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.

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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.

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Things to Remember Before Your Initial Meeting with a Bankruptcy Attorney

Filing a bankruptcy is often a difficult decision for any individual. It’s the time when you are suffering financially and emotionally and one surely wishes to make the right decision at this point of time to ensure they could be back on right track shortly. Finding the right Bankruptcy Attorney in Tampa or wherever you are looking to file remains critical. There are a lot of things to consider the way in advance to ensure that you find the right man for the job. Let us closely look at some of those factors which should be taken deeply considered before you met with a bankruptcy attorney.

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The Initial Interaction of 30 Minutes

Your first interaction with your lawyer would be very important. Preparing for it in advance will be critical. It will involve a good list of questions that might be uncomfortable for you to answer but being truthful at every question will pretty much determine the destiny of your case. A good bankruptcy lawyer in Tampa explains that being open with your lawyer about every small related detail will help to strengthen your case.

Be Organized

Being organized during your initial sessions with your lawyer would surely help. Keep every critical detail about your financial situation and assets along with you and present them in an orderly manner. Having a hard copy of these details is preferable to just having a soft copy with you.

Financial Information

A popular bankruptcy attorney in Tampa explains that filing for bankruptcy would require a very clear and transparent outlook on your financial situation. It would require one to give a clear picture about their overall loans, assets, mortgages along with any other outgoings.

Questions To Ask Your Bankruptcy Attorney

It is important to know your rights and have a clear picture of where you stand and what options you have to come out of this tense situation. Asking legit questions with your attorney would surely help. Try to know details about chapter 7 or 13 bankruptcy, what will be the timescale, what has been the success rate of such cases along with any other question that sticks in your mind.

Write Down Every Important Detail

Using your phone or laptop at your initial meeting to write down important details during your initial meeting would be a little inconvenient. Better have a pad and pen and write down every important detail that comes your way through the lawyer. Do prepare your question on the same pad and do not forget to clear every little doubt. 

Communication

A clear and transparent communication channel in such cases is the most important element. One should be very clear about how they will receive the critical inputs and progress from the lawyer. A well-defined communication channel will be the key for the case to run effectively.

 Fees

Remember there are no consultation fees charged when you visit the right lawyer. But once you hire a lawyer for the case and proceedings commence there will certainly be a fee to be paid. Discuss at early stages and do consider the experience and skills before you decide to hire anyone for the case.

Galewski Law Group has a team of the best bankruptcy lawyers in Tampa who would be happy to help you with any similar case.

Also read about, What I Keep If I File for Chapter 7 Bankruptcy?

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What I Keep If I File For Chapter 7 Bankruptcy?

It is probably the most common type of bankruptcy filed in the United States to save one from piling up debt. A Tampa bankruptcy attorney explains that the idea is pretty simple; if one has a lot of payments pending to be paid to the creditors and the person remains in a terrible situation of not being able to pay then the only way out is to file for the chapter 7 bankruptcies and give oneself a new and fresh start in the financial aspect.

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What Are Bankruptcy Exemptions?

Some debts are not secured due to the absence of collateral on such debts.  All the debts that are discharged while filing the chapter 7 bankruptcy will be the unsecured debt. Unsecured debts could comprise a person’s medical bills or credit card debt. People are often scared of losing out their assets while filing for bankruptcy. But it’s not the case with chapter 7 bankruptcy most of the time. Some specific exemptions will secure your asset and save them from getting liquidated. The exemptions are mostly based on a certain amount and mostly they can cover your entire asset’s value.

Common Chapter 7 Exemptions

 Let us understand some of the exemptions in the chapter 7 bankruptcy

• Your home and property

One of the most important points includes that your home and property are exempted up to the amount of $136,925 of the equity. People could even plan to double this amount while both spouses file for bankruptcy.

• Your vehicle

One motor vehicle for the amount of up to $3775 can be protected under automobile protection.

• Personal Cash And Household Items

A certain amount of cash and household items are also protected.  A cash amount of up to $475 is protected. There is also a clause for the protection of furniture and other appliances which are covered up to the cost of $12250 and the cost of each item should not exceed $575. The jewelry for about $1700 is also protected.

• Wild card exemption

If there is any other property apart from real estate, Ohio allows the protection on it for the amount of $1250.

Can I Keep My Tax Refunds?

They are not exempted and could easily be added to your bankruptcy estate. Though there is some possibilities like-

• The tax year before your bankruptcy was filed: they will go to the estate and be paid as part of your debts.
• The tax year that your bankruptcy was filed: includes the income after filing for the bankruptcy. You will get to keep the part of your refunds.
• The tax year after your bankruptcy was filed- no effects due to bankruptcy and you get to keep the refunds.

Keeping Your Home and Car

One will have to keep paying the payments if they wish to keep their car and home. Chapter 7 bankruptcy helps a lot in helping you save your assets. We at Galewski Law Group have a team of the best bankruptcy lawyer in Tampa who are always available to bail you out from any such situation.

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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.

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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?

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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.

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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

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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.

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Advantages of Filing Chapter 13 Bankruptcy in Tampa FL

How is the best Bankruptcy Attorney in Tampa FL to represent you? This is a question that has many people asking while filing for bankruptcy. They are concerned about what will happen to them when they are bankrupt and want to know how they will be able to pay back their creditors. The answer to this question is not that easy. While chapter seven bankruptcy is the worst of the chapters, there are some advantages with chapter 13 bankruptcy as well.

First of all, chapter 13 bankruptcy allows you to get your debts paid off by liquidating some of your assets and property. This is done per the order of the court. This means that all of your debts will be paid in full to your creditors. It will then be up to you to pay the remainder of your debts through regular monthly payments. You will no longer have to worry about the harassing phone calls from your creditors and it will also be easier to find a job since you will have less to pay back.

Read More: Tampa Chapter 13 Bankruptcy Lawyer

There are some disadvantages with chapter seven bankruptcy as well. Some people end up having to sell their homes or other property in order to pay their debts because the house is used as collateral for many of their loans. The house is used up and cannot be sold again to pay back the loan. If this happens then the person who owns the home can lose their credit and thus be unable to get any loans in the future.

Another disadvantage is that chapter seven bankruptcy is a lot more expensive than chapter thirteen. With chapter seven bankruptcy you have to pay for a lawyer and the cost of the entire case. With chapter thirteen bankruptcy you pay the fees of the lawyer but do not have to pay the fees of the lawyer until after you have been discharged from your case. This means that you will have to spend your money for the attorney and court fees before you ever see your money. While chapter 13 bankruptcy may be cheaper in the long run, it is not always the best choice for some people.

When looking for a Tampa bankruptcy attorney you should take care to find one that is experienced and well versed in the laws that govern your state. This way you will know that they will know what to do when a judge grants your request to file. It is always better to hire a lawyer who has experience.

One of the best things about bankruptcy is that it gives you the opportunity to start over and begin rebuilding your life. If you are faced with a chapter 13 bankruptcy, then you will need to look for an attorney that knows the laws of your state and has experience working with people in your situation. You will also need to hire a lawyer who will work well within your budget because chapter 13 bankruptcy is a strict case and you will probably have to accept financing from family or friends in order to afford the case. If you do everything you can to make sure that you hire the best bankruptcy attorney in Tampa FL then your case will most likely not go to trial and you will have a better chance at a good outcome.

Galewski Law Group is one of the best and professional attorneys or law firm in Tampa, FL.  Our lawyer has years of experience. Our firm dedicated to achieving results for its clients in Tampa. For more information about our Tampa Law firm, feel free to reach out to our Tampa Law Firm contacts.
Resource Article: Advantages of Filing Chapter 13 Bankruptcy in Tampa FL

Best Tips for Choosing Between Chapter 7 and Chapter 13 Bankruptcy

Confuse to Choose Between Chapter 7 or Chapter 13 – Which One Better for Your Condition

Difference between Chapter 7 and Chapter 13. How do you know which chapter of bankruptcy is good for you?

For most individuals,  there will not be an option, They will qualify for which type of bankruptcy is the good option for them. a rational choice for them & proceed with some to no option in the case. Every individual filing is subject to a medium test that evaluates property or assets, loans, and other financial criteria. And for any individual, the best option is apparent.

But what if you fall into the cluster of filers who do have a choice?

Is the right option is good than the other? And what if things alternate at a few points & your prime choice is no longer the better option?

Here’s is some point when you choose between chapter 7 & chapter 13 & what you need to know about.

Chapter 13 vs. Chapter 7

Chapter 13 bankruptcy filing assents you to liberation a wider range of debts than Chapter 7. The who person fills Chapter 13 bankruptcy has a long time period of protection under the automatic stay. And lots of cases, Chapter 13 also permits you to retain proprietorship of more of your assets than Chapter 7. But this doesn’t mean Chapter 13 is always good than Chapter 7.

Chapter 13 needs you to create payments on your debts for a long time period, maybe three to five years. It’s called “wage earners’ bankruptcy” for this factor. You are not free and clear of your loans for a long time in chapter 13 and if you have no job or other income source. You are not eligible for Chapter 13 bankruptcy filing.

But in some exceptional cases, a person will be eligible for both types of bankruptcy & need to make a decision. It may seem as if Chapter 13 is the main choice. Because you need more protection & are permitted to hold more assets, in exchange for repayment you can afford.

This is not always the case.

Someone who knows his or her income will increase over the next 3 to 5 years, would likely be well served by filing for Chapter 7.

One of the major advantages of Chapter 13 is that in the future something changes during your repayment time period. You also can the some change the amount of your monthly payment. If you have decreased income or you lost your job, The court might be asked to decrease your payments. It is even potential in harsh circumstances to alter your Chapter 13 case to Chapter 7.

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• Can I Rent After Bankruptcy
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Chapter 13 Requires a Long-term Commitment

But the opposite is also a reality. If you view an enhancement in income during that repayment period. The trustee might ask the court to changes to your payments to reflect this increase. You had to be earning more money yet a lot of enhancement would go to loaners. now those in Chapter 7 the enhancement would be a moot point since your case would be closed. You had been able to pay more towards the loans you still be in debt that were not clear in chapter 7, but the circumstance should be under your control. You had been choosing to pay creditors more, not the trustee.

Chapter 7 is about the here and now the last judgment by the court depends on your present situation. Under Chapter 13, the court estimates your present situation. yet the court also sees the future evolution. you are creating a multi-year commitment to having your economic circumstance exposed to the court, If you handsomely expect your economic circumstance will significantly improve during that time, you may want to think two times about filing for Chapter 13.

If you are not clear which chapter of Bankruptcy is better for you or you need help evaluating your financial prospect in the near future, We can assist. Contact the Galewski Law Group, P.A. of Stanley J. Galewski at (800)755-4968 to discuss your situation.

Resource Article: Tampa Bankruptcy Chapter 7 vs Chapter 13

Difference Between Chapter 7 and Chapter 13 Bankruptcy in Tampa

If you think that filing for bankruptcy means that there is absolutely nothing left for you to do, think again. The truth is that you still have some options available to you even after you have filed for chapter 7 or chapter 13. The truth is that you can keep your home and pay off some debts. A reliable Galewski Law Group, P.A bankruptcy lawyer can help you determine whether this is indeed the best option for you. Among the most important advantages of filing for chapter 13 is the temporary restraining order.

Read More: Chapter 13 Bankruptcy Lawyer Tampa, FL

Bankruptcy Attorney Tampa FL

This comes into effect once you file for chapter seven and lasts as long as the bankruptcy stays to carry out. This ensures that creditors cannot contact you and draw up any contact with your assets. However, this can easily be lifted if you prove that you cannot afford to pay off debts in full. A chapter seven plan allows you to list all your assets and liabilities and work out a distribution of funds. Once this is done creditors are not allowed to come near your assets and they cannot sell them. However, this does not come into effect immediately and you can extend this process if you find that you are still not in a situation to pay off debts.

Read Also: Tampa Chapter 7 Bankruptcy Attorney

A reliable Tampa bankruptcy attorney can also guide you on how to file chapter 11. This is a different procedure than chapter 7. Chapter eleven declares that you are unable to pay off your debts and does so by listing all your assets and liabilities. According to the code, your creditors are obliged to allow you to continue to use your assets. Once this has been done your bankruptcy is over and you can resume your financial life with a fresh slate.

As with chapter seven, if you file for chapter eleven all your debts will be discharged. However, this will not come into effect immediately. You will be able to go through the court system until the appeals process is over. If you proceed with filing bankruptcy you must not employ an attorney unless you want to be represented. An attorney can help you fill out the appropriate forms and even get you a discharge so that you can avoid repayment of your debts.

Your creditors cannot touch your assets during this period. Once your bankruptcy is filed, you can begin to pay off your debts. The attorney will draw up a distribution plan with the help of the trustee. The trustee is someone who will distribute the funds so that it is available to your creditors.

In conclusion

a good lawyer will ensure that you have a smooth run when filing bankruptcy. This means that you will be able to pay all your debts without falling into debt again. You will also be able to pay off your assets without having to sell them. The law allows people to keep their assets free from repossession when they file for bankruptcy. Therefore you can avoid the risk of losing all your assets if you go through a good bankruptcy attorney.

Galewski Law Group, P.A are committed to providing you with the best representation possible. We are Tampa’s best law firm. Contact online or call (800)755-4968 for a free consultation with an experienced Tampa bankruptcy attorney to discuss your situation and your available options.
Original Source: Best Bankruptcy Attorney in Tampa

How to Choose a Bankruptcy Attorney Tampa, FL

An individual who is considering filing for bankruptcy should research and check each bankruptcy attorney before hiring them. If you are facing financial difficulties and are contemplating bankruptcy. It is best to consult with a Tampa bankruptcy attorney to discuss your options. Although it is always best to have legal representation. When it comes to court proceedings, a bankruptcy attorney can still provide good sound legal advice to those seeking bankruptcy. To find an affordable bankruptcy attorney in Tampa, FL. The individual must do some research and check each potential attorney’s record and past case history. The most important thing to keep in mind. When looking for a bankruptcy attorney is that each legal representation is different from another. The first step is to ask about the fees associated with each legal representation and the expected outcome of your case.

Galewski Law Group offers free consultations and affordable bankruptcy lawyers. Filing personal bankruptcy with the help of our Bankruptcy Lawyer is highly recommended. It is important to be represented by someone who is experienced and can efficiently present your case to the judge. Galewski Law Group charges an affordable fee for their services. And we can tell you how to file for personal bankruptcy. 

Our bankruptcy attorney can also make the entire filing process much easier. If you find that you are in financial trouble and are considering filing for bankruptcy in Tampa. The initial step would be to get a list of forms and documents that are required for filing. Next, the Tampa lawyer would review these forms and fill out any appropriate documentation. That is required for the bankruptcy to be filed. An affordable and best bankruptcy lawyer in Tampa can assist you in the entire filing process.

Another reason why it is advisable to get the services of an attorney in Tampa is due to the high rate of bankruptcy filer cases. To file a successful petition for chapter 7 bankruptcy. The filer needs to have a significant income from a job that pays enough to cover all their expenses and debts. Most people who file chapter seven do so because of medical or financial hardships. It is imperative that the filing party to get the services of a competent lawyer. So that they do not waste time waiting for the court to act. When the process begins, the person filing typically does not have enough time to prepare the necessary paperwork and face the judge.

Also Read: Chapter 13 Bankruptcy Tampa

The court will give the applicant time to come up with a suitable repayment plan. Once this is done, the court will then determine if the applicants’ financial status fits under the guidelines set forth by the chapter 13 bankruptcy law. If the applicant qualifies. They will be given a new chapter 7 bankruptcy attorney and can start working on the filing paperwork. The goal of the filing party and their Tampa bankruptcy attorney should be to receive the correct decisions on their loans. Pension payments and other secured debt obligations.

With a fresh start at the end of each month, creditors are more willing to accept a reduction in the amount of debt. As a result, the debtor can more easily pay off their debts. A Tampa bankruptcy attorney can help the people in this situation to save their credit standing. They can also work with the creditors in order to obtain the best payment plan that the debtor can afford.

For more info about our service don’t hesitate to feel free to contact us via a call at (800)755-4968 or visit our website and you also get free consultations about all the legal advice with our best lawyers in Tampa, FL.