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 or reorganization 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 delinquent amount over time. Recently the Tampa Bankruptcy Court adopted a mediation program that may allow for the reduction or modification of a mortgage in a Chapter 13 Bankruptcy. The Mortgage Modification program may allow for a principal reduction or interest rate modification. Click here to learn more about a Chapter 13 Mortgage Modification.
8.What is the difference between Chapter 7 and Chapter 13 bankruptcy?This is explained in Better detail in your Tampa Bankruptcy Attorney’s Bankruptcy Director page, but here is a short overview: 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. Chapter 7 Bankruptcy Overview 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. Chapter 7 Bankruptcy Overview
9.What assets are exempt in Florida?The largest and most common bankruptcy exemptions are:
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. Please Click here for Bankruptcy FAQ’s 1-5and here for 11-15