Eliminate Debts and Start Fresh: Chapter 7 Discharge
A Chapter 7 bankruptcy, also known as a discharge of debts, erases certain debts completely. Filing for bankruptcy also immediately stops the harassing phone calls and halts creditor actions such as foreclosure, repossession or wage garnishment. Once your qualifying debts are discharged, you are free and clear.
The knowledgeable and friendly lawyers of Stamatakis+Thalji can help you determine if you qualify for Chapter 7 bankruptcy and if it is the right move for you. We can answer all your questions, including which debts will be forgiven and which assets you will retain.
Our Tampa law firm represents individuals and couples in Hillsborough, Pasco and Pinellas counties and throughout Florida who need relief from their runaway debts. Contact us today for a free initial consultation.
Tampa Chapter 7 Bankruptcy Attorneys
A Chapter 7 bankruptcy discharges most unsecured debts such as credit card balances, medical bills and judgments. Back taxes (three years old or more) can sometimes be discharged. We regularly represent clients with tens of thousands in debt stemming from job loss, health problems, divorce, death and reliance on credit cards to make ends meet.
Bankruptcy does not discharge alimony or child support, student loans, recent taxes, debts relating to fraud or criminal conduct, and judgments for willful or reckless behavior leading to personal injury. However, discharging your unsecured debts may free up money to pay those obligations that you cannot escape.
Should I File for Chapter 7 Bankruptcy?
In a Chapter 7 discharge, debtors are permitted to retain property exempted under the Florida bankruptcy rules. Assets that are not exempt are liquidated by the trustee to pay creditors. The majority of our clients are able to keep all or most of their property, including homes, vehicles, retirement savings and personal possessions. Our attorneys will identify any assets that you might have to surrender or redeem.
A Chapter 7 discharge makes sense for people who are deep in debt with no hope of paying it off. It makes sense if you are current on your house and car payments, but can't pay your other bills and expenses. However, you may have to file for Chapter 13 bankruptcy if:
- You are behind on your mortgage and can't catch up
- You would forfeit significant assets in a Chapter 7
- You do not qualify under the Chapter 7 means test
Filing a petition under Chapter 7 creates an automatic stay that prevents most creditors and collection agencies from attempting to collect on your debt. It stops creditor harassment and stops creditor actions such as garnishment, levies and possession. It temporarily stops foreclosure to buy you time for another solution to your mortgage problem.
Tampa and Clearwater Personal Bankruptcy Attorneys
There are many benefits to bankruptcy, but also downsides. The decision whether to file a bankruptcy case and under which chapter is an extremely important decision and has important financial implications. At your initial consultation, we can determine if you are a candidate for Chapter 7 and whether it makes sense for you.
President Obama and the U.S. Congress has designated our offices a Federal Debt Relief Agency because we help people file for bankruptcy. See our frequently asked questions and bankruptcy timeline pages for more background about the pros, cons and applications of bankruptcy. To discuss your specific circumstances and all the ways Stamatakis + Thalji + Bonanno can help, call us at 866-479-6946 or contact us online.
