Gone are the days when filing a bankruptcy was generally considered to be a do-it-yourself project. These days most people prefer to hire a professional for this job. Bankruptcy attorneys in Tampa help people get rid of their debt by choosing the ideal type of bankruptcy. In most cases attorneys have to make a choice between chapter 7 and chapter 13 bankruptcies, the two most common forms of bankruptcies. These two types of bankruptcies have been designed for different purposes. Chapter 7 bankruptcy governs liquidation while chapter 13 results into reorganization. In simpler terms chapter 13 allows a person to keep his property and pay back the debt in three to five years whereas chapter 7 forces a person to liquidate the property to pay the creditors. Both these chapters have their pros and cons and a good bankruptcy lawyer is supposed to be fully aware of them in order to make a good decision.
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In this article we will focus on chapter 13 bankruptcy which is preferred by most people because of the fact it results into reorganization instead of liquidation.
While most people would love to keep their property and payback the debt gradually, chapter 13 bankruptcy is not for everyone. There are certain requirements that need to met before filing a chapter 13 bankruptcy. One has to prove that his or her income is enough to run the business and fulfill his monetary obligations. If you are thinking about going for a bankruptcy then you should talk to a bankruptcy attorney. He is the person who can decide whether chapter 13 applies in you case or not. Laws prevent a person from filing this type of bankruptcy if his secured debts (those debts which give creditors the right to sell the property of a person in case of non-payment) exceed $1,010,650 and unsecured debts (debts like medical bills etc which do not give any rights to the creditor) exceed $336,900.
Before filing for bankruptcy one has to attend a credit counseling session arranged by an agency approved by United States Trustee's office. In numerous cases such agencies charge a fee for their services but the fees is reduced or completely waived off if someone is in a very poor financial condition. Other charges that a person needs to bear include a filing fees of $274 (this is the fees being charged these days but the amount keeps changing with time). To have more in-depth instructions you need to talk to an experienced bankruptcy attorney in Tampa.
Bankruptcy can be your chance to get rid of debt but for that, choosing the right chapter of bankruptcy law is of utmost importance. A bankruptcy attorney can help you in making an informed choice. If you don't have enough funds to pay an expensive attorney then there are several ways to find a cheap one. The method preferred by most people involves approaching several law firms simultaneously and comparing their prices with each other to find the one which offers high quality services at the lowest possible price.
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