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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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.

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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.

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How to Cooperate As a Bankruptcy Client?

Bankruptcy could be defined as a situation one which a person or a firm is no more in a condition to repay the outstanding debts and is finding it hard to stay afloat and bear any more expenditure. One must never hesitate in filing for bankruptcy because during your financial woes, filing for it would give you a chance to try making things in order again and start rebuilding on a positive note. A bankruptcy client has to be patient as well as proactive while filing for bankruptcy. It is often said that even a little mistake with your papers or your details might land you up in good trouble. Therefore it is very important to find yourself a very good and experienced bankruptcy lawyer before you start filing for bankruptcy. We at Galewski law group have a team of some of the best bankruptcy lawyers in Tampa, FL. We would be glad to help you in the difficult times and will make sure to give you the best suggestions at every step.

As soon as you hire an expert, make sure to reveal every bit of detail because that’s how one will be able to help you and work in the right direction. It is also expected that one has to be very decent with the lawyer and be very cooperative throughout the whole process. Being offensive in any way will only harm the client and disrupt the process. Every little detail matters, so the client is often expected to deeply understand all the requirements and all the papers according to what your attorney states and make sure to provide him with everything on time. Your attorney will be the one who decides what would matter and what won’t. One is also required to give a transparent state of his finances. It is not something one has to be embarrassed about but should rather be vocal, so the lawyer could help you in the best possible way.

Also Read: Things You Must Know Before Filing For Bankruptcy?

In many cases when people try to hide some information or present it to their lawyer in a different way, it backfires. At some point in time, the reality would come out and would not only expose the individual in a wrong way but would also be an embarrassing moment for their representatives. It will also be a case failure. Therefore it is highly appreciated when all the information given to your attorney is legit so he carries on with your case in full confidence. Popular Tampa bankruptcy lawyer explains the importance of receiving the right information as they state that the initial inputs provided by the client are the very base of the whole case and what is more important than to have a solid base to give the right structure to your case.

It is also a guideline in such cases that the client must look to provide even those inputs which he finds of no use. You might feel that they are less important or not important at all but still make sure to inform about them your attorney. Let him decide what is needed and what is not needed. moreover, everything remains confidential in such cases and one does not have to worry about whatever he provides to the attorney.

The whole idea during these processes is to remain calm and keep your composure. Even a little frustration will be enough to distract you and make your case go in the wrong direction. The bankruptcy process needs precision. so they can be tiring and take a toll on your mental health as you already suffer from your financial woes. The best way out is to listen to your attorney and comply. We at Galewski Law Group have a team of one of the bestbankruptcy lawyers in Tampa, FL. We would be glad to help you with your case from day 1. We have an ample amount of experience in dealing with bankruptcy cases and this gives us the confidence to provide you with the expected results.

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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.

Fighting the myths that keep people from filing bankruptcy

Bankruptcy is still seen as a taboo in our society. It is often being judged as a symbol of failure. There is also a ton of misinformation that revolves around the hysteria of bankruptcy. The problem is that many people are not well informed and when they believe in any such fake assumptions about bankruptcy they opt not to file for it even they are suffering and need a dire bailout. A very famous Tampa bankruptcy attorney explains that a situation of bankruptcy arises when people are not being able to pay their debts or the debts have risen to such a level that it has collapsed any chances of repayment and come out of the vicious circle. The situation could also arise when people suddenly lose a lot of their income for some reason and are now able to stay afloat with tons of pending payments already looming over.

Filing the bankruptcy does not mean the end of the road but it is rather a new starting or a new life where you breathe and get a chance to start all over again. You get a chance to fix the issues and an efficient plan to repay the debt and move towards generating passive income. But the inaccurate stories in the market about the bankruptcy fail the motive of it. it pushes the people down further as they disown the option of filing bankruptcy and rather keep struggling until they eventually choke. We at Galewski Law Group would be glad to help you and connect you with a bankruptcy lawyer in Tampa who would help you in understanding the benefits of filing bankruptcy and the process to do the same. Let us further look at some similar myths that keep people misinformed about bankruptcy.

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Only poor and irresponsible people file for bankruptcy

As we discuss that filing the bankruptcy comes at a cost as people in society many times assume that the person filing is broke or is particularly very irresponsible which is the reason he has been in such a situation. People often assume that only a broke would have to file bankruptcy but this is far from true. People with big incomes might have to file for bankruptcy for their reason and would still be considered equally rich. Also, being irresponsible has got nothing to do with bankruptcy. Now suppose if you suddenly suffer from a disease and are not able to run the business you might have to file bankruptcy, so it doesn’t mean that one was irresponsible at any point.

Bankruptcy will cost you everything you’ve acquired

It is somewhat true that you might have to liquidate your personal belongings and asset to fulfill the debt requirements. But a Bankruptcy Attorney in Tampa explains how filing a chapter 13 bankruptcy might help you save some of your assets such as your car and house from being pushed to liquidate to settle debt payments.

Bankruptcy will mean that you won’t qualify for credit ever again

The tag of bankruptcy is bound to come off from the credit reports after a certain period. The bankruptcy chapter 7 will help you get off the credit report in about 10 years and the chapter 13 bankruptcy will help you get off the credit report in about 7 reports. But you can still qualify for credit cards in a few months and for bigger credits in a few years no matter if you are bankrupt on the credit report. All you need is a right Tampa Bankruptcy Attorney who will explain the process of qualifying for any such clause.

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.

WHAT SHOULD YOU NOT DO BEFORE FILING BANKRUPTCY?

It is easy to understand how complicated the procedure could be to file for the bankruptcy and you can list multiple things and many possible scenarios which could go wrong while you are trying to file for it. So there are many things which need to be looked upon and considered before you come upon the decision to file for bankruptcy, we list upon few of them to make you understand what should definitely be avoided.

Things you should avoid before filing for bankruptcy

Never try to hide your assets, income or debts- people do this king of terrible mistakes many times. The tend to feel that hiding these assets or income from their Bankruptcy Attorney, showing them on name of their family members is a grave mistake and should definitely be avoided. People who end up lying about their assets might face serious criminal charges because it is absolutely illegal to do so. People also end up paying higher penalties and had to spend double the amount they were trying to save. One should definitely refrain from indulging in such activities.

Don’t incur additional unsecured debt you are not willing to repay

People who have made up their mind to file for the bankruptcy and their debts are about to deplete, they usually give a thought to max out their credit cards as well. This is never advised.

Don’t touch your retirement funds

Never touch your retirement account trying to drain it before filing for bankruptcy because your retirement account is generally exempted from any creditors claim.

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What happens if you make a mistake?

When you are into this kind of long and tedious process such as bankruptcy filing there are always chances of mistakes. It depends on how grave the mistake is. There are minor mistakes which have little to no impact. Maybe at times you might have to face some sort of inconvenience because of those little mistakes. But serious mistake can often land you in trouble. If in case you have lied to or have done some injustice while filing your documents you might have to suffer and pay huge penalties and in some particular case might have to serve prison time as well.

Need help filing for bankruptcy; contact our experienced bankruptcy attorney today

Filing bankruptcy is often tedious and difficult process, so we at Galewski law group rather offer you a smooth and clear process for doing it. We try to minimize your concerns through solving one on one solution to the problem and keep track of every impending issue to resolve in best possible way. We have dealt thousands of cases successfully and have years of experience, which is the reason we are confident to provide the best solution to our customers.

If you want to get free consultation from the expert bankruptcy attorney in Tampa, you can call us at (800)755-4968. You can also contact us via mail. Our mail I’d is info@galewski.com

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.

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