Tag Archives: what is chapter 7 bankruptcy

Secured vs. Unsecured Loans

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!

Posted in Bankruptcy, Blog | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

Chapter 7 and Chapter 13 Bankruptcy basics

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!

Posted in Bankruptcy, Blog | Tagged , , , , , , , , , , , , , , , , , , , | Leave a comment

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.


Posted in Bankruptcy, Blog | Tagged , , , , , , , , , , , , , , , , , , | Leave a comment

What ‘to do’ to file for chapter 7 bankruptcy

While there may be a stigma to filing chapter 7 bankruptcy, claiming bankruptcy may alleviate everyday stress and financial burdens. If you decide to file for chapter 7 bankruptcy, be mindful to completely and accurately gather and fill out all documents pertaining to your claim.

To seamlessly file your bankruptcy in an accurate and in a timely manner, follow the following key steps for filing chapter 7 bankruptcy with a Tampa bankruptcy attorney.

DO complete the bankruptcy intake packet that you receive on your initial visit at Blick Law Firm.

DO bring all requested documents to your second appointment. **A third appointment may result in an additional fee.

DO value your personal property at garage sale prices your Tampa bankruptcy lawyer can help you keep as much of your personal property as possible.

DO value your cars using the NADA. Also, check with Kelly Blue Book.

DO plan on having a low balance in your checking account the day you file your petition.

DO notify your creditor if you have retained a bankruptcy attorney to assist in your filing process.

DO stop making payments to your credit card accounts.

DO continue making payments on your mortgage and other secured debts.

DO let your Tampa bankruptcy attorney know of any abusive conduct by any debt collector.

DO inform your attorney of any lawsuits in which you might be involved, including personal injury.

DO take your first and second credit counseling classes. Classes in which to attend will be instructed to you by your law firm.

DO bring your driver license and social security card to your appointments and 341 hearing.

DO call Blick Law Firm if you have any questions.

If you are seeking to discharge your debt, contact a Tampa bankruptcy attorney that has the experience and knowledge to accurately file your information. Call Blick Law Firm today at 813-931-0840 to receive your chapter 7 bankruptcy.

Posted in Bankruptcy, Blog | Tagged , , , , , , , , , , , , , , , , , , | Leave a comment