CALL FOR A FREE
INITIAL CONSULTATION
813.254.5696

BRIDGING YOU TO A BRIGHTER FUTURE

Tampa FL Bankruptcy - What You Should Know about Chapter 7 Discharge

Determining whether chapter 7 in Tampa Bay is right for you can be challenging. An experienced bankruptcy attorney can help you make the ultimate decision, but it helps to understand a bit about your options before you even contact a bankruptcy expert. You’ll be able to ask the right questions and really make an informed decision based on your circumstances.

What are the most important things to understand about filing for chapter 7 bankruptcy?

Chapter 7 Discharge Eliminates Debt

In general, bankruptcy offers two options: restructuring debt to make it easier to pay and discharging debt so you aren’t obligated to pay. The latter is chapter 7. Chapter 7 bankruptcy allows you to discharge certain debts, including credit cards and medical bills, so creditors no longer have a legal means of pursuing you for that debt. You must meet certain qualifications to be eligible for debt discharge, but it is one of the best ways to get a fresh financial start.

Chapter 7 Doesn’t Eliminate ALL Debt

There are some debts that are non-dischargeable, so you’ll still have a responsibility to pay. Debts not eliminated in a chapter 7 bankruptcy filing include spousal and child support payments, income taxes owed within the last three years, student loan debt, and criminal fines and fees.

Creditors are also given the opportunity to dispute whether their debt is dischargeable, so it’s important you understand the rules of debt discharge in advance. If much of your debt is not dischargeable, chapter 7 might not be your best option.

For a complete list of dischargeable and non-dischargeable debts, visit USCourts.gov.

Filing Chapter 7 Bankruptcy is Not Free

It surprises many to realize they need money to file for bankruptcy. After all, if they had money they wouldn’t be in this mess, right? Unfortunately, filing can cost a few thousand dollars, so you’ll need to look at your current financial situation and determine whether you have the money to file for bankruptcy or whether you’ll need to wait and focus on filing in the coming months. Fees vary based on your situation, so it’s important to speak to a bankruptcy attorney before you decide whether or not now is the right time to file.

You’ll Still Have Financial Responsibilities

Filing for bankruptcy can release you from the obligation to pay some debts, but it doesn’t absolve you of all financial responsibility. The bankruptcy will appear on your credit report for several years, so anyone assessing your credit history will be aware of your situation. You’ll also be required to attend classes to learn how to better manage your money in the future. Bankruptcy is not a way to be irresponsible and scam the system, it’s a tool available to help you get back on track and create a better financial strategy for the future.

If you believe chapter 7 bankruptcy might be right for you or you have questions about filing for bankruptcy in general, we can help. Contact the Tampa bankruptcy Law Offices of Robert M. Geller at 813.254.5696.

 

What is Debtor’s Education?
Your Life on Hold: Patience is a Virtue in Bankrup...

Related Posts

Contact Us

First Name

Invalid Input
Zip Code

Invalid Input
Last Name

Invalid Input
Phone

Invalid Input
Email

Invalid Input
Case Details

Invalid Input
Security Code *

Invalid Input



For The Next 5 Days Get A Free Book About Bankruptcy



Contact Us For
More Information

Tampa Bankruptcy Attorneys - Law Firm Profile


Tampa Bankruptcy Attorneys - Law Firm Profile
Tampa Bankruptcy Attorneys - Law Firm Profile

Chapter 7 Bankruptcy in Tampa - Robert Geller Bankruptcy Lawyer
Chapter 7 Bankruptcy in Tampa - Robert Geller Bankruptcy Lawyer

Chapter 13 Bankruptcy Lawyer in Tampa, FL, Robert M. Geller Attorney
Chapter 13 Bankruptcy Lawyer in Tampa, FL, Robert M. Geller Attorney

Creditor Harassment - Robert Geller Tampa Bankruptcy Attorney
Creditor Harassment - Robert Geller Tampa Bankruptcy Attorney
 
comodo 10.0Robert Marc Geller
Robert Marc GellerClients’ ChoiceAward 2017 Robert Marc GellerReviewsout of 32 reviews

We are A Debt Relief Agency.
We help people file for
bankruptcy under the Bankruptcy Code

Pay Online    

Office Locations

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405
Maps & Directions


Tampa Law Office Map

Satellite Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G

St. Petersburg, FL 33701
T: 727-532-3939
Maps & Directions


Map and Directions

At the Tampa Bay law firm, the Law Offices of Robert M. Geller, P.A., we help people with consumer bankruptcy matters in the Tampa Bay-St. Petersburg,  Florida communities such as Clearwater, St. Petersburg, Thonotosassa, Riverview, Lutz, Plant City, Brandon, Carrollwood, Wesley Chapel, St. Petersburg Beach, Lakeland, Mulberry, Dade City, Pinellas Park, Largo, Seminole, Odessa, Oldsmar and Lithia, and counties such as Hillsborough County, Pinellas County, Pasco County, Polk County and Manatee County.