Discharging Debt Lawyer Tampa, FL
Living with debt can be extremely stressful. You may be continuously falling behind on payments and receiving daily calls from debt collectors. Working to make ends meet can take a toll on your wellbeing. As a discharging debt lawyer Tampa, FL offers might explain to you, it may be possible to give you a fresh start.
Debt does not have to destroy your life. Get the financial relief you need with the help of a debt and bankruptcy lawyer Tampa, FL respects. Call the The Law Office of Michael A. Ziegler, P.L. today
What is a Discharge of Debt?
A debt discharge, or discharge of debt, refers to a complete or partial elimination of debt. If your debt is discharged, you will no longer be obligated to pay it. The creditor will not be able to contact you or take legal action against you.
How You May Be Able to Discharge Your Debt in Florida
One of the primary benefits to filing for bankruptcy is the ability to discharge your debt. The rules that may apply to your situation will vary depending on the type of bankruptcy you are filing.
Chapter 7 – If you choose to file for chapter 7 bankruptcy, many of your assets will be sold. The proceeds will be used to pay off your debt. For many people, they won’t have enough assets to cover their debt. In general, this won’t matter. As a Tampa, FL discharging debt lawyer might explain to you, most or all of your remaining debt will be discharged by the court.
Chapter 13 – This type of bankruptcy is known as a repayment plan bankruptcy. With the help of a lawyer, you will create a practical plan to repay your creditors over a period of three to five years. Once the plan is completed, the remaining balance owed will be discharged.
Not All Debts Can Be Discharged
Debt can be classified as discharable or non-dischargeable. A dischargeable debt includes debt that can be eliminated through bankruptcy. Non-dischargeable debt will not apply. Examples of both types of debt are as follows:
- Medical bills
- Credit card bills
- Personal loans
- Utility bills
- Child support
- Spousal support / alimony
- Student loans
- State or federal taxes
In general, the above debts cannot be discharged. That said, there have been a few cases in which student loans were discharged. This subject is ever changing, and there are new precedents being set. A discharging debt lawyer in Tampa, FL can talk to you about whether or not this is possible.
What Type of Bankruptcy Should I Choose?
There are advantages to each type of bankruptcy, In general, Chapter 13 bankruptcy allows more debt to be discharged. Examples of debt that can be discharged in ch. 13 but not ch.7, include:
Debt that you incurred to pay non-dischargeable debt. For example, you paid your taxes with a credit card.
- Debt that was given to you during a divorce.
- Some court costs or fees
- Certain homeowners’ association fees
- Debts that were not discharged in a previous bankruptcy case.
If you would like to know more about discharging your debts, call a discharging debt lawyer in Tampa, FL today.
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