Information from a Tampa Bankruptcy Lawyer - What is Chapter 7 Bankruptcy?
If you're like many American consumers and are struggling with late payments, rising debt, and other serious financial problems, you may wonder if there is any hope for financial freedom and a fresh start. You may have considered bankruptcy as a potential option, but perhaps you aren't fully versed on what exactly bankruptcy is and how it works. Speaking with a Tampa bankruptcy lawyer is a great idea, as he or she can study your situation and advise you of your possible options.
If it turns out bankruptcy might work for you, your Tampa bankruptcy lawyer will advise you that there are a number of potential options or chapters to choose from within this course of action. One popular chapter for consumers is Chapter 7 bankruptcy. Here's some basic information on this option:
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A Chapter 7 bankruptcy, also known as the liquidation chapter, or a “straight” bankruptcy, is a solution that is available to certain debtors
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If you qualify based on your income, working with a Chapter 7 attorney to file this kind of bankruptcy will discharge your eligible debts under the Bankruptcy Code, which typically includes all unsecured debts such as credit cards, medical bills, etc.
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However, as your Tampa bankruptcy lawyer will tell you, certain debts are non-dischargeable, such as taxes, alimony, child support, student loans, etc.
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Furthermore, in exchange for this type of debt relief, you may have to give up certain non-exempt assets, so those items may be sold, or liquidated, as part of the bankruptcy estate.
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The main advantage of a Chapter 7 bankruptcy is that you have no further obligations to pay debts covered under the bankruptcy once they have been discharged. Your Tampa bankruptcy lawyer will also tell you that it may even be possible to avoid foreclosure by filing Chapter 7 bankruptcy.
For more information on this and the other chapters of bankruptcy, contact Yesner & Boss, P.L. today to set up a free consultation. As your trusted Tampa bankruptcy lawyer, we can answer any questions you might have and lend our experience as we help guide you through this potentially complicated process.
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