Difference Between Chapter 7 and Chapter 13 Bankruptcy in Tampa

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If you think that filing for bankruptcy means that there is absolutely nothing left for you to do, think again. The truth is that you still have some options available to you even after you have filed for chapter 7 or chapter 13. The truth is that you can keep your home and pay off some debts. A reliable Galewski Law Group, P.A bankruptcy lawyer can help you determine whether this is indeed the best option for you. Among the most important advantages of filing for chapter 13 is the temporary restraining order.


Bankruptcy Attorney Tampa FL

This comes into effect once you file for chapter seven and lasts as long as the bankruptcy stays to carry out. This ensures that creditors cannot contact you and draw up any contact with your assets. However, this can easily be lifted if you prove that you cannot afford to pay off debts in full. A chapter seven plan allows you to list all your assets and liabilities and work out a distribution of funds. Once this is done creditors are not allowed to come near your assets and they cannot sell them. However, this does not come into effect immediately and you can extend this process if you find that you are still not in a situation to pay off debts.



A reliable Tampa bankruptcy attorney can also guide you on how to file chapter 11. This is a different procedure than chapter 7. Chapter eleven declares that you are unable to pay off your debts and does so by listing all your assets and liabilities. According to the code, your creditors are obliged to allow you to continue to use your assets. Once this has been done your bankruptcy is over and you can resume your financial life with a fresh slate.


As with chapter seven, if you file for chapter eleven all your debts will be discharged. However, this will not come into effect immediately. You will be able to go through the court system until the appeals process is over. If you proceed with filing bankruptcy you must not employ an attorney unless you want to be represented. An attorney can help you fill out the appropriate forms and even get you a discharge so that you can avoid repayment of your debts.


Your creditors cannot touch your assets during this period. Once your bankruptcy is filed, you can begin to pay off your debts. The attorney will draw up a distribution plan with the help of the trustee. The trustee is someone who will distribute the funds so that it is available to your creditors.

In conclusion

a good lawyer will ensure that you have a smooth run when filing bankruptcy. This means that you will be able to pay all your debts without falling into debt again. You will also be able to pay off your assets without having to sell them. The law allows people to keep their assets free from repossession when they file for bankruptcy. Therefore you can avoid the risk of losing all your assets if you go through a good bankruptcy attorney.



Galewski Law Group, P.A are committed to providing you with the best representation possible. We are Tampa's best law firm. Contact online or call (800)755-4968 for a free consultation with an experienced Tampa bankruptcy attorney to discuss your situation and your available options.

Location: Tampa, FL, USA

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