If you are in debt, bankruptcy might present an option. Many today are struggling with mortgage and automobile payments, credit cards, and other debts. Due to mandatory and voluntary shutdowns of many small and larger businesses during this time of what is often referred to as the coronavirus pandemic, the economic toll has been dramatic.
Chapter 7 Bankruptcy will often help relieve a Debtor of unsecured debt, such as credit cards, medical bills, signature loans, phone bills, and other such debt. Such debt is called unsecured debt because it is not secured by collateral. A car loan is a type of secured debt. If you are delinquent on your automobile payment, the creditor or lender may take your car.
Chapter 7 bankruptcy is referred to as a Liquidation. However, that does not mean that if you file Chapter 7 all or even some of your possessions will be liquidated, taken, or sold. The bankruptcy code provides something called exemptions which designate what assets from the bankruptcy trustee in his determination of what assets may be properly subject to liquidation.
Exemptions in bankruptcy is a very large topic. If you are considering whether to file bankruptcy, Mr. Weller would be happy to explain to you how the exemptions work in your own case.
Chapter 13 bankruptcy is another form of bankruptcy where a Debtor may seek to consolidate his or her debts over a term of generally between 36 to 60 months. Chapter 13 bankruptcy is sometimes referred to as a debt reorganization or wage-earner’s plan.
Chapter 13 bankruptcy is often filed by persons or individuals who are behind on their home payments or mortgage. Chapter 13 can sometimes be employed to reduce monthly automobile payments and stop the repossession of automobiles. If a person significantly exceeds his allowable exemptions, he may seek to file a Chapter 13 to retain those assets and pay an appropriate amount to his or her creditors based upon the value of those assets, and many other factors. Again, Mr. Weller will patiently explain such issues after a full analysis of the issues and facts particular to your situation.
Weller Legal Group has an office in Tampa, Florida on Westshore Boulevard. Our office is conveniently located on Westshore between the intersections of Dale Mabry and Lois. Since 1993, Mr. Weller and Weller Legal Group have represented many clients in bankruptcy matters.
If you are interested in filing bankruptcy or simply wish to know what options are available, you may contact us through the website or by calling our office.
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