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TAMPA BANKRUPTCY LAW 813-222-8210

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 contact our office for a no-obligation consultation with a Tampa Bankruptcy Lawyer.

UPDATE: With the recent change in politics in DC, the one thing that both sides of the isle may agree on is helping people save their home. Currently only a chapter 11 can change a mortgage value, but it is expected that Congress will find a way to modify Chapter 13 to allow people to reduce principal due on their mortgage. Currently there is a new shift from the Tampa Bankruptcy Court. Regardless of Congressional Action, the Local bankruptcy court has created its own program to allow modification in a chapter 13 bankruptcy. This program would set a mortgage at 31% of the individuals income so long as it pays principal over 30 year, taxes, insurance and a reasonable interest rate — this plan may even allow a principal reduction. Click here to learn more about a bankruptcy mortgage modification.

Question of the week:

Can a Bankruptcy Lawyer stop a garnishment from a judgment against me?

Yes. A Chapter 7 or 13 bankruptcy can stop certain creditor action such as a garnish of your wages or bank account and may be able to discharge a judgment against you. Contact your bankruptcy lawyer to help determine how a bankruptcy can protect you from garnishment, judgement, foreclosure or other collection activity.

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. 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 your Tampa Bankruptcy Attorney 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.   412 E. Madison Street *  Suite 1106 * Tampa, FL 33602 * Stan “The Man” Galewski * www.Galewski.com * 813-222-8210