Your decision whether to file bankruptcy and under which chapter to file depends on your particular circumstances. In general, Chapter 7 is appropriate when the Debtor has insufficient income to pay a portion of his/her debts, and the Debtor is not seeking to keep non-exempt property. Otherwise, if the Debtor has an income or property and can afford to repay at least some of his/her debts, Chapter 11, 12 or 13 may be appropriate, depending on whether the Debtor is an individual, partnership, corporation, or family farmer. The decision whether to file a bankruptcy case and under which chapter is an extremely important decision and has tremendous financial impact. Consequently, this decision may require expert advice from a bankruptcy attorney. Thomas A. Nanna is a Board Certified Bankruptcy Attorney in Tampa, Florida.
Chapter 7 Bankruptcy is also called “straight bankruptcy”. The debtor receives a discharge of all dischargeable debts usually within four months. In the vast majority of cases the debtor has no assets that he would lose, so Chapter 7 will give that person a relatively quick “fresh start” without paying back the debt.
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Virtual Bankruptcy Consultations
Bankruptcy consultations are now conducted from the comfort of your own home using your computer, tablet, or phone. If you live in the following counties, send us an email at info@TampaBayDebtRelief.com and we will schedule your virtual bankruptcy consultation.
Virtual bankruptcy consultations are available to residents of the following Florida counties: