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Clearwater / Tampa Bankruptcy Attorneys and Lawyers
Bankruptcy Safety Harbor
Page 1 of 3
Bankruptcy Introduction
A bankruptcy is a legal proceeding which allows you to get out of debt and get a fresh start. The bankruptcy process is governed by an act of Congress known as the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, and local rules of bankruptcy. The bankruptcy process also utilizes state laws to determine exemptions which vary from state to state and rights of parties within the proceeding.
Bankruptcy does not discharge most mortgages or liens. If the Debtor decides to keep his/her house or automobile, then payments must continue to be made. If the Debtor is facing a foreclosure or has had an automobile repossessed, then the Debtor may use a Chapter 13 to make payments over time to cure the past due payments and bring the loan current.
Are there different forms of bankruptcy relief?
| There are two types of bankruptcy relief that are available to you under the federal bankruptcy code. What kind of bankruptcy is right for you depends on your income and individual situation |
Chapter 7 bankruptcy may eliminate most kinds of unsecured debt. Some examples of unsecured
debts are credit cards; medical bills; most personal loans; judgments
resulting from car accidents; and deficiencies on repossessed vehicles.
Technically, the debtor's
assets are to be taken and sold so that the proceeds can be distributed
to the debtor's creditors. However, you typically can keep all of your property. This
is because of many important exemptions that protect consumers. For
further explanation of these exemptions, please see below. Also, contact us today for a free consultation and we will explain how these exemptions will affect your case.
Chapter 13 bankruptcy is
an interest-free debt repayment plan through which you consolidate your
debts and make a payment on your debt over a 3 to 5 year period. While
in a Chapter 13 debt repayment plan, the creditors cannot collect from
you, and the creditors are required by a Federal Court order to adhere
to the terms of the plan. One very important thing to remember about
Chapter 13 bankruptcy is that you must be working or have a consistent source of income for
your repayment plan to be approved by the court. Not only must you be
able to pay for your monthly living expenses, but you must also be able
to make a payment to the court to consolidate your debts.
Debts
that are generally consolidated in a Chapter 13 bankruptcy are mortgage
arrears, balances on vehicle loans, student loans, credit card debts
and other unsecured debts. All outstanding debts must be included in
the Chapter 13 consolidation.
"Serving Pinellas, Pasco, and Hillsborough Counties."
Carolyn Secor, Attorney at Law
Bankruptcy Attorney Tampa Bay Florida
Florida Law Firm with Offices in
Clearwater (Main Office) Tampa St. Petersburg Port Richey
Phone: 1-727-254-1704
www.bankruptcyfortampa.com
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
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