Tampa Bankruptcy Attorney

Struggling with high levels of debt you cannot repay is very distressing. Your phone may ring constantly as debt collectors and creditors call you trying to recover the debt. These parties may have also already threatened to take legal action against you. The situation may seem hopeless now, but it is not. Bankruptcy may be an option that can help you get back on your feet and deal with your debt effectively. Below, our Tampa bankruptcy attorney explains more.

What is Bankruptcy?

Bankruptcy is a legal process that allows individuals and businesses that cannot pay their debt to obtain a fresh financial start. This is done by either discharging the debt or restructuring it into a repayment plan, depending on the type of bankruptcy you file. Bankruptcy cases start when a petition is filed with the court. After that, the court issues an automatic stay, which prohibits creditors and debt collectors from contacting you until your bankruptcy case is finalized.

Chapter 7 bankruptcy will discharge most or all of your debt. This is also known as a liquidation bankruptcy because some of your property may be sold with the proceeds being distributed among the creditors. Chapter 13 and Chapter 11 bankruptcies both involve drafting a repayment plan that can extend five years or more. Chapter 13 applies to individuals only while Chapter 11 can be filed by a business or an individual.

Is Bankruptcy Right for You?

Making the decision to file bankruptcy is very personal. While successfully discharging or reorganizing your debt can help you get back on your feet, it is also not the right solution for everyone. A few factors to consider when determining if bankruptcy is right for you include:

• The type of bankruptcy right for you, and whether you are eligible for it
• The amount of dischargeable and non-dischargeable debt you carry
• Whether you will lose your vehicle or other property
• Whether you will be able to repay your debt during bankruptcy
• The impact bankruptcy may have on your life

Understanding Non-Dischargeable Debt in Bankruptcy

While bankruptcy will discharge a lot of your debt, there are some exceptions. It is important to know what these are when determining whether bankruptcy is the right option for you. Debt that is not dischargeable in bankruptcy includes:

• Most debt owed to government agencies
• Child support and alimony obligations
• Student loans, unless you can prove they are causing you an undue hardship
• Tax debt
• Debt incurred by dishonest or fraudulent means
• Any debt not listed in the bankruptcy petition
• Debt incurred due to injury or death by DUI
• Debt incurred because you willfully or maliciously caused harm

Call Our Bankruptcy Attorney in Tampa Now

If you are struggling with unmanageable debt, bankruptcy could be a good option for you. At Ronald Cutler, our Tampa bankruptcy attorney can advise on whether it is right for your situation and help you through the process to get as much of your debt discharged as possible. Call or text us now at 386-490-9949 or contact us online to schedule a free review of your case.