Tampa Bankruptcy Attorney

Bankruptcy has been a part of our law for hundreds of years and is one of the oldest consumer protections afforded by our laws. The purpose of a bankruptcy is to allow consumers who have been over extended to the point where they have few, if any other options, to have relief from their creditors and to have a fresh start with their financial lives.

Consumer Bankruptcies may be filed under Chapter 7 or 13 under the bankruptcy code. Chapter 7 allows for a complete discharge of all your debts but not all consumers may qualify. Chapter 13 allows your debt to be restructured and a percentage to be paid in a 3 to 5 year plan structured by the Bankruptcy court. The determination of which plan you will qualify is done by the application of what is called a "means test". Under the means test, your Current Monthly Income is compared to a similarly sized family in Florida and is then calculated with a mathematical formula that takes into account designated expenses that are deducted to give the consumer his Net Monthly Income. If your Net Monthly Income is above a certain threshold, you will not qualify for a Chapter 7 and must file under Chapter 13.

Spouses may not have to file bankruptcy jointly if the majority of the debt has been acquired in one of the spouse's names. Many factors go into the determination of factors involved with spouses filing bankruptcy together or individually. Please contact our offices for a free consultation.

Bankruptcy can offer protections in the foreclosure process. Depending which chapter you file under, filing bankruptcy can provide relief, while sometimes only temporary, from the foreclosure process. A Chapter 7 may halt the process and discharge the debt under the note; however a mortgage lender can ask the court to continue the foreclosure process if it is clear the consumer cannot pay the mortgage payments. Under a Chapter 13 bankruptcy, the past due payments of the mortgage can be added to the repayment plan and could possibly give the consumer the relief necessary to come current and keep the home.

One of the realities of a Short Sale is the possibility of a lender under the primary, secondary or HELOC mortgages seeking recovery for a deficiency in the amount of the original balances and what the house is paid for. Bankruptcy may be the only option available for the consumer in getting relief from these deficiency balances.

The Bankruptcy laws are written for your protection. They can be complicated and at sometimes confusing and overwhelming. We at the Florida Consumer Law Center, P.A. are here to explain these laws and offer guidance in troubling times. Please contact our Tampa office as soon as possible for a free consultation today.

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Call us today at 1-888-403-5529 or submit this form

Florida Consumer Law Center, P.A.
7520 W. Waters Ave., Ste 5
Tampa, FL 33615

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