Chapter 7 Bankruptcy Tag Archives — Securities Fraud Lawyers Blog

A Chapter 7 Attorney in Tampa Explains the Top Five Reasons People File for Bankruptcy

Published on: January 9, 2016 | by Savage Villoch Law, PLLC

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

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.
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.

3 Signs That It's Time to Hire a Tampa Chapter 7 Lawyer

Published on: December 26, 2015 | by Savage Villoch Law, PLLC

Although the idea of filing bankruptcy might not be pleasant, there is a good chance that filing bankruptcy is exactly what you should do to get back on track. Dealing with financial issues can be difficult, but hiring a Tampa Chapter 7 lawyer to help you file bankruptcy could be life changing. These are a few signs that it’s time to look into bankruptcy as an option to get your finances on track.

1. You’re Getting Constant Collection Calls

Few things can be as unsettling and disruptive as receiving constant collection calls from your creditors. Plus, it can be embarrassing to receive calls when you’re around friends and family, and getting these calls while you’re at work can cause trouble for you at work. Once you file bankruptcy, however, you can help avoid these problems because your creditors will no longer be allowed to contact you via phone.

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,

An Overview of Chapter 7 Bankruptcy

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

Bankruptcy happens to people from all walks of life, and deciding to file is often a difficult decision. If this is something you are considering, read on to learn about filing for Chapter 7.

What is Chapter 7?

This is also called “straight” or “liquidation” bankruptcy and means that the trustee will cancel most if not all of your debts. During this time, the trustee may sell some of your property to repay your creditors.