Tampa Bankruptcy Lawyer
Overcoming Debt Through Bankruptcy in Tampa
Financial struggles can happen to anyone due to job loss, unexpected medical expenses, or credit card debt. Bankruptcy is a legal tool that provides individuals and businesses with relief from overwhelming financial burdens. A Tampa bankruptcy lawyer can help determine the best course of action, whether that means filing for Chapter 7 or Chapter 13 bankruptcy or exploring alternative debt relief solutions.
Common Types of Bankruptcy in Tampa
The two most common bankruptcy options for individuals are:
Chapter 7 Bankruptcy
Chapter 7, also known as liquidation bankruptcy, allows you to eliminate most unsecured debts, such as credit card bills and medical expenses. Many filers can retain their home, vehicle, and essential assets under Florida’s generous exemptions.
Chapter 13 Bankruptcy
Chapter 13 is a reorganization bankruptcy designed for individuals with steady income who want to restructure their debt into an affordable repayment plan. This option is ideal for homeowners trying to catch up on past-due mortgage payments while preventing foreclosure.
Challenges in Bankruptcy
Filing for bankruptcy involves legal and financial complexities, including:
- Passing the Chapter 7 Means Test – Income requirements must be met to qualify.
- Protecting Assets – Florida law allows for exemptions, but non-exempt assets may be liquidated.
- Dealing with Secured Debts – Car loans and mortgages may require continued payments.
- Understanding Debt Discharge – Some obligations, such as student loans and tax debts, may not be eliminated.
Debt Relief and Credit Recovery
While bankruptcy provides debt relief, it is not the only solution. Alternatives such as debt consolidation, negotiation, and settlement may be viable for some individuals. After filing for bankruptcy, you can start rebuilding your credit by:
- Making on-time payments on remaining debts
- Using a secured credit card responsibly
- Regularly checking credit reports for errors
Foreclosure and Bankruptcy Protection
Tampa homeowners facing foreclosure may benefit from Chapter 13 bankruptcy, which allows them to keep their homes while restructuring mortgage debt. Chapter 7 bankruptcy also offers temporary relief by halting foreclosure proceedings through an automatic stay.
How Nowack & Olson, PLLC Can Help
The experienced attorneys at Nowack & Olson, PLLC assist Tampa residents in resolving financial difficulties. Their team provides personalized legal strategies to help individuals and businesses regain control of their finances.
Bankruptcy FAQ
How do I know if bankruptcy is right for me?
A bankruptcy attorney can assess your financial situation and determine whether Chapter 7, Chapter 13, or an alternative debt solution is best for you.
Will bankruptcy erase all of my debts?
Most unsecured debts can be discharged, but certain debts, such as student loans, child support, and some taxes, typically remain.
Can bankruptcy stop creditor harassment?
Yes, an automatic stay goes into effect immediately after filing, preventing creditors from contacting you or taking legal action.
How long does bankruptcy affect my credit?
Chapter 7 remains on your credit report for 10 years, while Chapter 13 stays for 7 years. However, responsible credit management can help improve your score much sooner.
Will I lose my home if I file for bankruptcy?
Florida’s homestead exemption protects primary residences in many cases, particularly under Chapter 13.
Bankruptcy Lawyers Serving Throughout Tampa
- Hyde Park
- Westchase
- New Tampa
- South Tampa
- Seminole Heights
- Ybor City
- Carrollwood
- Davis Islands
- Palma Ceia
- Channelside
Consult a Tampa Bankruptcy Attorney Today
If you are struggling with debt and need a financial reset, Nowack & Olson, PLLC can help. Contact an experienced Tampa bankruptcy attorney to discuss your options and start your path toward financial freedom.
