Income tax can, in some instances, be discharged in a personal bankruptcy. In order for income taxes to be dischargeable, the tax returns had to have been filed at least two years prior, and the same amount of time would have to have gone by before they can become dischargeable.

Income tax can, in some instances, be discharged in a personal bankruptcy. In order for income taxes to be dischargeable, the tax returns had to have been filed at least two years prior, and the same amount of time would have to have gone by before they can become dischargeable.

What Are The Exemptions For Bankruptcy In Florida?

In a Chapter 7 case, in order to obtain the benefit of the discharge, meaning the wiping out of the debt, the tradeoff that the federal government has set is that a consumer is limited on the amount of assets they can keep. The exemptions are the list of property that comes from state and federal law, which says which things you are allowed to keep. In Florida, the abbreviated list includes your homestead or primary residence, a certain allowance of personal property, which includes basic household goods, a limited allowance of vehicle equity, retirement funds, and some other assets. In cases outside of Chapter 7, such as Chapter 13, you are allowed to keep all of your assets, but the exemptions may affect your monthly repayment plan.

Debt Settlement Lawyer Tampa, FL

Our debt settlement lawyer Tampa, FL residents rely on from Ziegler Diamond Law: Debt Fighters understands that there are many situations that can cause you and your family to go into debt. When you’re in a financially stressful situation, you may begin to wonder what you can do to get yourself out. Should you file for bankruptcy? Is it best to use a debt settlement company or would a debt relief lawyer be helpful in this situation? Having a bankruptcy lawyer Tampa, FL offers on your side can be uniquely helpful to you because we have had many clients who are dealing with financial hardships but have been able to come out on top. If you would like to learn more about how debt settlement may be right for you and how our attorney can help you, please give our office a call now.

Why You Should Work With an Attorney

You may be thinking that if you work with a debt settlement company you are cutting out a middle man. They should know what they are talking about and they may have promised you that they can help make your debt go away. However, if what they are promising you sounds too good to be true, it most likely is. Often, debt settlement companies encourage you to stop making payments because they say that the creditors will only settle once you stop your payments. However, when you do stop making payments on your bills and debts, you will begin accruing larger fees and interest. This means you owe a larger sum of money.

On the other hand, when you work with a trusted debt settlement attorney, we can offer you advice on what the best moves are for you and your finances. For example, debt settlement may not be the right option for you. We pore over your finances to ensure that you are making the right decision, whether it is debt settlement, bankruptcy, or something else.

What if a creditor tries to sue me?

This is not entirely uncommon. If a creditor tries to sue you, a debt settlement company will not be very helpful. However, if you work with our team, we have helped many clients with credit settlement when creditors decide to sue them in order to collect a debt. We are prepared to help you when your legal situation gets tough.

If you would like to speak with our Tampa, FL debt settlement lawyer from Ziegler Diamond Law: Debt Fighters, give us a call now.

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Clearwater: (727) 538-4188 | Tampa: (813) 225-3111

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Clearwater: (727) 538-4188 Tampa: (813) 225-3111

Mt. Dora: (352) 600-1326

Debt Settlement Lawyer Tampa, FL

CLEARWATER LOCATION

(727) 538-4188

TAMPA LOCATION

(813) 225-3111

ALTAMONTE SPRINGS LOCATION

(352) 600-1326