Bankruptcy is a serious matter and should never be taken lightly. If a person in the Tampa area is considering filing for bankruptcy or has already decided to file for bankruptcy, then perhaps the first decision he or she will have to make is which kind of bankruptcy to file: either Chapter 7 or Chapter 13.
These two types of bankruptcies have some similarities, but they are also different in many other regards. According to USCourts.gov, the purpose of Chapter 7 bankruptcy is to allow people the ability to start over fresh, without the weight of creditors and debt holding them down. When people file for Chapter 7 they turn over their possessions to a trustee, who then converts those assets into cash and pays back the creditors with that money.