CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

What are Your Bankruptcy Options?

Bankruptcy Options Tampa, Pasco, St Petersburg Florida.How Bankruptcy Works

Bankruptcy can be a powerful tool to help you get back on track financially. But before you file, it’s important to understand that filing for bankruptcy can mean different things for different people.

In some cases, bankruptcy will eliminate all of your debts and give you a completely fresh start. For others, bankruptcy is a way to get their current debt load under control and protect valuable assets from seizure.

Bankruptcy gives you many options and the best way to approach bankruptcy is to review your specific situation with an experienced bankruptcy attorney who can help you explore your specific options and make the best choices for you.

What are your bankruptcy options?

Bankruptcy is a big decision. This doesn’t mean it isn’t the right decision if you are struggling financially, but it does mean you need to weigh the pros and cons before filing. Having a bankruptcy on your credit report can affect your ability to get a loan or to file in the future if you fall on hard financial times again.

Once you file for bankruptcy, it remains on your credit report for up to 10 years. This is longer than the average negative mark remains on your credit report, so you need to ensure bankruptcy is truly the best choice for you before filing.

Types of Bankruptcy

The first option you’ll explore once you decide to file for bankruptcy is whether to liquidate your assets to repay your debts (chapter 7) or to reorganize your debt to make it more affordable (chapter 13). Much of this decision depends on your income.

In order to qualify for chapter 13, you must have an income, which is why this type of bankruptcy is sometimes known as “wage earners’ bankruptcy.” In chapter 13 bankruptcy, creditors might receive all, part, or none of what you owe them, but for three to five years you’ll be making payments toward your debts in one lump sum.

If you opt for chapter 7 bankruptcy, the bankruptcy trustee will liquidate your assets and use that money to pay creditors. Creditors might receive all or a portion of the money you owe them depending on how they are prioritized. In some cases, creditors receive nothing you owe them, but they still have no legal standing to pursue you for the debt. Chapter 7 bankruptcy truly means you are free of your obligation to repay qualified debts.

Non-Dischargeable Debts

It’s important to realize that not all debts are dischargeable in bankruptcy. This means that depending on your type of debt bankruptcy might not be the best option for you.

For instance, if the largest and most pressing debt you’re dealing with is related to child support, bankruptcy will do nothing to remove your obligation. It can free up money so you can afford to pay child support payments, but child support and other court-ordered financial obligations are never discharged in bankruptcy. The same is true for some tax debts and some student loan debts.

For more information about what debts might be non-dischargeable in bankruptcy, check out this information from Investopedia.com.

No matter what you choose – chapter 7, chapter 13, or a non-bankruptcy option – it’s important to understand what lies ahead. Your specific circumstances have a major impact on whether bankruptcy is the right choice for you and discussing your situation with a bankruptcy attorney is essential if you want to choose the best option in your case.

For more information or to schedule a consultation to discuss your bankruptcy options, contact the Law Office of Robert M. Geller at (813) 254-5696.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

How Does Getting Married Affect Bankruptcy?

If you are considering bankruptcy, you may be wondering how getting married affects your ability to file. The answer is...
Read More

How Does Filing for Bankruptcy Affect a Vehicle Loan?

If you're considering bankruptcy, you may be wondering if you'll be able to keep your car. The answer depends on...
Read More

8 Ways to Deal with Student Loan Debt

If you're one of the millions of Americans saddled with student loan debt, you're probably looking for ways to minimize...
Read More

Tips for Handling Credit Card Debt

If you're struggling with credit card debt, you're not alone. The average American household owes nearly $6000 in credit card...
Read More

Don’t Fall for These Common Bankruptcy Myths

There are a lot of misconceptions out there about bankruptcy. Working with a debt defense attorney is one of the...
Read More

Can Filing for Bankruptcy Affect My Career?

It’s common for people considering bankruptcy to wonder how filing affects their job. The answer to this question depends on...
Read More

Can I Fix My Credit After Bankruptcy?

Wondering how to improve credit after bankruptcy? Here's what you need to know. Bankruptcy can be a fresh start for...
Read More

What Happens If I Can’t Afford Chapter 13 Bankruptcy?

Are you wondering what happens if I can’t afford my chapter 13 payments? Here's what you need to know when...
Read More

Help I Regret Filing for Chapter 7 Bankruptcy

Bankruptcy isn't the right choice for everyone. Depending on your unique financial situation, you may be able to find other...
Read More

How a Bankruptcy Attorney Helps You Avoid Problems When Filing

Do you know what mistakes to avoid when filing for bankruptcy? If you're considering filing for bankruptcy, it's important to...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

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

Pay Online Bankruptcy Courses Newsletter Subscription

Call For A Free Initial Consultation

813.254.5696

Tampa Office

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

Map And Directions

St. Petersburg 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

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions