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Can filing for bankruptcy make you debt free?

Are you experiencing financial troubles that you just can’t seem to get out of? Have you ever thought about filing for bankruptcy but didn’t know if it was right for you? Bankruptcy is a very serious smatter and it should not be entered into lightly. If you live in the Tampa area and are considering bankruptcy there are some important things that you need to know, including the difference between Chapter 7 and Chapter 13.

When a person is considering personal bankruptcy he or she needs to decide which type is better for his or her situation. If a person choose Chapter 13 he or she will set up some kind of debt reorganization in order to pay off his or her debts. At the end of this repayment plan, some debts that are still outstanding can be erased. However, there are some debts that can’t be forgiven, like alimony, child support and criminal penalties.

Chapter 7 bankruptcy works differently than Chapter 13. When one files for Chapter 7, he or she is basically liquidating all of his or her assets. There are three important elements to a Chapter 7 case. One’s income must be lower than his or her expenses and a person’s income must be also be lower than his or her state’s median standard. One also has to be willing to give up any assets he or she still owns.

No matter what kind of bankruptcy you are considering, filing for bankruptcy is always a serious matter and one that should be evaluated properly before making any important decision. If you are considering bankruptcy, then you should probably meet with an experienced bankruptcy attorney first.

 

Source: Credit News, “Will bankruptcy wipe out all of my debt?,” Gerri Detweiler, April 18, 2014.

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  • "When I first came to the decision to file for bankruptcy, I had no idea where to start. I began researching attorneys on the internet and came across the information for Tim Sierra. Since he specialized in bankruptcy and had a lot of experience......"
  • The process of going through bankruptcy could be very overwhelming but Tim made me feel at ease and I felt that my needs were being taken care of. I truly feel that he had my best interests in mind and the lines of communication were always open....
  • "I had to file a Chapter 7 bankruptcy. I didn't know anyone who could refer someone so I took a chance and just looked on the Internet. I don't remember exactly why I chose Mr. Sierra, but I am glad I did..."
  • He was honest, straightforward, and hard-working. In my case I ended up with some extenuating circumstances and he handled the matter professionally even though I'm sure the work probably exceeded what he originally felt it would be....
  • I don't ever write reviews, and I had no prior relationship with Mr. Sierra. This review is simply being written as a service to others that Mr. Sierra is an excellent attorney and should be considered for your needs if you need one....
  • "I'm very happy to have been referred to Tim for my Chapter 7 filing. He was knowledgeable in his field and very responsive in replying to any questions or concerns I had. Tim was also very accommodating with meeting times..."
  • " I recently was in need of Mr. Sierra's services and I found him to be very understanding and helpful in my particular circumstance. He met with me and explained everything in full detail and also answered every question that I had....."
  • " I recommend Timothy Sierra a loyal and dependable lawyer. When you talk to him you feel that you are with a friend or a member of your family. Timothy is able to lead you in every step of the process. Good job Timothy."
  • " Bankruptcy is a private and personally devastating life event. Timothy Sierra and his assistant, Nancy, made the process as painless as possible. They kept in close contact via phone and email so I always knew what was happening in my case...."
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