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Tampa Bankruptcy Lawyer Individual 813-222-8210

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:

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.   Did you know:
Tampa Bankruptcy Attorney – There is life after bankruptcy
There is life after bankruptcy.  There is good credit, new credit cards and lines of credit, home loans and car loans after bankruptcy.  Generally, credit reporting bureaus use three factors to create 90 percent of your score.  your immediate payment history, your debt to credit limit and your debt to income ratio.  The remaining ten percent of your score comes from smaller items such as having to many inquiries in a 6 month period.
Most people on the eve of bankruptcy do not have the greatest immediate payment history.  Filing a bankruptcy can help improve this area over time.  Instantly it is another bad mark, but that mark begins to age almost immediately and is almost a non issue in 12-24 months. Without the bankruptcy you will keep having other bad marks hit your score until you get your credit under control.
Your Debt to credit limit ratio is the amount that you owe compared to what you could possibly owe.  Anything over 20% is bad.  That is if you have $10,000 of total available credit card space and you owe more than $2,000 you are hurting your credit score.  Most people, even those not considering a bankruptcy, seem to be above this mark.  After a bankruptcy you will have no credit card debt and this will be a positive mark on your credit score.
Your debt to income ratio is the amount that you owe compared to what you make. Again anything over 20% is not good.  That is if you make $100,000 per year but owe more than $20,000 you are hurting your score.  Again most people, even those not considering bankruptcy are past this point today. Most people considering bankruptcy are over 25%.  After a bankruptcy there would be no debt and this would be a positive factor in your score.
For these reasons and other most clients report that they are in the 650-720 range within 12 months of a chapter 7.  FHA used to allow people to refinance out of a chapter 13 after 12 payments into the plan.  Due to the market crash FHA now requires you to be 24 months removed from the bankruptcy for a loan.  Other loans are available often at less then 9.9% for new homes.  Credit cards will send you unsolicited offers and car dealers will often give you loans the day after a chapter 7 discharge.
There is life after bankruptcy.
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The Galewski Law Group provides Accident, Insurance Claim, Injury, Chapter 7, Chapter 11 and Chapter 13 bankruptcy, foreclosure defense, mortgage modification, Divorce, and Personal Injury representation to clients throughout the Tampa Bay Area including Hillsborough, Pinellas, Manatee, Pasco, Polk, Sarasota and Hardee County and in cities that include Tampa, Clearwater, Dover, Seffner, Tarpon Springs, St. Petersburg, Palm Harbor, Dunedin, Safety Harbor, Lutz, Holiday,, Oldsmar, Sarasota, Crystal Beach, Bradenton, Lakeland, Brandon, Plant City, New Port Richey, Trinity, Spring Hill, Port Richey, Largo, Seminole, Pinellas Park, and Bartow.
412 E. Madison Street *  Suite 1106 * Tampa, FL 33602 * Stan “The Man” Galewski * www.Galewski.com * 813-222-8210