What Type Of Bankruptcy Is Right For Me?
Many individuals who are considering filing for bankruptcy have done basic research to understand whether bankruptcy is right for them. Unfortunately, with so much legal terminology, it's easy for individuals to get confused about the type of bankruptcy they need.
At Yesner Law, we represent individuals in Tampa and throughout central Florida in Chapter 7 and Chapter 13 bankruptcy, the two most common types of consumer bankruptcy.
Although Chapters 9, 11, 12 and 15 are all types of bankruptcy, there are specific regulations that dictate who can file under which chapter. At a basic level, Chapter 9 is for cities, Chapter 11 is typically for businesses or individuals with a high amount of secured or unsecured debt, Chapter 12 is for farmers, and Chapter 15 is for companies that cross state lines.
We know the terminology can be confusing. We are here to help determine whether Chapter 7 or Chapter 13 will be most effective. Attorney Shawn Yesner also educates clients about alternatives to bankruptcy if there is an option better than bankruptcy.
Understanding The Main Differences Between Chapters 7 And 13 Bankruptcy
Although Chapter 7 bankruptcy law is the same all over, Florida has some specific guidelines and exemptions. The person should be a Florida resident for at least six months, and his or her median income should be less than Florida's median income (this is the means test). Chapter 7 bankruptcy allows the individuals to make a fresh start as most debts are considered discharged.
Chapter 13 bankruptcy is a viable way to climb out of debt while offering the option to keep real and personal property. Homeowners who want to keep their properties have a better chance of doing so through Chapter 13, because the debtor can repay mortgage arrears over the term of the Chapter 13 plan. The debtor can also "strip" or "remove" second and third mortgages or judgment liens that are wholly unsecured.
Bankruptcy Can Provide Debt Relief
Bankruptcy was designed by the government to help individuals obtain the debt relief they need; we help individuals throughout Florida obtain a fresh financial start. Learn more about the counsel an experienced lawyer can provide by scheduling a free consultation. Fill out our contact form or call 813-774-3013 to learn more.