Tampa Bankruptcy Attorneys

Filing for bankruptcy will be one of the most important financial decisions you will ever make in your life. Because of this, it’s important to choose a legal team experienced in all areas of bankruptcy law. Some legal firms claim to specialize in this area, but only contract with outside attorneys when the need arises. At SunCoast Law in Tampa, we offer full time lawyers and support staff that practice bankruptcy law exclusively. Our legal professionals will walk with you every step of the way, from your initial petition to the final discharge of debts.

How To File For Bankruptcy in Tampa

There are several steps involved when filing for bankruptcy. Each of these must be followed in the right order to ensure a successful case. Depending on the type of bankruptcy you qualify for, the filing process can take as long as six months. Each phase of your case may require specific meetings, classes, documentation or court appearances. Within the legal system there are two types of consumer bankruptcy that are the most common, Chapter 7 and Chapter 13.

In the state of Florida, and specifically in all of Hillsborough County, you must be under the median income in order to qualify for Chapter 7. If you’re not at or under the median income, you must pass a means test to determine which type of bankruptcy you qualify to file. Your attorney will administer the test that requires proof of income and documentation of each of your debts. Once you have taken the test, your attorney will determine the type of bankruptcy meets your eligibility. As soon as you retain SunCoast Law, you can notify creditors or debt collectors that you no longer wish to be contacted and have retained legal counsel.

We will gather all of the necessary paperwork and documentation required by the Court and file the bankruptcy petition for you. Our attorneys will also accompany you to a mandatory “meeting of the creditors” where a trustee will ask you about the debt you owe, your financial circumstances, and any amounts you wish to discharge. The trustee will also ensure that all necessary paperwork required by the Court is complete and accurate. Our attorneys will advise you about any required credit counseling you must attend before or after the filing of your petition as well.

Chapter 7 Bankruptcy

The median income limitation or the means test will determine if you qualify for Chapter 7 bankruptcy. This allows you to discharge the majority of your consumer debt with the exception of most student loans or government loans. Some tax debt may be eligible for discharge as well, depending on your individual circumstances. You may be allowed to keep your primary residence and auto if you agree to “reaffirm” the debt with lenders, under Chapter 7 bankruptcy.

Chapter 13 Bankruptcy

If you do not qualify for Chapter 7, you will liSunCoast Lawy be able to file Chapter 13 bankruptcy. This allows you to restructure most of your debt and repay your creditors under a new financial plan. You may also choose to enter Chapter 13 bankruptcy even if you qualify for Chapter 7, if you have the income to pay some of your debt and do not wish to include certain creditors in the petition.

When restructuring your debt, you can save thousands of dollars in interest over time by adjusting the terms of a loan and or credit cards. In the case of Chapter 13 bankruptcy student loans and small business government loans may be included in the petition as well. You will generally have three to five years to pay off the restructured debt and your credit will be affected for a shorter period of time.

If you are struggling under the weight of debt you can no longer pay, our Tampa SunCoast Law Bankruptcy Attorneys can help you choose the best course of action and advise you which type of bankruptcy is right for you. We offer debt relief solutions in compliance with the U.S Bankruptcy Code. Please contact our Tampa office serving all of Hillsborough County, for a free – no cost - no obligation consultation at (855) 348-3615.