What Are Nonexempt Property In Bankruptcy And Why Does It Matter?

If you are facing bankruptcy, you may be wondering what to do with nonexempt property. There are a few options available to you. You can either keep your non-exempt property, or you can use it to purchase another exempt asset.

Non-Exempt Property

When you file for bankruptcy, it’s important to consider what types of property are considered non-exempt. The value of your non-exempt property will be determined by the bankruptcy trustee and they will decide whether they’ll sell the property for enough to cover your debts. This means that your non-exempt property may be worth less than its market value. If this happens, your monthly payments will increase significantly.

When you file for bankruptcy, you should consult with a Bankruptcy Attorney Tampa who is familiar with the laws in your jurisdiction regarding the definition of non-exempt property. This attorney will be able to discuss your options and explain the importance of exemption planning.

Non-Exempt Equity

Before you file for bankruptcy, you should know if you have non-exempt equity. This can affect the type of bankruptcy you file. A Chapter 7 bankruptcy will sell non-equity items to pay creditors, while a Chapter 13 bankruptcy will reimburse creditors for non-exempt equity through a repayment plan.

To calculate your equity, subtract the amount of the debt from the value of your property. If you have a car, for example, your equity is $6,000, but you still have a loan for $38,000. This means that if you have a car worth $10,000, you have a non-exempt equity of only $2,775 in Arizona.

Also read about, How Can an Attorney Help With My Car Accident Claim?

Buying Non-Exempt Equity to Purchase an Exempt Asset

In bankruptcy, one option for purchasing an exempt asset is to buy non-exempt equity in a property. Buying non-exempt equity is a risky proposition. If you have equity in a car, for example, you may have to pay a trustee $4,000 to buy it. The trustee will then store the car and insure it, pay a dealer, and possibly even pay an auctioneer.

When buying non-exempt equity in order to purchase an exempt asset in bankruptcy, remember to keep track of every penny. You may be able to use the money from the sale of a non-exempt asset to pay off debts in a Chapter 13 plan. In many cases, people choose to use the money they receive from the sale of their non-exempt equity in their non-exempt property to purchase another exempt asset.

When to Keep Non-Exempt Property in Bankruptcy

If you own a non-exempt property, you may be wondering when to keep it in bankruptcy. Under Chapter 7 bankruptcy, you can keep non-exempt property from liquidation by offering to repurchase it. Otherwise, the trustee may decide the property is not worth selling and will file a Notice of Abandonment.

Non-exempt property can be anything ranging from fancy jewelry to family heirlooms. Some items are even considered non-exempt, like recreational vehicles like boats or cars. Luckily, most states offer an exemption for motor vehicles. However, other items, like a second home, are not.

Fortunately, you can get a cost-effective help with the bankruptcy process. Contact a Bankruptcy Lawyer Tampa FL at Galewski Law Group today if you have any questions regarding how they work. Don’t delay.

Reference url, https://bit.ly/3rDFaJV

What to Look For In a Bankruptcy Lawyer

Facing bankruptcy is often a hard time for any individual. It’s a tough time financially as well as emotionally and the person often seeks to find the best alternates to change the situation. This is exactly when the best bankruptcy lawyers in Tampa are all set to find the best solution for you. It is pretty genuine that someone facing bankruptcy look for the most qualified professional who could show the right way toward the process of financial rehabilitation. A skilled lawyer in such a case would understand you closely before proceeding so mutual respect and belief are pretty important. We at Galewski law group have a team of one of bankruptcy attorneys in Tampa and we are always ready to help people with any similar situation.

Also read about, Is Your Divorce Case a Candidate for Permanent Alimony?

Let us further understand what all things a person should look for in a bankruptcy lawyer to ensure that he does the right job for you:

1) Free Consultation

Remember that the best bankruptcy attorney will never force a consultation fee. They are always professional and provide an initial consultation without any charges. If you find an attorney who forces an initial consultation fee to move the discussion should better be skipped and one should move towards other available options. Some of the senior-most Tampa Bankruptcy Attorneys will never charge you any sort of consultation fees. So it has been the norm and if someone does it the other way, people should be alert and it’s better to look for better options available.

2) Experience and Reputation

One of the most essential aspects of finding the right attorney is to look for someone who is pretty experienced and has got a high reputation. Attorneys might be specialized in different subjects such as criminal law or divorce settlement. So one should put his priorities straight and look for an attorney who specializes in bankruptcy cases and has already dealt with many similar cases. Local reputation is also a pretty important point as it signifies how influential an attorney is and how quickly will catch up with the case and find a better way out.

3) Attorney-Client Interaction and Relationship

We have already mentioned how it is very essential that the client build up a relationship of mutual trust and respect with the attorney who is dealing with your case. One must be truly open to discussing every little detail with the attorney and let him decide what Is essential for the case and what Is worth ignoring. You must work it out like a team if you wish to find the right solution and a way out of the miserable condition.

4) Size of Law Firm

One might be amused to know but an attorney with a small law firm might indeed be able to suit you more. He won’t have multiple cases to look at the same time.

5) Location

Finding an attorney who is reachable whenever you need is often a good alternative. So location does play a role. Finding a bankruptcy attorney in Tampa who lives near the bankruptcy court or lives near your location are always a plus.

Also read about, Do You Need Bankruptcy Lawyer and What to Expect

REFERENCE URL: https://bit.ly/3IxaTEv

Do You Need Bankruptcy Lawyer And What To Expect

It is a nightmare to face the situation of bankruptcy for a business and get lost all your investments and assets to recover the business. If there is no way left to get things on track, you will have to file for business bankruptcy in the end. Filing bankruptcy for business is a legal process that helps you recover the losses of business to some extent. To raise this bankruptcy step there is a legal process that needs to follow by the applicant. For betterment, you can take the aid of a bankruptcy lawyer in your city. If you live in Tampa, Florida, you will find some experienced bankruptcy lawyers in Tampa. They have extensive knowledge of all legal steps and Acts of business bankruptcy laws in Tampa. Also, they can handle your business bankruptcy case in a legal way. You should hire experienced and licensed bankruptcy lawyers in Tampa for your bankruptcy case to handle in a lawful manner.

Also read about, 7 Tips for Choosing a Divorce Attorney

Who is a Bankruptcy Lawyer?

A licensed bankruptcy lawyer is a legal expert, who specializes in handling bankruptcy cases for a client’s business losses and helps him to recover the losses through the legal process. A bankruptcy lawyer handles the case by preparing and filing legal documentation for a business bankruptcy case in the court on behalf of the client. Also, the bankruptcy attorney is aware of all Acts and norms of bankruptcy as per state or city rules. 

Types of Bankruptcy in Tampa

In the United States, there can be different rules for business bankruptcy state-wise. If you filing a business bankruptcy case in Tampa, you should hire Tampa bankruptcy lawyer, who is aware of all standard bankruptcy Acts or rules and legal processes to file the case. There are two standard bankruptcy rules in Tampa:

1. Chapter 7

This type of bankruptcy rule enables you to make a monthly payment. Filing Chapter 7 for business bankruptcy will relieve you from all debts included in the bankruptcy case. Your bankruptcy lawyer should be aware of all steps to file for Chapter 7 bankruptcy to relieve from depts. 

2. Chapter 13

In this type of bankruptcy rule, you can get a replacement plan or scheme to pay off the debts. In Chapter 13, you can get permission from the court to pay off debts for a duration period of up to three to five years. If you are filing for Chapter 13 bankruptcy, your lawyer should prepare documents as per the rule and file for the same. 

Hence, you need to hire a bankruptcy lawyer in Tampa, FL, who understands the situation of your business bankruptcy case and makes the right analysis of things before filing the case.

Things to Expect from Your Business Bankruptcy Lawyer

You can expect your bankruptcy lawyer that he or she will handle your business bankruptcy case in a legal process. Some standard steps should take by a bankruptcy lawyer are as follows:

• Prepare a written legal agreement for the case between you and the attorney for case handling.
• Take full details of the business and its losses from the client. 
• Make a good analysis of business bankruptcy issues and find the ways to recover the debts through the legal process.
• Make ready documentation for case filing and a description of the payment agreement. 
• Choose the right legal clauses to apply for filing a bankruptcy case such as Chapter 7, 11, and Chapter 13. 
• Take the right steps to recover business losses and take enough time from the court to pay off debts through possible ways. 

Thus, above are some legal things that you can expect from your business bankruptcy lawyer in Tampa to handle your case through legal steps.

If you are looking for the best business bankruptcy attorney in Tampa, you may contact “Galewski Law Group”, which is one of the trusted law firms in Tampa. For more details, visit https://galewski.com

Also read about, the 3 Most Common Bankruptcy Options for Business

Should I Hire a Lawyer After a Minor Car Accident?

REFERENCE URL: https://bit.ly/3N6dJko

The 3 Most Common Bankruptcy Options for Businesses

Business bankruptcy for a businessman is a bad dream to see. If you have to face bankruptcy in business and have no way to recover the loss, you can have only alternative to file the bankruptcy for the business. Filing bankruptcy for business is a legal process, which helps struggling businesses recover the loss or limit the liabilities for the company’s losses. For this aim, you may take the aid of a bankruptcy lawyer in Tampa. There are many law firms in Tampa city, where you will find experienced business and bankruptcy lawyers. They have extensive knowledge of filing bankruptcy for businesses that have bankruptcy and seeking options to regain their status.

Also read for, Should I Hire a Lawyer After a Minor Car Accident?

There are different kinds of bankruptcy options that you can apply for your business bankruptcy case to recover the loss. If you live in Tampa city, United States, you will have three standard types of business bankruptcy rules as follows:

1. Chapter 7 or Liquidation Bankruptcy

Chapter 7 or liquidation bankruptcy is an easy process of filing bankruptcy for a business to get rid of the company’s liabilities or limit them. Once you qualify for the chapter 7 bankruptcy, you can file for it and get immediate closing of business to get enough time to regain the loss. Under chapter 7 bankruptcy, you can liquidate the company’s assets to recover the losses and rebuild the organization. You can get more details about chapter 7 bankruptcy from Tampa bankruptcy attorneys and follow their guidance to get results.

2. Chapter 11 or Restructuring Bankruptcy

When you find a business to lead to the bankruptcy stage and you want to prevent it from complete loss, you can file for chapter 11 bankruptcies. This sort of business bankruptcy enables you to reduce the business loss by limiting expenses and budgetary cuts. You can close some branches of business and make a structured payment plan for workers. All in all, you can restrict the whole loss of business by making major decisions to limit monetary losses. For more details about chapter 11 bankruptcy, you can consult an expert bankruptcy attorney in Tampa, FL, or approach the law firms in the city.

3. Chapter 13 or Wage Earner’s Bankruptcy

The chapter 13 bankruptcy rule belongs to the sole proprietorship type businesses. If you are running such type of business, you need to file for this chapter 13 bankruptcy to get more profits. This bankruptcy rule enables you to make payments on debts and preserve your assets too. It is a legal process that you need to understand first and qualify for the same too. For better knowledge, you may consult the best bankruptcy lawyers in Tampa and get rid of bankruptcy issues soon.

If you are looking for the best bankruptcy lawyers in Tampa, you may approach the “Galewski”, which is one of the reputed law groups in Tampa city. For more details, visit https://www.galewski.com

Also read for, 7 Tips for Choosing a Divorce Attorney

COULD YOUR STUDENT LOANS BE DISCHARGED IN BANKRUPTCY

As per the experience of prominent Bankruptcy Lawyers in Tampa, it is difficult but not an impossible task to discharge the debts of student loans in the situation of bankruptcy. There have been many cases where students were able to deny their student loans in the condition of bankruptcy. Multiple legal options will help you in such a condition but it requires expertise and precise knowledge of your current financial and personal status to put a move towards discharging such loans. We at Galewski Law Group are one of the most experienced institutions working in this sector for several years. We keep in touch with the best bankruptcy attorney in Tampa who would be happy to help you with your case. We would love to help you with your case by putting our best efforts in place.

Can you file bankruptcy on student loans?

If someone files for bankruptcy, all the debts whether big or small have to be listed. So that means that the student loan will also be listed if there happens to be one. If the automatic stay is pending then the creditor of the student loan has no right to collect the loan. With chapter 7 bankruptcy, the time will be about 3 months and about 3 to 5 years with chapter 13 bankruptcy cases. The student loan creditor could still file the claim and will be eligible for pro-rata distribution if the funds are available. There are different ways of distribution in chapters 7 and 13 bankruptcy cases. It would be based on the liquidation of non-exempt assets with chapter 7 bankruptcies and with the same ongoing payment plan for the chapter 13 bankruptcy. Credit card bills and medicinal bills are certain to be discharged but with student loan debt, the court will have an in-depth examination about the hardship before it discharges the student loan. The best part about the chapter 13 bankruptcy in such a case would be that it will protect at least 5 years before you ultimately have to address the debt.

Also Read: Fighting The Myths That Keep People From Filing Bankruptcy

How to seek an undue hardship discharge of a student loan debt in bankruptcies

A bankruptcy attorney in Tampa or wherever you live will help you file the chapter 13 or 7 bankruptcy after closely understanding your situation. It is important to file a complaint of adversary proceeding when you are looking for discharging the student loan. If the proceeding fails, then there has to be tried to understand why the student loan debts should be discharged. The court has to ultimately decide whether all the loans or partial loans will be discharged.

Proving undue hardship for student loans

It is comparatively difficult to discharge student loans in comparison to discharging other kinds of debts. One will have to provide evidence of undue hardship due to the repayment of the student loans. To prove the credibility

• One is not subject to even the minimal standard of living if you have got a student loan.
• The situation remains stagnant as you continue to suffer in repaying the loan.
• You have tried every bit to repay the loan.

We at Galewski Law Group have the connection with the best bankruptcy in lawyers in Tampa who will be happy to assist you in fighting any similar case.

What Happens to My Cosigner in Bankruptcy?

When someone is about to apply for a loan, he may come around this word consignor, a person who plays an important role while the loan is being sanctioned. The consigner would be the one who would have signed and thus confirmed that in case the primary debtor does not meet the timeline and fails to make the payment; in that case, the consigner will guarantee the payment. So basically it will be upon the consigner to meet the payment to be made in total. The consigner would be pretty close to the loan owner; it could be from one’s family or a close friend. Thus consigner provides a double assurance to the entity who has sanctioned the loan that if in case the borrower fails to pay he is liable to make the full payment. From the words of a popular bankruptcy attorney, a consigner could be considered the most important person between the parties involved.

So now if in the future borrower is finding it difficult to make the payment and is not able to handle its pressure, he may start thinking of filing a bankruptcy. It will be the only route through which he may try to revive and give a new life to his financial woes. But in that case what happens to the consigner. It is pretty obvious that the borrower shares a very close relationship with the consigner and would be concerned about the consequences the consigner might have to face. The concern is pretty genuine as the consigner has believed in you and has even promised to pay in full if the loan is not paid by the owner of the loan. During the time of filing the bankruptcy, the borrower might have unwillingly pushed the consigner towards the hook of full payment. The consigner in such a case will also be listed as a creditor by the bank. In case if you are facing any such issue, we at Galewski Law firm will provide you the advice from one of the Bankruptcy Lawyers in Tampa, Florida, and will help you sort this issue by making you move towards the best choices you’re left with.

Bankruptcy options

There are largely two bankruptcy options available for most small businesses and individuals, the first one is the chapter 7 bankruptcy and the second is the chapter 13 bankruptcy.

• In case of chapter 7 bankruptcy, it will help you get relieved from almost all your debts, which would include your medical debts or your credit card debts, and all your rent and leases.
• Now in the case of chapter 13 bankruptcy, it follows a pretty different route from what chapter 7 bankruptcies provides you, it will help you create a monthly plan of 3 to 5 years where it will pay off your debts in several steps over the years.

A good conversation with the bankruptcy attorney might help you understand what’s in your best interest. It will help you understand that what would be the effect if you either of the bankruptcy chapters. Which one can be more helpful in your specific case? It’s important to understand an individual’s situation and then someone would be able to help you with what will be in your best interest.

Also Read: What restaurant owners should know about bankruptcy?

Chapter 7 bankruptcy’s effect on consigners

It would sound pretty unfortunate but in case of the chapter 7 bankruptcy, it will not provide any kind of protection to the consigner. The person who has borrowed the loan and now files for bankruptcy will see all his liabilities wiped off with the help of chapter 7 bankruptcy. All those personal loans and liabilities of the borrower would be settled. But in the case of the consigner, he will be having minimum relief from this, as he would still be hanging on the hook to settle all the amount of the discharged debts. There are also cases in the chapter 7 bankruptcy when the prime borrower would be entitled to keep paying his debts of a home loan or other loans of auto, to make sure that the debtor is allowed to keep his car and his home even after the bankruptcy. This will lead to some level of relief for the consigner for the impact on him would be minimized to some extent.

Now in case the prime borrower is not willing or is not able to pay the debt on these loans at all under the chapter 7 bankruptcy, it will directly impact the consignor who would now be entitled to pay all those debts or else get ready to file for the bankruptcy as well. Bankruptcy Lawyers in Tampa, Florida always advise that in these difficult situations, the prime borrower should coordinate well with the consignor and after filing for the chapter 7 bankruptcy, If at any point feels that he won’t be able to pay the debt or of decides to stop paying the debt suddenly, he should inform the consignor timely so he may, in turn, make the right decisions which may fall in his best interest.

Chapter 13 bankruptcy’s effect on consigners

Chapter 13 bankruptcy has its own set of proceedings, where the prime borrower has the opportunity to keep paying the loan, and this allows the consigner to have a sense of protection from the immediate effect that could have graveled him if not this case. The consigner is therefore safe until the debtor is fulfilling his responsibility instead of backing out abruptly. The consigner therefore won’t be contacted by the creditor and be asked to pay the debt in full at the earliest. Though such a case applies only if-

1. The consigner is not a corporation or a partnership but instead is an individual
2. He didn’t become liable for debt during the ordinary course of the business
3. The debt in such case should be a consumer debt, which constitutes a loan taken for personal reasons, household or family reasons.

If all these guidelines are properly met, the stay for any action against the consigner would be applied until in case the creditor asks the court to live any such clause. The creditor can ask it to be lifted in a few specific cases-

1. If the consigner has received the debt consideration (i.e the loan fund which was used to purchase property were received by the consigner)
2. If the payment of that debt were not included in the chapter 13 plan.
3. Or the interests of the creditor are being harmed due to this stay.

In case the court agrees to live this stay, then the creditor will have the full and immediate rights to collect all the debt from the consigner directly. There are also cases when the creditor decides to proceed against the consigner if the bankruptcy under chapter 13 is dismissed for any reason or is converted to chapter 7 bankruptcies.

If you’re willing to file the chapter 13 bankruptcy in Tampa, Florida, we at Galweski Law Group are more than willing to help you in these difficult times. We would be happy to advise you after a good analysis of your case and will make sure that you and the consigner do not remain under any sort of pressure and the case is dealt with in smooth proceedings.

What restaurant owners should know about bankruptcy

Being a restaurateur sounds pretty exciting to most people. Almost everyone loves food and a large proportion of people also dream of having their own little space to serve the best delicacies. It seems like a very lucrative business option to most people. The spending power of people has shot upward significantly in the last couple of decades. Thus people tend to spend more on an outing, spending fun time with family and friends while having decent food in a restaurant with a fun environment. Given the large number of restaurants which has come up in last a decade, it clearly shows the rising popularity of different kind of foods among the masses and thus it justifies such a boom.

But what’s puff and creamy from outside, is rather a very risky business. Owning a restaurant is not a joke these days. The co-vid 19 pandemics has bought more mess in already struggling ventures. The lock down bought everything to a standstill and even after everything started getting normal after the roll-out of vaccines, some business still tends to suffer. Restaurants are few those segments still struggling. People are still scared and tend to avoid public places. Thus restaurants are struggling to stay afloat given all the fixed costs they have to incur even if they remain shut.

The same scenario is being experienced all over the country and likewise in Florida to the number of tourist inflow has abruptly plummeted thus scenes of vacant restaurants are a common sight. During this span of one year, restaurants filing for bankruptcy have been a piece of very common news doing rounds from social media to mainstream media. And if you are unable to pay the impending costs and are planning to file bankruptcy, you are not probably alone. The data of 3 months from March to June shows how there has been more restaurant bankruptcy filing than in any other industry. A significant proportion of almost 12 % of restaurant bankruptcy has been recorded in those 3 months.

If you are looking for a Bankruptcy Lawyer in Tampa Florida, we at Galewski law group are there to assist you most smoothly. We are a team of set professionals who have expertise in making your process smooth and free of hassle while you are already under stress about your bankruptcy procedures and legality.

What about filing chapter 11?

One might consider filing for Chapter 11 bankruptcy. It is filed in case you wish to let your restaurant be open and let it keep operating. We at Galewski law firm will be more than glad to help you file it most smoothly. There are several advantages with chapter 11 bankruptcy which should be understood well in prior.

• It gives you a chance to restructure your impending debts, and lets you plan to pay them over a longer period with small payments. This will give you an ample amount of time and you would be able to pay off with much less pressure insight.
• If you have got to pay for any commercial vehicles or equipment, you can seek a loan for it at much lower interest rates.
• Chapter 11 bankruptcy will help you reduce the amounts of your unsecured debts.
• An obvious and automatic stay will be applied once you file the chapter 11 bankruptcy, which will put a full stop to any creditor harassing you for the remaining payments. No one would be able to question your integrity. No unnecessary calls trying to put pressure over you. Moreover, no one would be able to claim a dubious possession over your restaurant equipment or on the commercial vehicle.

Getting a second chance

Unlike other bankruptcy filings, chapter 11 is a vital opportunity for anyone who wishes to stay afloat for the time being and later give oneself a chance to commence a new beginning in form of a major comeback. You can take enough time to chart out your plan and give a fresh boost to your business and get back on track with a stronger financial footing. The business which you commenced with a dream will not have to be shut close due to difficult circumstances; the chapter 11 filing will help you keep your dreams alive.

To help you file for bankruptcy, one can find Bankruptcy Lawyer in Tampa Florida. It is always advisable to seek help from a lawyer and seek his expertise to make sure that you don’t end up making a mistake that could have severe repercussions. A lawyer will make you understand all the legal data which has to be concise and correct. Even the slightest mistakes can land you in considerable trouble. Contact Galewski law Group to further understand all the details about our work and expertise and seek immediate help if you are willing to file for bankruptcy.

How Small Business Owners Can Avoid Bankruptcy

A recent study by the FDIC shows that most small business credit card debt is unsecured. Most of these businesses are seasonal or new, and their revenue is usually lower than that of larger companies, which are more reliable. A number of these seasonal or new businesses fail within the first two years. The reason for this is usually poor cash flow management. In these cases, bankruptcy may be an option for how small business owners can avoid bankruptcy.

The most important thing to remember when considering bankruptcy is that you must act carefully and intelligently. If you do not take the time to find the right bankruptcy attorney, then your chances of a positive outcome are greatly reduced. This is a case where word of mouth and references from others can help you. Those who have had experience with bankruptcy proceedings can also be valuable sources of advice.

In Florida, there are certain rules and laws that apply to the financing of a business. A business must operate for one year prior to filing bankruptcy. Once filed, credit card accounts must remain current throughout that period. Credit cards can be declared dead if a company is insolvent. It is also illegal to personally guarantee the payment of any debt owed to a creditor, including a credit card.

While it would be nice to think that a bankruptcy attorney could help you out every time you find yourself in this situation, in reality, bankruptcy lawyers are not good at predicting how a company will perform a second time around. This is because of many factors. One is the fact that a company’s financial situation changes over time. A seasonal business may be helped by credit card sales during Christmas and New Year’s. But if a company is making money hand over fist, bankruptcy may not be an option when it comes time to pay back credit card debts.

Bankruptcy can destroy a small business in a matter of months. Credit card debts can result in the immediate shutting down of a business. As soon as a bankruptcy lawyer represents a client, this company’s credit rating and ability to borrow from banks are affected. The very credit that helped bring a business into existence can be ruined in a matter of months when that business is deemed insolvent.

If you find yourself in this situation and think bankruptcy might be your best option, you should contact a bankruptcy attorney as soon as possible. There may be other avenues you can take to protect your business. Small business credit counselling services can be found all across the country. If your company is facing bankruptcy, do not risk losing your business and the money you have worked so hard to obtain.

If you are facing trouble in filing for bankruptcy in Tampa, you can contact the experienced attorneys at Galewski Law Group. For more information, You can call us at (813) 222-8210

Things to Know Before Filing For Bankruptcy In Tampa

There are many different reasons as to why a person would want to file for bankruptcy. They need it to get out from under a lot of debt, or maybe they think that they have gotten into too much trouble and can no longer pay their bills. No matter what the reason is, there is one thing for sure and that is that it is something that needs to be done. If it was not already done, now is definitely the time.

If you are wondering what chapter 13 means, then you need to know that chapter 13 bankruptcy works like this. It is not actually a chapter in and of itself, but it is filed under another section of the bankruptcy code. It is filed under either the name of the individual filing the suit or the company filing with the federal government. In order to file for chapter 13 bankruptcy, you will need to meet the following criteria. First, you must be at least 18 years of age.

Next, you will need to have been continuously employed throughout most of the year. This makes a big difference because it shortens the time that chapter 13 has to go through before it can go forward. This is important because with the shorter period of time, it could end up taking more than a year to finalize things, whereas if you are filing under a different part of the code it could finish much quicker.

Finally, you need to have filed at least two chapter 13 bankruptcies in the past. These are the only cases that can file under this part of the code. Two bankruptcies mean that you have two separate papers going into the bankruptcy court.

One of the papers will be for your discharge. This states that you have officially discharged your debts. This does not have to be a discharge in full. It just has to be a complete conclusion of your debts. Once the discharge is approved, your chapter 13 is officially complete.

Knowing how old do you need to be to file for bankruptcy is important because it makes it so that you do not have to wait too long in order to get the help you need from a good bankruptcy attorney. This is especially critical if you have many debts. If you cannot file by yourself, then you should definitely hire a bankruptcy lawyer who can do the paperwork for you. He or she will be able to tell you when you do need to file and why. The sooner you get started, the better off you are going to be!

If you have any query related to filing for bankruptcy, you can get a free consultation from the experienced lawyers at Galewski Law Group. Call us at (813) 222-8210.

Bankruptcy Dismissed Vs Discharged – The Difference Between Bankruptcy Dissolved Vs Discharged

In Florida bankruptcy court, bankruptcy is either discharged or dismissed. When the bankruptcy case is dismissed by the court, that means that the case has been lost and the assets of the debtor have been fully paid. The case must have been filed in county court for there to be a trial. Most counties in Florida have “joint pleas” when a bankruptcy case is filed. The process involves an agreement between the parties to resolve a dispute. This process allows the debtor to resolve the debt without the added expense of a trial.

If the bankruptcy court dismiss your bankruptcy, it does not mean that you have lost the case. There are other ways to resolve your debts other than filing a bankruptcy. If the bankruptcy court dismisses your bankruptcy, it is simply saying that the plaintiff (you) is not likely to succeed in recovering the debt.

If you do not file bankruptcy, the court can still hold you accountable for your debts if you fail to make required payments after a certain amount of time. These payments will usually include a repayment plan that is designed to help you get back on track. You will be expected to make monthly payments towards this plan. However, filing bankruptcy does not eliminate the debts you owe.

If you win your lawsuit, you may be able to remove the name of the bankruptcy court on your credit report. You will have to notify the bankruptcy court that you want to remove their name from your credit report. In some cases, the court may approve your request. This can be done through a simple order to the court. If this happens, you will need to provide proof that you requested the discharge.

If you win your lawsuit and file for bankruptcy, you will be required to pay all debts owed to creditors. The bankruptcy administrator will liquidate any financial holdings of yours. It is important to remember that you will not be allowed to collect any debts that were discharged by the court.

After the bankruptcy trustee sells your assets, you will be left with whatever remains. These can include anything that is the entirety of your debts including credit card debt. Selling these assets will enable you to pay off your remaining debt obligations. As long as you keep up with your payments, you will be able to restore your credit history to good standing once again.

Before filing for bankruptcy, you must consult an experienced lawyer for a true and professional advice. Galewski Law Group is one of the top law firms in Florida, who have a team of experienced lawyers. For free consultation, call us at (813) 222-8210.

Source URL: https://www.bloglovin.com/@galewski/bankruptcy-dismissed-vs-discharged-difference-8326127