity in your home, and whether you own the house jointly with someone else are all factors to consider.  In a Chapter 7 case, while you will lose assets but get rid of debts, you can either formally reaffirm the mortgage loan or, in some judicial districts, just keep making payments. If you fall behind on payments, and have some equity in your home, Chapter 13 bankruptcy may be a better choice for you because it allows you to pay off the arrearages (mortgage) over time and therefore face less risk to losing your home. A critical consideration in a Chapter 13 case is whether a debtor whose home loan is in default can make the larger mortgage payments (the missed payments plus resuming the original payments) over the repayment period.

For more information regarding keeping your home when filing for bankruptcy or general questions about qualifying for Chapter 7 and Chapter 13 bankruptcy call Blick Law Firm today at 813-931-0840.

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