TAMPA BANKRUPTCY LAW


A Tampa Bankruptcy Lawyer can help you gain a fresh start.  Bankruptcy and debt restructuring are complicated
processes that have long term effects, both beneficial and adverse, on a person’s life.  The court process, dealing with
creditors and the events leading up to the decision to take action involve financial and emotional issues. It is frequently a
stressful, frustrating, and intimidating experience. You should have an experienced and skillful Tampa Bankruptcy Lawyer
to represent you throughout that process. Even an experienced bankruptcy lawyer cannot foresee every difficulty that may
arise in your unique case.  The complexities of insolvency law are such that the services of a bankruptcy lawyer who is
knowledgeable and experienced in that field is highly advisable.


We understand the strain that this process may put on you and your family.  We are dedicated to personal service and our
sympathetic Tampa Bankruptcy Lawyers are ready to help walk you through this difficult time.  Since we understand your
position, we approach each case with the compassion, dedication and heart that you deserve.  For more information or to
see if bankruptcy is an option for you, please click here to contact our office for a no-obligation consultation with a Tampa
Bankruptcy Lawyer or call 813.222.8210

UPDATE: Recently the Tampa Bankruptcy Court has adopted a trial program that will allow residential
mortgage modifications of a homestead property in a chapter 13 bankruptcy.  This program follows
modification of the mortgage to 31% of the gross household income.  Although, the bank has some discretion
and a mediation and bank approval will still be necessary, the Court is so confident in their position that it is
allowing the initial paperwork filed to contain not just the modification proposal, but the start of the payment
process.  This is a great movement against the former position that did not allow any modification of a
homestead mortgage in bankruptcy.  Click here for more information on Modification of a Homestead
Mortgage in Chapter 13 Bankruptcy

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.


Click here for your Tampa Bankruptcy Lawyer's Answers to FAQ.


To start the process we will need the following information:      


Chapter 7 Questionnaire  PDF     WORD

Chapter 13 Questionnaire  PDF   WORD


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's Best Bankruptcy Lawyers: 1112 E. Kennedy Blvd. * Tampa, FL  33602 * T 813.222.8210 * F 813.222.8211

www.Galewski.com

www.GalewskiTitle.com
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Free Bankruptcy Information
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Chapter 7

Chapter 13
Tampa Bankruptcy Lawyer 1112 E. Kennedy Blvd, Tampa Fl 33602, Galewski Law Group, P.A.
Tampa Bankruptcy Lawyer Chapter 7
Tampa Bankruptcy Lawyer
The Galewski Law Group provides Chapter 7, Chapter 11 and Chapter 13 bankruptcy, foreclosure defense and loan modification representation to clients throughout the Tampa Bay Area in cities
that include Tampa, Clearwater, Tarpon Springs, St. Petersburg, Palm Harbor, Dunedin, Lutz, Holiday, Safety Harbor, Oldsmar, Sarasota, Crystal Beach, Bradenton, Brandon, Plant City, Trinity,
Lakeland, Spring Hill, New Port Richey, Port Richey, Largo, Seminole, Pinellas Park, Ozona and throughout Hillsborough County, Pinellas County, Manatee County, Pasco County, Polk County,
Sarasota County and Hardee County.
RECENT UPDATES:

Bankruptcy Updates:

New Bankruptcy Court Filing Fees start November 1, 2011:
• Chapter 7   $306
• Chapter 13 $281
• Chapter 11 $1,046




In order for your Tampa bankruptcy lawyer to correctly advise between filing a Chapter 7, Chapter 11 or Chapter 13 Bankruptcy, we must
administer two tests in bankruptcy.  The first test is called liquidation analysis and is discussed in the FAQ section of the web page.  The
second test is based on average family income and is a test to determine if the bankruptcy candidate has discretionary income.  This is called
the means test.   

The income threshold is based on average NET household income and changes regularly.  The latest amounts come in to effect on November  
15, 2011 and for Florida they are:

Number of People in the home                Allowed Net Income
1                                                                   $40,766
2                                                                   $49,729
3                                                                   $52,840
4                                                                   $62,742
Add $7,500 for each additional household member.

Note that the net income allows deductions for certain regular expense that will remain after bankruptcy including but not limited to mortgage
payments and car payments.  Please contact your Tampa Bankruptcy Attorney for a free consultation in person or over the phone to
determine how your income and expenses fit into the means test.

For each family size other than an individual the amount you may make has decreased.  This s a incentive to file sooner rather than later for
most families.
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