If you are struggling to keep up with your monthly expenses due to overwhelming amounts of debt, the idea of filing for bankruptcy most likely has crossed your mind and you should contact a Tampa, FL Chapter 7 bankruptcy lawyer now. Should you reach the determination that bankruptcy is the most appropriate option, you will need to make a number of decisions. Although you may choose to pursue bankruptcy pro se (without a chapter 7 lawyer), it may be a good idea to have legal counsel. A Chapter 7 Tampa lawyer in Florida can be invaluable in providing you with guidance in order to determine the best strategy moving forward. When considering chapter 7 bankruptcy, take the time to properly research attorneys in your area so that you are able to find a professional who is experienced with bankruptcy proceedings. Ziegler Diamond Law: Debt Fighters has extensive experience with Chapter 7 bankruptcy and would be happy to speak with you.
Bankruptcy is a debt relief option for those who want to get their financial life back on track. It is a form of federal protection that protects people in debt from being harassed from creditors and from living underneath the weight of crushing debt with no solution in sight. Chapter 7 is known as liquidation bankruptcy, as this process can lead to the elimination of eligible debts in as few as 90 days.
Unfortunately, no. While the majority of debts, including those from out of state can be eliminated by the Court, some debts (including federal student loans, except under truly extreme circumstances) can’t be discharged. A consultation with an experienced Tampa Chapter 7 bankruptcy lawyer will help you figure out what to expect if you choose this Chapter as your route to debt relief.
In Chapter 7 bankruptcy cases, a trustee is named as the person to act on behalf of the court. They will be the ones to gather any non-exempt assets you may have, sell them, and pay your creditors with the money resulting from the sale. Trustees are also important because they ensure the entire chapter seven bankruptcy process is done correctly and efficiently. If you’re concerned about losing your property during the bankruptcy process, know that most low-income filers are able to keep most, if not all of their property safe from this risk. An experienced Tampa, FL Chapter 7 attorney can explain when an asset may be too valuable to be considered exempt by the Court.
Even though each state has different rules on what is included during the asset exemption process, typically the properties you can keep are a mix of:
| Asset Type | Exempt | Non-Exempt | Explanation |
|---|---|---|---|
| Primary Home | Yes (up to a value) | No (if value exceeds limit) | Limited based on state law |
| Vehicles | Yes (up to a value) | No (if luxury or excessive value) | Basic vehicles are protected |
| Clothing | Yes (reasonable amount) | No (if deemed excessive) | Necessary clothing is exempt |
| Household Furnishings | Yes (essential items) | No (if luxury items) | Ordinary household goods allowed |
| Tools of Trade | Not specifically in Florida | No (if overly valuable) | Tools essential for employment |
| Public Benefits | Yes | N/A | Social Security, unemployment, etc. are protected |
| Step | Description | Estimated Time | Additional Notes |
|---|---|---|---|
| Preliminary Eligibility Check | Review of income and assets based on estimates provided by client to determine eligibility | During consultation | |
| Credit Counseling | Complete a credit counseling course | 1-2 days | Must be from an approved agency |
| Filing Petition | Submit required bankruptcy forms to the court | Depends on when client provides documents; after petition has been drafted and reviewed | Done through the lawyer or pro se |
| Automatic Stay | Court prevents most creditor actions | Immediately | Stops harassment by creditors |
| Meeting of Creditors | Trustee verifies financial records and identity | Approximately 1 month after case filed | Creditors may or may not attend |
| Property Exemptions | Identify assets that can be retained | Throughout process | Depends on state-specific rules |
| Discharge | Eligible debts are discharged by the court | 90 – 120 days after filing | Certain debts (e.g., student loans) are not discharged |
While any person who has citizenship, has property in, and does business in the United States can file for Chapter seven, it is recommended that only those who have substantial debts and not enough steady income file for Chapter 7. This Chapter is seen as a very drastic measure as your property will be taken away from you, so if you have adequate income, a Tampa, Florida Chapter seven bankruptcy lawyer may suggest you file for the repayment plan of Chapter 13. Filing for bankruptcy can be confusing, but you don’t have to feel overwhelmed if you work with an experienced Tampa, Florida Chapter 7 bankruptcy lawyer at Ziegler Diamond Law: Debt Fighters Do not hesitate to set up a consultation with us today to learn more about your debt relief options and how we can support the option that makes most sense in your situation. Chapter 7 bankruptcy offers powerful relief, but it’s designed for those facing overwhelming debt with limited income. Since it may require the sale of your assets, it’s not always the right fit. A skilled bankruptcy attorney can guide you toward the best path-whether it’s Chapter 7 or a Chapter 13 repayment plan-based on your unique financial situation.
Struggling with debt in Clearwater? Our dedicated Chapter 7 Bankruptcy attorneys understand the unique needs of Clearwater residents and are ready to help you regain financial control.
Call (813) 225-3111 Schedule Your Free ConsultationAll consultations are confidential and pressure-free. Let us assist you in making the best choice for your future.
Asset – Something owned by a debtor Chapter – The U.S. Bankruptcy Code is broken up into chapters. Each major Chapter of the Code (including 7, 11, and 13) governs a different type of bankruptcy. Most consumers file under Chapter 7 and Chapter 13, while businesses generally file under Chapter 11. Creditor – Someone who is owed money from a debtor Debtor – Someone who owes money to a creditor Injunction – Instructions from the court that prevent someone from taking a specific kind of action Liability – The debt that is owed by a debtor to a creditor Lien – A legal claim to possess an asset owned by a debtor until the debtor pays a creditor or otherwise fulfills the terms of a contract or agreement Liquidation – The process of selling assets so that their value can be converted into cash Means Test – The process of determining whether someone is eligible to file for bankruptcy (usually in reference to eligibility for Chapter 7 bankruptcy due to income limits on this process imposed by the courts) Pro se – The process of representing oneself in court without the assistance of an attorney 625 E Twiggs St Suite 1043 Tampa, FL 33602
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