From Your Tampa Bankruptcy Attorney: What is Bankruptcy? Bankruptcy is a legal proceeding meant to provide debt relief for people who cannot afford to pay all or a portion of their debts. The Bankruptcy Code is set forth in Title 11 of United States Code (the "Bankruptcy Code"). Since filing bankruptcy in Florida is covered under federal law, all bankruptcy cases are filed in federal court. However, some Florida laws may still apply to your case and ultimately affect the outcome of your bankruptcy.
This may sound a little intimidating, and it can be, if a Tampa bankruptcy attorney does not properly represent you when you file your bankruptcy. Bankruptcy laws are complicated, and the law often changes. Whether you want to file a Chapter 7, Chapter 11, or Chapter 13 bankruptcy, it's important to retain the services of an experienced bankruptcy lawyer in the Tampa Bay area so that you do not lose your rights or your property.
The United States Bankruptcy Code is divided into several different chapters. The most well known of these chapters are Chapter 7, Chapter 11, and Chapter 13. At B&B Law Group, each Tampa bankruptcy attorney practices in the area of individual consumer bankruptcy as set forth in Chapters 7 and 13. (Chapter 11 bankruptcy is typically used for business and corporate reorganization.) When you speak to a Tampa bankruptcy lawyer from B&B Law Group, we can review your financial situation and determine whether you qualify for Chapter 7 or Chapter 13.
A Chapter 7 bankruptcy is known as the liquidation chapter. It is also known as a "straight" bankruptcy. If you qualify (certain above-median income debtors may be disqualified from filing a Chapter 7 under the new Bankruptcy Code), the Court will discharge any debts that are dischargeable under the Bankruptcy Code (typically all unsecured debts, such as credit cards, medical bills, etc. ...). However, some debts are non-dischargeable for public policy reasons, such as taxes, alimony, child support, student loans, restitution, 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.
Chapter 13 bankruptcy is another option that a Tampa bankruptcy attorney from B&B Law Group can assist you with. Chapter 13 is a consolidation and repayment chapter. A Chapter 13 Bankruptcy enables you to keep valuable property that may have been taken in a Chapter 7 bankruptcy. Instead, you propose a repayment plan in which you propose to pay off a portion of your debts over 36 months (3 years) or 60 months (5 years) with no interest in most cases.
To learn more about filing bankruptcy in Tampa, Florida call B&B Law Group at (813) 949-6008 to schedule a free initial consultation with a Tampa bankruptcy attorney. We will be glad to meet with you at our offices in Tampa to review your case.
