The Benefits of Florida Bankruptcy Filing
I am Timothy J. Sierra, Attorney At Law, and at my Florida firm, I answer a wide variety of bankruptcy-related questions. One of the most common questions clients ask is, "How can bankruptcy help me?"
If you are overwhelmed by debt, there are many benefits to filing a bankruptcy petition. Some of the ways Chapter 7 or Chapter 13 bankruptcy can help you include:
- Debt elimination: Filing bankruptcy can discharge all unsecured debts, including credit card debts, medical bills and more.
- Lien stripping: Chapter 13 bankruptcy often enables clients to strip off and eliminate second mortgages on their homes.
- Co-debtor student loans: When parents cosign for their child's loan, the debt may be discharged.
- Repayment plans: If you want to repay your creditors but you simply need a reasonable way to do it, Chapter 13 can help by creating a three- to five-year, interest-free repayment plan.
- Wage garnishment: Filing bankruptcy will automatically stop wage garnishment against you.
- Creditor harassment: As soon as you file, creditors will no longer be allowed to contact you.
- Credit rating: Because it gives you a fresh start, filing bankruptcy can actually improve your ability to obtain credit in the future. Most clients find that their credit score is higher after filing bankruptcy than it was before.
- Surrender property: Bankruptcy can allow you to surrender a car or home that you can no longer afford without having to pay a deficiency.
- Refinancing: You can also file for bankruptcy to refinance secured debt, often called a cram down, by repaying a car loan over a longer period of time than the terms of the original contract.
- Lawsuits: Bankruptcy will stop a lawsuit and prevent a creditor from getting a judgment.
Schedule a Free Consultation With a Tampa Bay Lawyer
Learn more about how filing bankruptcy may be an excellent choice for you. To arrange a no-cost, no-obligation initial consultation, call the firm toll free at 877-492-7449 or locally at 813-463-2256, or fill out the online contact form. Phone calls and e-mail messages are returned within 24 hours. Se habla español.
