Discharge Debt with a Chapter 7 Bankruptcy
If you are struggling with debt, bankruptcy may allow you to obtain a fresh start. One of the most significant benefits of bankruptcy is the ability to discharge debts.
Through a Chapter 7 bankruptcy, you may discharge most forms of consumer debt, including:
- Credit card debt;
- Medical bills;
- Liability for breach of contract;
- Liability arising out of a repossession or foreclosure; and
- Certain judgments
Some debts are non-dischargeable for public policy reasons, such as certain tax debts, alimony, child support, student loans, restitution, debts arising out of fraud, etc.
In exchange for this debt relief, you may have to give up certain property you cannot protect under the law to be sold as part of the bankruptcy estate. Visit our section on bankruptcy exemptions to learn about property that may be protected from liquidation.
If you are struggling with debt and want to learn more about bankruptcy, contact B&B Law Group in Lutz, Florida. Our experienced bankruptcy lawyers serve clients throughout the greater Tampa Bay area.
Discharging Debts Through a Chapter 13 Bankruptcy
Chapter 13 is a consolidation and repayment chapter. As such, you will likely repay that portion of your unsecured debt that you are able to pay over a three or five year debt repayment plan. Any portion of your unsecured debt that you are unable to repay, as determined by the court, may potentially be discharged. As with Chapter 7, however, certain debts may not be discharged.
Contact Our Tampa Bankruptcy Attorneys
We are pleased to offer a free consultation and case evaluation to help you determine if bankruptcy is right for you. We can also help you determine which type of bankruptcy is best for your situation. For help, call us today at 813-333-9583 or contact us by e-mail.
