Different Types of Bankruptcy
Chapter 13 Bankruptcy Lawyer Tampa, FL
When you’re considering bankruptcy, you want to know your options. Bankruptcy can eliminate all of your debts but you may want to keep some of your debts.
What is Chapter 7 bankruptcy?
When most people think of bankruptcy, Chapter 7 is what comes to mind. Chapter 7 bankruptcy eliminates all of your debt. After you’ve paid all of your monthly bills like rent and utilities, if you have no money left, Chapter 7 might be the right path for you.
Chapter 7 bankruptcy provides you the ability to have your credit card debt erased. Credit card debt can be debilitating. Sometimes you need a fresh start and Chapter 7 bankruptcy might be your solution.
What is Chapter 13 bankruptcy?
Chapter 13 bankruptcy is different from Chapter 7 in that not all of your debt is eliminated. Under Chapter 13 bankruptcy, you get a payment plan to repay your debt. Generally, this payment plan takes place over the course of three to five years. This allows you to keep your possessions while also repaying the debt. The debt is forgiven at the end of your payment plan.
The best part of this is that you determine how much money you pay each month to your creditors. Skilled bankruptcy attorneys help you determine your recurring monthly costs to see what you can include in your payment plan.
When is the right time to file bankruptcy?
Everyone is different and every situation is different. What bankruptcy does for you is it stops the bleeding. Once you file bankruptcy, all foreclosure stops, all legal action against you stops, all harassing creditor phone calls must stop.
So the right time for you to file bankruptcy won’t be the same as the right time for another client. But when you can’t pay your bills anymore, when you are struggling to get by, that’s the time to reach out to us to discuss your options.
Do I need to hire a lawyer to file bankruptcy?
While you are not required to hire a lawyer to file bankruptcy on your behalf, it is always best to use an experienced bankruptcy attorney to guide you. No matter which type of bankruptcy you choose, there is a great deal of paperwork that requires accuracy and timeliness. If you miss a deadline or fail to provide all of the information required, your case could be dismissed.
We have helped many clients just like you and we know what’s required. We can make sure your documents are filed timely and accurately so you don’t incur additional and unnecessary fees while avoiding costly delays.
How do I get started?
You call a law firm today. They have the experience you need to help you get back on your feet.
The longer you wait, the more bankruptcy may cost you. You will owe more interest and you will deal with more harassing creditor phone calls. Working with a chapter 13 bankruptcy lawyer Clearwater, FL offers from The Law Office of Michael A. Ziegler, P.L. can take the stress off your shoulders by handling those creditor phone calls for you. They will also help you create a plan that gets your finances in order and get back on your feet.