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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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  • "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. "
  • "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. "
  • "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. "
  • "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. "
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