Information from a Tampa Bankruptcy Lawyer on What a Bankruptcy Can and Cannot Do For You
Many individuals and families are enduring financial hardships unlike anything they've ever experienced before, certainly a frightening enough situation as it is. Combine that with the fact that plenty of people aren't aware or fully educated about the options available to them for solving their financial problems, and it's easy to see how fast one can become overwhelmed by such a situation. Luckily, as any Tampa bankruptcy lawyer will tell you, a bankruptcy is a potential solution that many people fear unnecessarily or are not fully educated about.
A Tampa bankruptcy lawyer can give you more in-depth details about bankruptcy, but this option can help you clear your debts and get a fresh chance at the life you want to live. However, there are some things that a bankruptcy can and cannot do. A bankruptcy can:
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Erase, or "discharge," most or all of your debts
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Stop foreclosure on your home
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Prevent the repossession of a vehicle or other property
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Stop creditors from trying to collect on debts
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Allow you to challenge creditors who may be committing fraud or trying to get you to pay more than you owe
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Prevent utilities companies from shutting off services, or restore service if it has already been terminated
Your Tampa bankruptcy lawyer will also advise you that a bankruptcy cannot:
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Remove certain rights of "secured" creditors, or those who have taken a mortgage or other lien on property as collateral for a loan. You can often keep such property and make payments over time, but you generally cannot keep the property in question unless you continue to make payments toward the debt
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Discharge certain types of debt, such as child support, alimony, student loans, and others
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Prevent an impact on co-signers on loans, who may still be required to repay all or part of the loan
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Discharge debts that are accrued after you have already filed for bankruptcy
As you can see, filing for bankruptcy can provide you with a number of benefits as you seek to rebuild your finances, but this process can be very complex. If you have questions about bankruptcy and you would like to speak with an experienced Tampa bankruptcy lawyer, contact Yesner & Boss, P.L. today to set up a free consultation.
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