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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. We will get you immediate answers to your most pressing bankruptcy questions.

At Yesner Law, our Tampa bankruptcy lawyers represent individuals throughout central Florida in Chapter 7 and Chapter 13 bankruptcy, the two most common types of consumer bankruptcy. If you are struggling to keep up with your monthly debt payments, it may be time to consider seeking bankruptcy protection. To learn more about your legal rights and legal options, please contact our top-rated Florida bankruptcy attorney for a free, no obligation consultation.

What You Need to Know About Your Personal Bankruptcy Options

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. Under current U.S. law, consumer bankruptcies generally fall into one of the following two categories: Chapter 7 and Chapter 13. 

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 

Chapter 7 Bankruptcy (Liquidation)

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 individuals to make a fresh start as most debts are considered discharged.

Indeed, with Chapter 7 bankruptcy, most debts are discharged. In other words, debts are wiped out. For example, if you have credit card debt and your Chapter 7 bankruptcy filing is approved, it will almost certainly be wiped out in its entirety. Of course, it should be made clear that liquidation works in both directions.

When a person files for Chapter 7 bankruptcy, the court will take the remainder of their non-exempt, liquid assets to pay creditors. This is why Chapter 7 bankruptcy is generally reserved for individuals who are facing deep financial distress or who have little or no non-exempt liquid assets. A top-rated Tampa, FL Chapter 7 bankruptcy attorney can help you take action to protect your assets when you file for this type of debt relief.

Chapter 13 Bankruptcy (Restructuring of Debts)

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.

Many people refer to Chapter 13 bankruptcy as a restructuring bankruptcy. With this type of bankruptcy is far easier for borrowers to protect their assets and property. They can then create a viable plan that will allow them to repay their debt in a manner that actually allows them to meet their monthly obligations.

How does this work? It depends on the specific nature of the case. In some circumstances, debt payments will be stretched over a long period of time. In other cases, interest rates may be reduced or interest payments may be eliminated. In still other cases, the court may write off a significant portion of certain debts.

An Experienced Bankruptcy Lawyer Can Provide Debt Relief

Navigating the bankruptcy process is complicated. You need to know what to file, how to file, and when to file. Of course, creditors are notoriously aggressive — they are rarely willing to offer the help that you need. We can fix it. At Yesner Law, we get our clients results. You do not have to live with the stress of unsustainable debt. Among other things, our Florida bankruptcy lawyer will:

  • Conduct a free, no obligation review of your financial situation;
  • Offer you guidance on your available options;
  • Help you explore any viable alternatives to bankruptcy; and
  • If the right choice for you, file for Chapter 7 bankruptcy or Chapter 13 bankruptcy protection on your behalf.

Contact Our Tampa Bankruptcy Lawyer Today

At Yesner Law, our Florida bankruptcy law attorney is a committed advocate for individuals. We will help you get back to financial stability. Do not assume that you are out of legal options. There is always a path forward. 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 Tampa bankruptcy lawyer can provide by scheduling a free consultation. Fill out our contact form or call 727-261-0224 to learn more. We have a law office in Clearwater and we handle personal bankruptcies through the region, including in Tampa and St. Petersburg.

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How Can We Help?

When we meet with clients for their free initial consultation, one of the first questions we ask is, "What can we do to help?" We listen to our clients' concerns and work with them to build a strategy that meets their legal goals. Learn more about the counsel an experienced Tampa bankruptcy lawyer can provide by scheduling a free consultation. Complete our online contact form or call 727-261-0224.

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Contact Information
Yesner Law

Yesner Law Countryside Colonial Center
2753 FL-580, Suite 202
Clearwater, FL 33761

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Shawn M. Yesner