Bankruptcy in Tampa

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Bankruptcy is when an individual or a company can't pay their debt, thus they file legal paper work stating their financial issues.  Once it is approved, that individual is no longer responsible for their debts they once had.  Are you an individual who is facing extreme debts?  If so then you may need to file bankruptcy.  Bankruptcy can be a complicating and gruesome process.  Courts don't give people special treatment when they purse a bankruptcy case with an attorney absent.  If you don't have an attorney to represent you for the case it can complicate the affair.  Finding the correct attorney for your specific situation can be a challenge, because you want to make sure they take your case serious instead of just trying to collect another check.  There are two popular options for filling a bankruptcy in Tampa.  An individual can file under Chapter 7 or under Chapter 13.  Each of these bankruptcy filings have certain requirements that must be met before it's considered.  There are many definitions of each of these filings in books and on the internet which are extremely hard for an individual to understand, who is not familiar with them.

Chapter 7 is the most popular type of bankruptcy that people file under.  Chapter 7 is often called liquidation bankruptcy or straight bankruptcy.  The unsecured debt of an individual, such as bank debt and health expenses is removed, and any of the assets that are not exempted will be liquidated.  One's house is considered to be exempted because the Florida Constitution shields it from being liquated.  Filing a Chapter 7 bankruptcy is an extremely quick procedure and often will only take two months to process.  Filing under a Chapter 13 bankruptcy is another popular type of bankruptcy to individuals in Tampa.  A Chapter 13 bankruptcy is when an individual is required to pay a certain percentage of their debts.  This percentage is considered by the court that is reviewing your case.  This kind of bankruptcy is particularly helpful in terminating IRS debt and second mortgages that you may have acquired.  Chapter 13 bankruptcy filings are mostly used by individuals who are trying to keep their house from being fore closured.
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