TAMPA BANKRUPTCY ATTORNEY'S ANSWER TO FAQ:
1. How do I file Bankruptcy with a Tampa Bankruptcy Attorney?
2. Will a Tampa Bankruptcy Attorney speak with me over the phone?
3. How much does it cost to hire a Tampa Bankruptcy Attorney and to file my Bankruptcy?
4. Do Tampa Bankruptcy Attorneys work in other cities, such as Sarasota, St. Pete, and Brandon?
5. How can a Tampa Bankruptcy Attorney help me?
6. Can a Tampa Bankruptcy Attorney discharge all of my debt?
7. Can a Tampa Bankruptcy Attorney save my home from foreclosure?
8. What is the difference between Chapter 7 and Chapter 13 bankruptcy?
9. What assets are exempt in Florida?
10. What type of bankruptcy do I file?
11. What questions may help me to determine your what Chapter I should file?
12. Can my Tampa Bankruptcy Attorney protect me from the bank after a foreclosure?
13. I have assets and income can I still file Bankruptcy?
14. When should I contact my Tampa Bankruptcy Attorney?
15. How does my Tampa bankruptcy Lawyer explain the 341 meeting of Creditors?
Question of the week:
I am surrendering a home to a mortgage lender to help consolidate my debt, may I still collect rent on the
home, and does this change after filing a chapter 7?
If you have rental income from property but are planning on surrendering the property to the mortgage lender, either
in bankruptcy or foreclosure, the rental income may belong to the mortgage lender. Please refer to your mortgage
and note for details, but often rental income is assigned as part of the mortgage. If you were to file a chapter 7 or 13
bankruptcy, you may still not be able to keep the rental income. In a chapter 7 bankruptcy, the bankruptcy estate
would own the rental property and they would be the proper party to collect the rent. Even if the rent is paid to you,
you may be required to turn over the rent to the bankruptcy trustee. If you file a chapter 13 or reorganization, the
rental income may be used in calculating your income for purpose of determining your discretionary income and
ultimately your chapter 13 plan payments.
I am up-side-down or have negative equity in my home, can a Tampa Bankruptcy Lawyer help me?
If you owe more than your house is worth, your Tampa Bankruptcy Lawyer may help you decide between four
options: pay for the house until the home value increases, return the home to the bank, attempt to negotiate with the
bank for a loan modification or sell the home. If you sell the home, a Tampa bankruptcy attorney may help you to
negotiate a short sale with the bank, so you do not need to bring money to sell. If you decide to give the house to
the bank, this may be done, with or with out a the help of a Tampa Bankruptcy Attorney. If you do not file a
bankruptcy the Court may grant the bank a deficiency judgment against you for the difference between the sale
price and the amount owed. The bank may attempt to collect the difference from your personally or may file a
1098/1099 with the IRS, and treat the deficiency amount as earned income. You would then be personally liable for
the difference as if it were earned income from that tax year. A bankruptcy or reorganization may save you from the
deficiency judgment and the 1099 taxable gain. It is often easier for your Tampa Bankruptcy Attorney to obtain a
discharge from the Tampa Bankruptcy Court prior to the foreclosure sale. Call your Tampa bankruptcy lawyer for
more information.
1. How do I file Bankruptcy with a Tampa Bankruptcy Attorney?
Contact a Tampa Bankruptcy Attorney for a no cost, no obligation phone conference or in-person consultation to
determine under which Chapter of the Bankruptcy Code you may file or read our section on the different types of
Bankruptcy a Tampa Bankruptcy Attorney may help you file. Then either download the appropriate bankruptcy
package or contact a Tampa Bankruptcy Attorney to have one sent to you.
2. Will a Tampa Bankruptcy Attorney speak with me over the phone?
Yes, your Tampa Bankruptcy Attorney will either speak with you when you call in, promptly return your call or will set
up a specific time to have a telephone conference with you.
3. How much does it cost to hire a Tampa Bankruptcy Attorney and to file my Bankruptcy?
The hiring of a Tampa Bankruptcy Attorney is quite affordable considering the financial obligations and benefits that
go with Bankruptcy. Your Tampa Bankruptcy Attorney may be retained in routine cases starting at $800, plus costs
and filing fees. A Sample engagement letter is attached to each of the respective bankruptcy questionnaires below.
Keep in mind that these are sample engagement letters and your costs may exceed those listed if unforeseeable
complications arise. The Galewski Law Group and your Tampa Bankruptcy Attorney reserve the right to charge an
additional fee for non-routine matters.
4. Do Tampa Bankruptcy Attorneys work in other cities, such as Sarasota, St. Pete, and Brandon?
Yes. Your Tampa Bankruptcy Attorney covers most of Central West Florida. The Tampa Court is the hub of most
cases filed in the Middle District of Florida, west of Okeechobee, from Naples to Ocala. There is a court building in
Fort Myers, however the clerk of court and the judge reside in Tampa and work from the Tampa Federal Court
Building.
5. How can a Tampa Bankruptcy Attorney help me?
A Tampa Bankruptcy Attorney may be able to help you to gain a fresh start by filing for protection under the
Bankruptcy Code. Bankruptcy is a court process that offers some protection from creditors by stopping collection
activity against you and affording you an opportunity to gain control. Bankruptcy offers you two avenues to choose
how your debts and assets are handled. Your Tampa Bankruptcy Attorney will help you either liquidate (Chapter 7)
or reorganize (Chapter 11 and 13). Liquidation trades your non-exempt assets for repayment of dischargeable debt.
Reorganization allows you to keep or buy back your assets over time through a proposed plan where you repay a
portion of your debt in return for discharge of the dischargeable debt. You must repay some debts in full; others may
be repaid only partially or not at all, depending on what you can afford.
The bankruptcy Code offers a broad range of power to the debtor including the power to stop court action including
foreclosure. When your Tampa Bankruptcy Attorney files your bankruptcy, a court order called an "automatic stay"
goes into effect. The automatic stay prohibits most creditors from taking any action to collect against your debt to
them, without court approval. This automatic stay or moratorium on collection activity can be used to stop state court
litigation including, but not limited to, foreclosure.
6. Can a Tampa Bankruptcy Attorney discharge all of my debt?
Certain debts cannot be discharged in bankruptcy, but such debt may be open to renegotiation in bankruptcy.
These debts include, but are not limited to, certain taxes debt, student loans, child support, alimony, and certain
kinds of tax debts. Student loans will not be discharged unless you can show that repaying the debt would be an
undue burden, which is a very tough standard to meet. And other types of debts might not be discharged if a creditor
convinces the court that the debt should survive your bankruptcy.
7. Can a Tampa Bankruptcy Attorney save my home from foreclosure?
Often Yes. A Chapter 13 Bankruptcy may stop a foreclosure and allow you to bring your mortgage up to date by
paying the arrearages over time.
8. What is the difference between Chapter 7 and Chapter 13 bankruptcy?
A Chapter 7 Bankruptcy is a liquidation of assets. You must immediately turnover to the bankruptcy estate all assets
that are not covered under your allowed exemptions, unless you purchase them from the bankruptcy trustee. Most
people do not have assets outside of the exemption level, but you must seriously and truthfully review your assets
with your Tampa
Bankruptcy Attorney before filing a chapter 7 bankruptcy.
A Chapter 13 Bankruptcy is a reorganization of debt. The case states with the creation of a plan of reorganization in
which you pay a portion of your debt back. The repayment plan in part is based on a repurchase of non-exempt
assets from the bankruptcy estate; accordingly you may keep most, if not all, of your assets.
9. What assets are exempt in Florida?
The largest and most common bankruptcy exemptions are:
• Homestead. Generally, you may keep the Equity in your home.
• Insurance. You usually get to keep the cash value of your policies.
• Retirement plans. Most retirement benefits are protected in bankruptcy.
• Personal property. A personal property exemption ranging between $1,000 and $4,000.
• Vehicle. Equity in a vehicle of up to $1,000.
10. What type of bankruptcy do I file?
The best way to determine what type of bankruptcy you should file is to contact a Tampa Bankruptcy Attorney for a
no cost, no obligation phone conference or in-person consultation to get an expert opinion. Typically people do not
have much of a choice between Chapter 7, 11, and 13.
11. There are various criteria to determine which chapter of the bankruptcy code applies to you and
you should seek expert counsel from a Tampa Bankruptcy Attorney prior to making any decision. The
following questions may help you to find the correct chapter:
a. Is your individual income, or marital income, above the local median as set by the Internal Revenue Service?
If so you may
have to file under chapter 11 or 13.
b. Do your secured debts exceed $1,010,650 and unsecured debts exceed $336,900, then you cannot use
Chapter 13.
c. Are you trying to save a house or vehicle that you are behind on? If so you may have to file under Chapter
11 or 13.
d. Do you have assets that exceed the exemption level that you will need to buy back from the estate over the
next 3-5 years? If so you may have to file under Chapter 11 or 13.
12. Can my Tampa Bankruptcy Attorney protect me from the bank after a foreclosure?
There are no guaranties, but your Tampa Bankruptcy Attorney can often help to reduce the repercussions from a
foreclosure or a short sale.
13. I have assets and income can I still file Bankruptcy?
Yes. You should contact your Tampa Bankruptcy Attorney for a free consultation and evaluation of your situation.
Even if you have assets, cash, or equity, you still may qualify for different chapters under the Bankruptcy Code.
14. When should I contact my Tampa Bankruptcy Attorney?
You should contact your Tampa Bankruptcy Attorney early. Often people make serious mistakes in the financial
planning, including draining equity or value from protected assets. Certain assets, such as your house and
retirement accounts may be protected from your creditors. Draining the value from them may be an injustice to you
and your family. Contact your Tampa Bankruptcy Attorney today for free information.
To start the process we will need the following information:
Chapter 7 Questionnaire PDF WORD
Chapter 13 Questionnaire PDF WORD
15. What happens and what questions are asked at the 341 Meeting of Creditors?
Click here for your Tampa Bankruptcy Lawyers 341 Meeting of Creditors information sheet.
Tampa Attorney
GALEWSKI LAW GROUP, P.A.
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Tampa Bankruptcy Attorney’s Update to the Bankruptcy Mortgage Reduction or Bankruptcy Mortgage Modification
Amendments:
Senate Rejects Mortgage Cramdown Provision The Senate defeated by 51 to 45 votes an amendment to the Helping Families Save Their
Homes Act that would have granted bankruptcy judges broad authority to modify the mortgage terms for at-risk homeowners Assistant Senate Majority Leader
Dick Durbin, D-Ill., chief sponsor of the ‘cramdown’ provision, said he was disappointed with the vote but would continue to bring the issue to the floor “until the
Senate decides to put the interests of homeowners above the interests of bankers.” Durbin noted that the number of homeowners at risk of losing their homes
now stands at over eight million, compared to nearly two million only two years ago.
“We’ve given the bankers who got us into this crisis every opportunity to responsibly address this crisis and they have failed,” Durbin said.
The White House said that notwithstanding the Senate vote on the Durbin amendment it looks forward to working with Congress to craft “appropriately tailored
legislation to provide a mechanism for homeowners who are out of other options to file for bankruptcy and implement a responsible plan to pay the debts that
they are able to pay.”
Meanwhile, Senate Minority Leader Mitch McConnell, R-Ky., said the provision would have lead to higher interest rates and even greater uncertainty in the
housing and credit markets. “It’s clear that we cannot fix the housing problem by implementing bad policies,” he said.
The American Bankers Association agreed, noting that Congress and the administration have taken several strong steps to help troubled borrowers and get
the economy back on track. “Giving bankruptcy judges broad cramdown authority would work against those efforts and effectively undermine the goal of
stabilizing the housing market,” the association said.
Analysis: Your Tampa Bankruptcy Lawyer notes that this means that for the time a Bankruptcy cannot be used to
reduce the principal amount due on a first mortgage, but since the House has passed the Bankruptcy Reform Bill,
it is possible that a Bankruptcy Judge may have the authority to cramdown or modify a mortgage in the near
future.
LATEST REPORT ON BANKRUPTCY MORTGAGE MODIFICATION:
The Senate voted down the bill proposing to give Bankruptcy Courts the ability to modify. Representatives in the two houses of Congress are looking for new
ways to allow your bankruptcy lawyer to help you save your home: "People in the servicing industry and in the broader financial industry must understand that
if this last effort to produce significant modifications fails, the argument for reviving the bankruptcy option will be extremely strong," said Frank.
But Durbin told The Progress Report in an interview that, ultimately, "I think we're going to beforced into alternatives." One alternative option is taking away the
tax advantage enjoyed by trusts that hold mortgage-backed securities "if the investors refuse to allow modifications."
There is also mandatory mediation, a very successful program requiring that lenders and borrowers meet and try to work out an agreement before a
foreclosure can proceed. Congress could also "temporarily change the rules on foreclosure to give people facing foreclosure the right to rent their homes" at
the market price, giving banks an incentive to modify mortgages, in order to avoid becoming landlords.
LATEST REPORT ON BANKRUPTCY STUDENT LOAN FORGIVENESS:
Several member of Congress have recently stated that they will attempt to pass new legislation regarding student loan discharge. Currently
student loans may only be discharged if they create an undue hardship. The Courts have held that student loans may only be forgiven in the most
serious of situations. Congress has the power to modify the bankruptcy code to define undue hardship and to remove the favoritism to private
student loan creditors over other creditors. We will keep you updated as the bill moves through Congress.