Articles Tagged with Bankruptcy Lawyer

investment and bankruptcy lawyers serving tampaFor most of those who are faced with bankruptcy,  some find it particularly challenging to make an informed decision about the right attorney to hire. However, even when faced with the dire pressure of a financial crisis, it is important to make a cool and collected decision when choosing a lawyer.

Avoid Bankruptcy Mills

Some legal practices have become known as “bankruptcy mills,” as they focus on churning and burning as many cases as possible instead of fulfilling the specific needs of individual clients. Although it can be hard to identify this without being a bankruptcy lawyer yourself, reading reviews and interviewing several different lawyers can substantially reduce the possibility of this occurring.

investment and bankruptcy lawyers serving tampaBankruptcy protection gives debtors a fresh start. But before filing, it is important to know the common mistakes people make during the process.

Not Being Truthful 

The means test is the first step to filing bankruptcy. It consists of several financial questions that will determine if you can pay your creditors. If you don’t mention all of your income or assets, your case could be dismissed. A bankruptcy lawyer can help you make sure everything is presented correctly.

investment and bankruptcy lawyers serving tampaThe rising cost of healthcare is one of the top three reasons people file for bankruptcy, even if they have health insurance. If you’re struggling to pay your medical bills, continue reading to learn about Chapter 7 and Chapter 13 bankruptcy.

Pre-bankruptcy Counseling 

Federal law mandates that you must attend ninety minutes of approved credit counseling before you’re allowed to file for bankruptcy. The cost differs from provider to provider, but it’s often around $50.

investment and bankruptcy lawyers serving tampaWith the current economic situation, it’s common to hear a bankruptcy lawyer talk about a business filing for Chapter 11 bankruptcy.

What is Chapter 11?

It allows the debtor to liquidate or restructure debt, and it usually involves larger amounts of money than Chapter 7 or 13.

investment and bankruptcy lawyers serving tampaWhen it comes to bankruptcy, Chapter 13 is the second most common filing behind Chapter 7, according to a leading bankruptcy lawyer.

What is Chapter 13?

It lets you sort out your finances while protecting you from creditor harassment and wage garnishment at the same time.

investment and bankruptcy lawyers serving tampaThe American dream of home ownership has become a nightmare for thousands of Floridians. But you don’t have to face foreclosure proceedings alone; there are many ways to fight foreclosures and protect your assets. Savage & Villoch, your bankruptcy lawyers in Tampa, can help you plan the best alternatives for this stressful time.

Your alternatives depend on a thoughtful examination of your financial situation. Your attorney can guide you in the labyrinth of decisions to be made, such as whether your inability to make mortgage payments is short- or long-term and what relief programs apply to each situation, whether you qualify for a wide array of mortgage modification programs, or whether you should file for Chapter 7 or Chapter 13 bankruptcy protection. We can help demystify the process and let you know what to expect. Most of all, you are not alone in this stressful time.

Make sure you learn the specific options in your case. Such problems as “underwater” mortgages–those in which the home’s value has decreased–have their own set of alternatives and relief programs. You may have also heard about the “show me the note” defense, which many people have used to defend against foreclosures by showing the court that the loan was made pursuant to fraudulent practices. It’s a tricky defense, and whether it applies to you will have to be investigated by your attorney. Mortgage modifications are often fought tooth-and-nail by lenders, so it is in your best interests to have a knowledgeable advocate getting you the best modification possible.

investment and bankruptcy lawyers serving tampaEveryday, people contact attorneys to file Chapter 7 bankruptcy. While there are several reasons for doing so, the top five are:

  1. Medical Expenses – According to a study conducted at Harvard University, this is the number one reason for bankruptcy as it makes up 68 percent of the filings. Almost all filers had health insurance, but if someone has a rare or serious condition, it’s still expensive, especially if the co-pay is high.
  2. Job Loss – If people don’t have an emergency fund, it creates a bigger financial hardship if they lose their job. Many charge daily living expenses to their credit card and often find they can’t pay the bill when it arrives in the mail.

logo-squareWith 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.

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.

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

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