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Tampa Chapter 7 Lawyer Dispels 3 Common Myths About Bankruptcy

Published on: November 20, 2015 | by Savage Villoch Law, PLLC

Financial setbacks are among the most difficult challenges people face. If you are considering bankruptcy, you may be struggling with anxiety, confusion, guilt, and even depression. However, with competent legal guidance, the bankruptcy process can go smoothly, and you can regain financial security.

Unfortunately, misconceptions about bankruptcy run rampant, and they may be increasing your confusion and anxiety. The first step to getting your life back on track is getting the facts.

Three of the Most Common Myths About Bankruptcy:

Chapter 7 Attorney in Tampa Talks About 50 Cent Case

Published on: October 16, 2015 | by Savage Villoch Law, PLLC

Despite recent appearances in TV and film, rapper 50 Cent filed for bankruptcy on July 13. Many individuals file for chapter 7 or chapter 11 bankruptcy protection, and choosing which type of bankruptcy to file for is an important decision. When considering bankruptcy, a chapter 11 or chapter 7 attorney in Tampa might be able to advise you.

Bankruptcy Filings

50 Cent filed for chapter 11, and court documents indicated that he has a large amount of consumer debt that may total as much as $50 million. The entertainer’s boxing company called SMS promotions also filed for bankruptcy under chapter 11. The financial trouble 50 Cent faces was likely exacerbated by a July 10 jury verdict that ordered the rapper to pay $5 million in damages to Lastonia Leviston. She sued after 50 Cent made a video mocking a sex tape featuring her, and she believes the video was posted to embarrass rapper Rick Ross as Leviston and him have a child together.

Why You Need A Chapter 7 Attorney In Tampa

Published on: September 25, 2015 | by Savage Villoch Law, PLLC

With the new laws that are in effect, it’s very confusing to file a Chapter 7 bankruptcy. You need an attorney to help you. Qualifying for a Chapter 7 is not easy anymore. The new restraints make it difficult and many have to file a Chapter 13 and repay their debts. However, a bankruptcy attorney can help you decide which chapter you qualify for.

Before you file your petition, the attorney needs to know all the transactions of the past 60 days. The court wants to know about any cash loans or any expensive items that you’ve purchased. They consider residency requirements, and you must attend credit counseling. It’s a lot to take in and it’s overwhelming to the average person. That’s why it’s so important to have a bankruptcy attorney handling the matter.

A Chapter 7 attorney in Florida can help you complete the “means test” and see if you qualify for this chapter. When you met the qualifications, the attorney files the petition, and the court appoints a trustee. You don’t lose everything; the court allows you some as exempt. The court sells non-exempt property. Debts like student loans, tax bills and any bill accumulated through fraudulent means are not discharged through bankruptcy.

Tax Debt Relief in Bankruptcy: Plan Before You File

Published on: September 18, 2015 | by Savage Villoch Law, PLLC

You may have heard that taxes are not discharged in bankruptcy. Tax debt, as “priority” debt, gets paid first before other creditors in bankruptcy. However, the Bankruptcy Code includes exceptions depending on the type and timing of the tax, and the bankruptcy chapter filed.Before knowing which taxes qualify for discharge, however, you must first understand which do not qualify under bankruptcy law. There are 7 types of taxes you cannot avoid paying:

Taxes on a past due return not filed within three years (plus extensions) before filing bankruptcy.
Taxes assessed within 240 days before filing bankruptcy.

Do you need a Tampa chapter 7 lawyer? Contact us today!

Published on: September 11, 2015 | by Savage Villoch Law, PLLC

It happens: you run into a bit of financial difficulty, and you need to file Chapter 7 bankruptcy. If you’re in the Tampa area of Florida, you will need to hire a Tampa chapter 7 lawyer to represent your best interests immediately!

Chapter 7 bankruptcy is known as the “fresh start” bankruptcy, because it wipes out all your debts and gives you a chance to start over again. When you file Chapter 7 bankruptcy in Florida, a trustee sells (or liquidates) all of your assets (some assets are protected under the Florida Bankruptcy Exemptions, such as personal property and certain pensions, and are therefore excluded from liquidation) to pay off your creditors. After liquidating your assets, the trustee then receives a commission that covers his/her fees.

Not all debts can be discharged with a Chapter 7 filing. You will still be responsible for some of your debts, such as alimony, child support, and student loans. In addition, some of your assets — such as your home and your car — can only be protected if you sign a Reaffirmation Agreement, which prevents you from wiping out (or re-bankrupting) that asset for the next eight years.

Tampa, Florida, Chapter 7 Lawyers Well Understand Bankruptcy Statutes

Published on: August 28, 2015 | by Savage Villoch Law, PLLC

Tampa, Florida, Chapter 7 lawyers are experts in the Florida statutes that govern which of your assets you can keep–and which must be surrendered to the Court trustee who liquidates (sells) them to pay back your creditors.

According to an overview of the Florida bankruptcy process, filing Chapter 7 allows most debtors to completely cancel out their significant credit card debts and get a “fresh start.” And, after the Court trustee pays off your creditors, he (or she) will give you back any monies/items that are “exempted.” These “exemptions”(assets/items not surrendered)–per Florida statutes–include:

disability, workers’ compensation and unemployment benefits,

Bankruptcy and Divorce – When Should You File?

Published on: August 21, 2015 | by Savage Villoch Law, PLLC

Filing for divorce is a stressful process and it can often happen during a time of great financial strain both individuals. This financial strain may cause both individuals to consider filing for bankruptcy. The big question is should you file before or after a divorce?

The first thing to understand is how bankruptcy and divorce can affect each other. Since distributing assets and liabilities occurs based on each individual’s income, a divorce cannot be finalized until after a bankruptcy is complete. Also, keep in mind that bankruptcy courts handle your filing based on your marital status. If you are still married, separated, or already divorced, it will affect your bankruptcy filing.

Filing Bankruptcy Before a Divorce

Chapter 7 Attorney In Tampa Discusses Scott Storch

Published on: August 14, 2015 | by Savage Villoch Law, PLLC

While he once had a 10-bedroom mansion on Palm Island and a 2007 Bugatti Veyron worth $1.6 million, hip hop producer and musician Scott Storch is no longer the big spender he used to be. Storch filed for Chapter 7 bankruptcy in June 2015 and cited his current personal assets at $3,600.

Storch filed for protection under Chapter 7 in Florida, and this is not his first brush with financial trouble as the man filed for Chapter 13 bankruptcy in 2009 while going to rehab in the same year. At the time, he spent an estimated $30 million in three years. While Storch worked with famous artists like Beyonce and Snoop Dog, his spending habits and cocaine addiction have reportedly left him $4.4 million in debt.

As this story shows, even those who are rich and successful can have problems that lead to debts. Anyone might find themselves facing repossessions or threats from creditors while not knowing how to act. A Chapter 7 attorney in Tampa can advise you about your options when considering filing for bankruptcy.

Avoid These Temptations When Filing for Chapter 7 in Tampa

Published on: July 31, 2015 | by Savage Villoch Law, PLLC

Filing for Chapter 7 bankruptcy is a difficult decision for anyone, and usually a scary one. Too often, people make rash decisions in an effort to get as much as they can in their case. Word to the wise: before you make any decisions regarding your finances prior to filing, it’s imperative that you consult with a competent Tampa Chapter 7 lawyer.

That said, here are 3 things you don’t want to do before you file:

Don’t try to hide your assets: hiding assets, say by selling a relative a house or a car at far less than market value, is a definite “no-no”, and in some circumstances can even be a crime. Even selling off assets at fair market value can create enough suspicion that it damages your case. If you have any questions about property you want to sell, consult with your attorney before taking any action.

What Florida Bankruptcy Can, and Cannot, Do For You

Published on: July 23, 2015 | by Savage Villoch Law, PLLC

In most bankruptcies in the State of Florida, the filer does not have to appear in court. He, or she, only has to attend a “meeting of creditors,” which also includes a “bankruptcy trustee.” Appearing before a judge usually occurs if the filer is challenging a debt and claims he does not owe it, or that he owes only part of it. Although bankruptcy is the best legal means of “eliminating (or ‘discharging’) most, or all, of your debt,” there are certain things bankruptcy can, and cannot, do for you. Bankruptcy is able to:

1) Stop home foreclosure and vehicle repossession, while you “catch up on missed payments” –Bankruptcy can even make creditors return property which they’ve already confiscated.

2) Stop wage garishment and debt collection calls,