Consumer Bankruptcy Lawyers in Tampa, Florida

Find the right Consumer Bankruptcy attorney in Tampa, FL

Bankruptcy is a legal procedure that allows an individual or business to have some or all of their debts discharged. It is usually considered as an option of last resort, because while it can stave off financial disaster, it has some significant long-term consequences warranting careful consideration of the costs and benefits. Being a creation of federal law, bankruptcy will go through federal courts. Accordingly, the process for filing for bankruptcy in Florida is essentially the same as the process anywhere else in the United States. However, particular courts in Tampa, Florida will have individual rules for exemptions, so you should speak with a local attorney before filing.

Chapter 7 Bankruptcy in Tampa, Florida

In Tampa, Florida, there are 2 commonly-used types of consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 states that a certain percentage of the debtor's property be liquidated to pay off at least a small part of their debt. However, many forms of property are exempt, and do not need to be liquidated, such as cars, homes, insurance policies, and retirement accounts.

Once eligible assets are sold, and the proceeds turned over to the creditors, most remaining debt is excused. However, some forms of debt cannot be discharged in bankruptcy, including student loans, taxes, child support, personal injury awards, and fines. If most of your debt in Tampa, Florida is not dischargeable, you may want to consider other options besides bankruptcy.

Chapter 13 Bankruptcy in Tampa, Florida

Chapter 13 Bankruptcy in Tampa, Florida is very different from Chapter 7. Whether or not it is a better option is very dependent on the facts of each individual case. Chapter 13 does not discharge debt, but restructures it instead. Usually, various debts are consolidated into a single monthly payment. This is designed to make the debt more manageable, giving the debtor the chance to pay off the debt over a longer period of time, without all of it coming due at once. This is usually manageable, as long as the debtor can make some sacrifices.

Which Type of Consumer Bankruptcy Should I File in Tampa, Florida

The answer to this question depends strongly on your individual situation. If you have enough stable income to manage a payment plan, and a lot of non-exempt property that you are unwilling to part with, Chapter 13 may be a good option. If you don't have much stable income, and most of your property is exempt, Chapter 7 might be better.

Of course, you should always seek the counsel of an accomplished local Tampa, Florida bankruptcy attorney before you make the decision to file. He or she will be able to advise you of your options, and suggest the best possible course of action for your particular situation.

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Life in Tampa

Tampa is the seat of Hillsboro County, Florida. Tampa is home to nearly 350,000 residents including a number of professional athletes who play on local Tampa based teams. The Tampa Bay Buccaneers who won Super Bowl XXXVII champions in 2002 play at Raymond James Stadium. Tampa is also home to the Tampa Bay Lightning professional NHL hockey team. The only team claiming the "Tampa Bay" location that does not play within city limits is the Tampa Bay Rays MLB team who play in nearby St. Petersburg.

Downtown Tampa has been undergoing a revitalization project that started in 2007. Residential, hotel, and mixed use building have been constructed in an effort to revamp the downtown region and increase housing values. Rents have reduced and average of 4% in the United States but Tampa has only seen a 2% decrease. The discrepancy could be a result of the new downtown projects, however, Tampa offers outstanding transportation routes including railroad, high speed rail, sea ports, 3 nearby airports, and well maintained streets and highways.

The MacDill Air Force Base is home to the United States Special Operations Command (SOCOM) as well as an impressive fleet of cutting edge aircraft. Tampa residents and visitors frequent the annual air show that resumed after a 2002 and 2003 hiatus resulting from the 9/11 attacks.

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