Bankruptcy Benefits in Tampa
Learn the Benefits of Bankruptcy from Our Tampa Attorneys
Debt overload is one of life’s most stressful situations. It can lead to sleepless nights, broken relationships, anxiety, and depression. In such a situation, it is invaluable to your health and future to find a way out of the dilemma.
At Grayson & Monroe, we understand the stress and discomfort of the inability to meet your financial obligations. We talk to and help people every day in and around the greater Tampa area on the matter of excessive debt and how to deal with it.
As bankruptcy lawyers, we are deeply familiar with state and federal laws concerning the various types of bankruptcy available, how they work, their pros and cons, what to expect, and how to undergo the process for the most efficient and beneficial result. With decades of experience at this, we are poised to provide you with trusted and capable bankruptcy representation.
What are the Benefits of Bankruptcy?
It is important to remember that you are not alone. Millions of Americans find themselves in financial distress every year, whether it is a temporary setback or a full-blown crisis such as a job loss or a serious illness or injury creating a nightmare of medical bills.
That is why state and federal governments established uniform bankruptcy laws available under specific eligibility requirements. These laws help honest debtors find their way back to a fresh start with a clean slate.
An immediate automatic stay issued by the bankruptcy court that prevents your creditors from further collection attempts. The automatic stay can prevent repossessions, evictions, and lawsuits. It can also stop foreclosures.
Stopping Tax Penalties, Late Fees, and More
Your bankruptcy filing can stop further tax penalties from accruing. Your filing can also stop the accrual of further interest charges, late fees, or penalties on credit cards or other debts
Discharge of Debt and Mortgage Eliminations
A filing allows you to discharge part or all of your unsecured debt. In certain cases of foreclosure, you may be able to eliminate second or third mortgages.
Some clients worry about losing their property, particularly in a Chapter 7 filing. However, through the use of lawful exemptions, you may be able to retain certain property such as your home or car.
Creating a Repayment Plan
Through a Chapter 13, you will have the ability to repay mortgage, car loan, and other arrears as well as unsecured debt. You can do this through one monthly predictable and manageable payment.
You are required to take credit counseling as part of the bankruptcy process. This means you will have a better handle on how to manage your finances going forward.
Move Forward by Sticking to a Plan
While a bankruptcy filing does remain on your credit record for a period of seven to 10 years, many people can move forward by sticking to a plan to increase their credit score through sound money management. In this way, you may regain an ability to obtain new credit in a matter of a few years.
You also need not worry that you can lose your job by filing for bankruptcy. Under the law, discrimination against employees who have filed for bankruptcy is prohibited. Another concern may be the embarrassment of friends, family, neighbors, or others finding out that you filed. In that case, it is helpful to know that, even though bankruptcy is a public record, unless someone knows specifically that you filed, it is unlikely that they will search public records to find out.
Learn more about what bankruptcy can do for you by contacting a Tampa lawyer at Grayson & Monroe, PLLC at (813) 644-3730 today.
Many of our clients have come across the same initial questions as they begin their journey to financial freedom. Visit our FAQ page to get some quick answers.