Bankruptcy Attorneys in Tampa Explains Chapter 7 vs. Chapter 13

Chapter 7 Bankruptcy

The two most common features of a Chapter 7 bankruptcy are liquidation and discharge that can give a debtor a fresh start. As your bankruptcy attorneys in Tampa can explain, this type of filing requires the debtor’s income fall within a certain level. If your income is too high based on the federal formula, Chapter 7 won’t be an option.

The crux of the initial paperwork involved in Chapter 7 filing (and to a large extent in all bankruptcy filings) is to fully disclose all of your assets and debts. Assuming you properly file, it is possible to achieve discharge of most if not all of your consumer debt. Your attorney can fully advise how.

Chapter 13 Bankruptcy

Chapter 13 is often chosen by individuals who do not qualify for Chapter 7. The focus here is developing a repayment structure that the court will approve. Your Bankruptcy Attorneys in Tampa have the skills and experience to help you do that. Usually, the repayment plan will allow you to pay certain debt at a lower monthly rate, sometimes even with lowered interest. Once the plan has been completed (usually within 3-5 years), the debtor can seek discharge.

Regardless of the type of Bankruptcy filed, debt counseling is also required. Additionally, your attorney can help you develop lifelong strategies for restoring your credit and avoiding the need to file again.

Taking those first critical steps toward rebuilding your financial life can be daunting. However, you don’t have to do it alone. The skilled bankruptcy attorneys in Tampa from the law offices of Savage Villoch Law, PLLC can carefully review your case and help you make educated decisions and aggressive strategies on the road to financial recovery. To schedule an appointment call us today at 813-251-4890.