Secure A Debt-Free Future
The two main chapters of bankruptcy for individuals are Chapter 13 and Chapter 7. Each chapter has its own requirements and benefits, which may or may not be appropriate for your individual situation. At Debt Relief Legal Group, our Tampa bankruptcy lawyers can sit down with you to establish which chapter is right for you and help you make the best decisions for your future.
If you have significant credit card debt, medical debt, or signature loans, Chapter 7 may be right for you. In order to file for this chapter of bankruptcy, you will need to pass a means test and your monthly income will be less than your expenses. Most debts are forgiven without repayment and it only takes up to six months. However, there are limits on what property and how much you are able to keep.
If you are facing an IRS levy or foreclosure of your home, Chapter 13 may be the answer. Chapter 13 is also appropriate if you have assets you want to hold onto which you would lose in Chapter 7. Your income must be higher than your expenses to qualify for Chapter 13. This chapter allows you to keep your home and other property. The only downside is that you will be expected to "tighten your budget" and limit the amount of money you spend.
Would you like a free case consultation with a knowledgeable Tampa bankruptcy lawyer? Get in touch with us today at (813) 940-5120.