Tampa Bankruptcy Lawyers & Law Firms – Florida | Galewski
Bankruptcy is a legal proceeding made to assist people and businesses eliminate their debts to restructure and repay them under the protection of the Bankruptcy Court. Generally, the two main types of bankruptcy liquidation and reorganization. The two kinds of bankruptcy, liquidation and reorganization, have numerous exceptions and rules. Which Chapter is ideal for you is dependent upon your specific conditions and goals. Included in the solutions we provide the attorneys of our company listen carefully to our customers and are very sensitive to our customers’ needs and goals while giving realistic advice regarding the available choices. Types of Bankruptcy - In a Seven liquidation proceeding, nearly all of your debts are discharged.
During the time of your first consultation, the attorneys of the company will discuss the consequences of pertinent exemption laws. Certain debts aren't dischargeable in a Chapter Seven bankruptcy. Additionally, please note that only customers who pass the means test may file a Chapter Seven Bankruptcy Lawyer Tampa FL. A Chapter 13 bankruptcy is a 3 to five year repayment program available only to individual customers. Sometimes you have to file a Chapter 13 bankruptcy instead of a bankruptcy if you have sufficient income to repay your debts in a chapter plan 13, as determined by an objective assessment called the way test, as mentioned below.
One fundamental benefit of a Chapter 13 bankruptcy in Tampa is that, under certain conditions, it might be used as a vehicle to eliminate a unsecured second mortgage from your home. The lawyers of our company will discuss the viability of the feature of Chapter 13 bankruptcy to your individual conditions during the time of your initial consultation. You might not qualify for Chapter 13 bankruptcy in case your debts have been too high or your income is too low. You might also submit a Chapter 13 bankruptcy if you've assets that you'd lose in a Chapter Seven liquidation proceeding and wish to keep those assets.
A Chapter 11 is a reorganization Proceedings typically utilized by businesses, but additionally can be utilized by individuals who don't qualify for Chapter 13 due to their substantial debts. The purpose of a chapter 11 Proceedings is to provide temporary respite from pre-bankruptcy debts while formulating a program to restructure these debts by payments with time or surrender of pointless assets to reduce the overall debts structure. This procedure also allows the capability to reduce secured debts down to the value of the collateral, and also the rejection and surrender of leases and contracts which are no longer necessary. Chapter Seven Bankruptcy Basics - Florida Chapter Seven bankruptcy is usually the simplest and fastest form of bankruptcy and is available to individuals, married people, corporations and partnerships. Chapter Seven bankruptcy is a liquidation bankruptcy.
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