Filing for Bankruptcy in Tampa
Compassionate & Competent Debt Relief Legal Service
According to statistics gathered by the United States Courts, more than 770,000 bankruptcies are filed annually. These cases are filed by individuals facing overwhelming debt accrued due to various reasons, with a majority stemming from medical issues. Many reasons can cause you to go into debt, from medical expenses including lost time at work as well as to job loss or layoff, being hit with a costly divorce, or just from making poor financial decisions. Whatever the reason, debt overload is a major cause of stress and anxiety that can quickly lead to exhaustion, despair, and depression. How do you manage when your income cannot cover your expenses?
Fortunately, our state and federal governments have recognized this problem and the need for uniform legal processes designed to help the honest debtor. Those processes are called Chapter 7 and Chapter 13 bankruptcy. If you do not qualify for one, you likely will qualify for the other. These processes allow you to discharge some or all of your unsecured debt, such as credit card debt. At Grayson & Monroe, PLLC, our bankruptcy attorneys concentrate their practice entirely on this field of law for clients throughout the greater Tampa area. That means we handle cases just like yours day in and day out. Experience is key when it comes to legal professionalism and our competent team excels in that category with 25 combined years of legal practice under their belts.
What Does Bankruptcy Actually Do?
As mentioned above, bankruptcy allows you to discharge unsecured debt. “Discharge” means that you will be forgiven those debts at the end of the bankruptcy process. How that discharge occurs will depend on the type of bankruptcy process you undergo. Chapter 7, the most common, is called the liquidation process as your nonexempt assets (meaning not protected from liquidation) are sold off to pay your debts. Chapter 13 operates on a different principle, using a repayment program to pay off debt over a set timeframe after which your remaining debt is forgiven.
Secured debt means debt that you have accumulated without any collateral. This means if you fail to pay it back, your creditor has no property that it can seize to recover its loss.
This type of debt includes:
- Credit cards
- Medical or dental bills
- Payday loans or personal “signature” loans
- Utility bills
- Past due rent
- Legal fees
- Gym memberships
No matter which type of bankruptcy you choose, as a consumer you are subject to a vast number of regulations that call for complete compliance. Because of this, it is in your best interests to work with a reputable lawyer who focuses on bankruptcy law in your state.