Tampa Chapter 7 Bankruptcy Lawyer
Find Out If Filing for Chapter 7 Bankruptcy Protection is the Right Choice For You
With the economy on a downswing, many people have been hit by financial crises. Individuals face foreclosures, high mortgage payments, lower valuation of their houses, rising student loan debt, increasing medical bills, loss of jobs and more. If a person is so financially distressed that there seems to be no way to move forward, Chapter 7 bankruptcy may be his or her best option.
Chapter 7 bankruptcy can protect exempt assets and get the borrower out of a financial hole. The Chapter 7 bankruptcy laws provide the safety net many individuals need when they are trying to regain their financial stability.
At Yesner Law, we guide individuals in Tampa and throughout Florida through the process of filing Chapter 7 bankruptcy. We help our clients determine whether bankruptcy or alternatives to bankruptcy are the most effective way to achieve protection from creditors and to regain their financial footing, contact our Tampa Chapter 7 bankruptcy lawyers today.
Dispelling Myths About Chapter 7 Bankruptcy
Many individuals need debt relief, but they are afraid to file for bankruptcy because they have misconceptions about the process. When we work with individuals, we dispel the common bankruptcy myths. For example, individuals who are interested in keeping their homes, are current on the payments and can afford to continue making payments may be able to keep their homes in a Chapter 7.
Chapter 7 bankruptcy allows individuals to make a fresh start as most debts are considered discharged. A trustee is appointed to sell any assets that are not exempt under Florida law. Then, the exempted amount is protected, and the remainder of the money (if any) is used to pay creditors.
Who is Eligible for Chapter 7 Bankruptcy?
Not every individual in the United States can file for Chapter 7 bankruptcy protection. In Florida, a borrower must meet the standards created by the “means test”. In the most simple terms, the means test mandates that an applicant’s income — over the last 180 days — must be less than the median income for the state of Florida. To be clear. this calculation is on a household-size adjusted basis. In other words, the head of household for a family of four can have a higher income than can someone who is seeking Chapter 7 protection as a single individual.
If you do not satisfy the means tests, you will have to consider another bankruptcy option or debt relief option. Do not give up. Our Tampa, FL bankruptcy attorney can help you find the best available solution to your financial issues.
Is Filing for Chapter 7 Bankruptcy Right for Me?
It might be. As a general matter, the deeper your financial hole and the lower the amount of current liquid assets you hold, the more likely it is that Chapter 7 bankruptcy protection is the best available debt relief option. For many individuals, Chapter 7 offers a number of different advantages. Among other things, this type of bankruptcy provides the following:
- Efficiency: Chapter 7 can be an efficient path back to financial stability. In some cases, you can get through Chapter 7 in less than six months. This might best the fastest and cheapest way out of crushing debt.
- Wipes Out Debt: With Chapter 7 most debts can be discharged. In other words, the debts will be erased. In this way, Chapter 7 allows for a true fresh start. It is the second chance that everyone deserves.
- Some Property Protection: While applicants may lose some of their non-exempt liquid assets when they file for Chapter 7, there are also protections in place. You may be able to keep your home, certain retirement savings, and even your vehicle. Our lawyer can help you assess your options for keeping property and assets through bankruptcy.
What are the Drawbacks of Chapter 7?
There are always costs to filing for personal bankruptcy. A Chapter 7 bankruptcy filing will cause damage to your credit and it will stay on your credit report for ten years. That being said, this can be a very small price to pay for getting out of debt. Certainly, alternatives to bankruptcy should be explored, but for some people filing for Chapter 7 bankruptcy is the best option.
We Can Help At Every Step Of The Process
Since the legal niceties are complex, it is always a good idea to seek the services of a competent Florida lawyer. At Yesner Law, we have been practicing in Florida state and federal courts for more than a decade, allowing us to guide our clients through the bankruptcy or debt alternative proceedings that are best for their financial health.
To learn more about the counsel an experienced Tampa Chapter 7 bankruptcy lawyer can provide, contact us to schedule a free initial consultation. We can be reached through our online contact form or by calling 727-261-0224.
Get Help From Our Tampa Chapter 7 Bankruptcy Lawyer Today
At Yesner Law, our top-rated Tampa bankruptcy lawyer has extensive experience handling Chapter 7 bankruptcy filings. We are committed to offering clients the fully personalized legal representation that they deserve. Regardless of your financial situation, you have legal options available.
For a free, strictly private initial consultation, please do not hesitate to contact our legal team right away. From our law office in Clearwater, we handle Chapter 7 bankruptcy claims throughout the region, including in Hillsborough County, Pinellas County, Pasco County, and Polk County.
