Especially in light of the recent economic downturn and high unemployment rate, many people are still struggling to get back on their feet financially. While it may be possible to eventually pay off any outstanding debt that you have, there may come a time when your debt becomes too overwhelming to handle. Though this can, understandably, be a frightening situation to face, there are a variety of options available to you to help you get out of debt and move on with your life.
In particular, bankruptcy protection is a commonly used option that many people turn to when dealing with burdensome debt. By pursuing bankruptcy in the Tampa area (Hillsborough, Pasco, and Pinellas counties), you may be able to eliminate much of your debt or restructure it, and you may be able to do so without forfeiting much, if any, of your property and assets.
The type of bankruptcy defense in Tampa that a person files for will vary depending on their unique financial circumstances. Typically, an individual person will file for either Chapter 7 bankruptcy or Chapter 13 bankruptcy.
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Common Forms of Bankruptcy in Tampa
When facing looming debt that you cannot pay, it is best to explore your options, especially bankruptcy. Depending on your particular situation, you may be eligible to file for one of the following:
- Chapter 7 bankruptcy: This is a form of bankruptcy that allows a person’s unsecured debt, such as credit card debt, to be eliminated after any eligible assets or property is liquidated. Often, due to property exemptions, a person does not lose much, if any, of their property. In order to file for Chapter 7 bankruptcy, a person must first qualify through the means test determined by your income.
- Chapter 13 bankruptcy: This form of bankruptcy allows a person to reorganize their debt into a structured plan that gives them 3-5 years to pay off the debt.
Whichever form of bankruptcy you choose to file for, it is best to have a skilled bankruptcy lawyer on your side.
Contact a Tampa Bankruptcy Lawyer
At Egan Law, P.A., our legal team strives to help people in the Tampa area who are considering bankruptcy to completely understand all of their options and pursue the path that is best for getting them out of debt. Get in touch today to find out how we might be able to help you.