Tampa BANKRUPTCY:How can your Tampa Bankruptcy Attorney Help You 813-222-8210
Chapter 7 Bankruptcy
Simple debt relief for people of modest assets and average income. Most people keep all of their assets, including a car and home, in a Chapter 7 bankruptcy.
Chapter 11 Bankruptcy
A complex reorganization for high worth individuals or corporations. Typically an individual should file Chapter 11 Bankruptcy if they owe more than $1.1 Million in secured debt or over $275,000 in unsecured debt.
Chapter 13 Bankruptcy
A simplified reorganization for people with assets or above average income. A chapter 13 bankruptcy may also help reorganize secured debt, such as for a house or car. We can often reduce the loan on a car to the value of the car and spread the payments over an additional 60 months at 5.25% interest. For homes a Chapter 13 can often help catch up on late mortgage payments.
Chapter 13 Mortgage Modification Bankruptcy
A reorganization to modify a mortgage or remove a second mortgage or equity line.
Chapter 11 Bankruptcy
A complex reorganization for a small business or corporation
Creditor and Bankruptcy Litigation What to look for in a bankruptcy attorney: An lawyer that meets your needs: Make sure your bankruptcy lawyer understands what you need out of the case. Each case is unique and you should be certain that your attorney asks the specific questions and answers your concerns about income, assets, debt and other issues that you feel are relevant. Even if they do not apply to the case, counsel should take the time to make certain your questions are covered. Do not go to a Mill: There is little if any different in costs between a mill with offices through out the state, country or even the city, and the costs for a one shop bankruptcy expert. The bankruptcy court typically sets the fees that are allowed in a case, so you are not likely to save money by going to a bankruptcy mill that just does paper processing. The Quality of the work that you receive could be greatly different. The typical bankruptcy mill does not use attorneys to do their work. Clients will meet with para-legals or legal support and not with an attorney. Ultimately an attorney may show up in court, but that is of little comfort if you have never had the opportunity to meet that lawyer before. An expert in the field: Again, there is little difference in the cost from an expert bankruptcy expert and a novice that is learning the area (Often a novice may not know that fees are limited and may cost more than an expert). If you bankruptcy attorney does not file various types of cases, or has other limitations on what they can do for you or discuss with you in bankruptcy, move on. Make certain your Tampa Bankruptcy Attorneyis up to date on changes in bankruptcy: In 2005, there was a substantial change to the bankruptcy code. This change has resulted in a flood of corrections to the bankruptcy code. Add to this the financial crisis that has called for revisions to help the average family, and there is seemingly constant change to the bankruptcy code. A bankruptcy expert is needed to not only be up to date on these changes, but also to understand how these changes may impact your case. You must have a comfortable relationship with a bankruptcy attorney: A bankruptcy is a short process typically only lasting four months for a chapter 7 bankruptcy and 3-5 years for a chapter 11 or 13. Regardless of the short duration, you must be comfortable discussing your questions with your bankruptcy attorney. If your bankruptcy attorney has pushed you off on a para-legal or other staff, or in any way makes you feel scared, intimidated or rushed, you should find new counsel. Many attorneys use scare tactics to sell their business, if you find an attorney that makes you feel that you are in an unnecessary rush, get a second opinion.
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.
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