TAMPA BANKRUPTCY ATTORNEY'S ANSWER TO FAQ:
1. How do I file Bankruptcy with a Tampa Bankruptcy Attorney?
2. Will a Tampa Bankruptcy Attorney speak with me over the phone?
3. How much does it cost to hire a Tampa Bankruptcy Attorney and to file my Bankruptcy?
4. Do Tampa Bankruptcy Attorneys work in other cities, such as Sarasota, St. Pete, and Brandon?
5. How can a Tampa Bankruptcy Attorney help me?
6. Can a Tampa Bankruptcy Attorney discharge all of my debt?
7. Can a Tampa Bankruptcy Attorney save my home from foreclosure?
8. What is the difference between Chapter 7 and Chapter 13 bankruptcy?
9. What assets are exempt in Florida?
10. What type of bankruptcy do I file?
11. What questions may help me to determine your what Chapter I should file?
12. Can my Tampa Bankruptcy Attorney protect me from the bank after a foreclosure?
13. I have assets and income can I still file Bankruptcy?
14. When should I contact my Tampa Bankruptcy Attorney?
15. Can my Tampa Bankruptcy explain the 341 Meeting of Creditors?
Question of the week:
I am surrendering a home to a mortgage lender to help consolidate my debt, may I still collect rent on the
home, and does this change after filing a chapter 7?
If you have rental income from property but are planning on surrendering the property to the mortgage lender, either
in bankruptcy or foreclosure, the rental income may belong to the mortgage lender. Please refer to your mortgage
and note for details, but often rental income is assigned as part of the mortgage. If you were to file a chapter 7 or 13
bankruptcy, you may still not be able to keep the rental income. In a chapter 7 bankruptcy, the bankruptcy estate
would own the rental property and they would be the proper party to collect the rent. Even if the rent is paid to you,
you may be required to turn over the rent to the bankruptcy trustee. If you file a chapter 13 or reorganization, the
rental income may be used in calculating your income for purpose of determining your discretionary income and
ultimately your chapter 13 plan payments.
I am up-side-down or have negative equity in my home, can a Tampa Bankruptcy Lawyer help me?
If you owe more than your house is worth, your Tampa Bankruptcy Lawyer may help you decide between four options: pay for
the house until the home value increases, return the home to the bank, attempt to negotiate with the bank for a loan modification
or sell the home. If you sell the home, a Tampa bankruptcy attorney may help you to negotiate a short sale with the bank, so you
do not need to bring money to sell. If you decide to give the house to the bank, this may be done, with or with out a the help of
a Tampa Bankruptcy Attorney. If you do not file a bankruptcy the Court may grant the bank a deficiency judgment against you
for the difference between the sale price and the amount owed. The bank may attempt to collect the difference from your
personally or may file a 1098/1099 with the IRS, and treat the deficiency amount as earned income. You would then be
personally liable for the difference as if it were earned income from that tax year. A bankruptcy or reorganization may save you
from the deficiency judgment and the 1099 taxable gain. It is often easier for your Tampa Bankruptcy Attorney to obtain a
discharge from the Tampa Bankruptcy Court prior to the foreclosure sale. Call your Tampa bankruptcy lawyer for more
information.
1. How do I file Bankruptcy with a Tampa Bankruptcy Attorney?
Contact a Tampa Bankruptcy Attorney for a no cost, no obligation phone conference or in-person consultation to determine
under which Chapter of the Bankruptcy Code you may file or read our section on the different types of Bankruptcy a Tampa
Bankruptcy Attorney may help you file. Then either download the appropriate bankruptcy package or contact a Tampa
Bankruptcy Attorney to have one sent to you.
2. Will a Tampa Bankruptcy Attorney speak with me over the phone?
Yes, your Tampa Bankruptcy Attorney will either speak with you when you call in, promptly return your call or will set up a
specific time to have a telephone conference with you.
3. How much does it cost to hire a Tampa Bankruptcy Attorney and to file my Bankruptcy?
The hiring of a Tampa Bankruptcy Attorney is quite affordable considering the financial obligations and benefits that go with
Bankruptcy. Your Tampa Bankruptcy Attorney may be retained in routine cases starting at $800, plus costs and filing fees. A
Sample engagement letter is attached to each of the respective bankruptcy questionnaires below. Keep in mind that these are
sample engagement letters and your costs may exceed those listed if unforeseeable complications arise. The Galewski Law
Group and your Tampa Bankruptcy Attorney reserve the right to charge an additional fee for non-routine matters.
4. Do Tampa Bankruptcy Attorneys work in other cities, such as Sarasota, St. Pete, and Brandon?
Yes. Your Tampa Bankruptcy Attorney covers most of Central West Florida. The Tampa Court is the hub of most cases filed in
the Middle District of Florida, west of Okeechobee, from Naples to Ocala. There is a court building in Fort Myers, however the
clerk of court and the judge reside in Tampa and work from the Tampa Federal Court Building.
5. How can a Tampa Bankruptcy Attorney help me?
A Tampa Bankruptcy Attorney may be able to help you to gain a fresh start by filing for protection under the Bankruptcy Code.
Bankruptcy is a court process that offers some protection from creditors by stopping collection activity against you and
affording you an opportunity to gain control. Bankruptcy offers you two avenues to choose how your debts and assets are
handled. Your Tampa Bankruptcy Attorney will help you either liquidate (Chapter 7) or reorganize (Chapter 11 and 13).
Liquidation trades your non-exempt assets for repayment of dischargeable debt. Reorganization allows you to keep or buy back
your assets over time through a proposed plan where you repay a portion of your debt in return for discharge of the
dischargeable debt. You must repay some debts in full; others may be repaid only partially or not at all, depending on what you
can afford.
The bankruptcy Code offers a broad range of power to the debtor including the power to stop court action including
foreclosure. When your Tampa Bankruptcy Attorney files your bankruptcy, a court order called an "automatic stay" goes into
effect. The automatic stay prohibits most creditors from taking any action to collect against your debt to them, without court
approval. This automatic stay or moratorium on collection activity can be used to stop state court litigation including, but not
limited to, foreclosure.
6. Can a Tampa Bankruptcy Attorney discharge all of my debt?
Certain debts cannot be discharged in bankruptcy, but such debt may be open to renegotiation in bankruptcy. These debts
include, but are not limited to, certain taxes debt, student loans, child support, alimony, and certain kinds of tax debts. Student
loans will not be discharged unless you can show that repaying the debt would be an undue burden, which is a very tough
standard to meet. And other types of debts might not be discharged if a creditor convinces the court that the debt should survive
your bankruptcy.
7. Can a Tampa Bankruptcy Attorney save my home from foreclosure?
Often Yes. A Chapter 13 Bankruptcy may stop a foreclosure and allow you to bring your mortgage up to date by paying the
arrearages over time.
8. What is the difference between Chapter 7 and Chapter 13 bankruptcy?
A Chapter 7 Bankruptcy is a liquidation of assets. You must immediately turnover to the bankruptcy estate all assets that are not
covered under your allowed exemptions, unless you purchase them from the bankruptcy trustee. Most people do not have assets
outside of the exemption level, but you must seriously and truthfully review your assets with your Tampa
Bankruptcy Attorney before filing a chapter 7 bankruptcy.
A Chapter 13 Bankruptcy is a reorganization of debt. The case states with the creation of a plan of reorganization in which you
pay a portion of your debt back. The repayment plan in part is based on a repurchase of non-exempt assets from the bankruptcy
estate; accordingly you may keep most, if not all, of your assets.
9. What assets are exempt in Florida?
The largest and most common bankruptcy exemptions are:
• Homestead. Generally, you may keep the Equity in your home.
• Insurance. You usually get to keep the cash value of your policies.
• Retirement plans. Most retirement benefits are protected in bankruptcy.
• Personal property. A personal property exemption ranging between $1,000 and $4,000.
• Vehicle. Equity in a vehicle of up to $1,000.
10. What type of bankruptcy do I file?
The best way to determine what type of bankruptcy you should file is to contact a Tampa Bankruptcy Attorney for a no cost, no
obligation phone conference or in-person consultation to get an expert opinion. Typically people do not have much of a choice
between Chapter 7, 11, and 13.
11. There are various criteria to determine which chapter of the bankruptcy code applies to you and you should
seek expert counsel from a Tampa Bankruptcy Attorney prior to making any decision. The following questions may
help you to find the correct chapter:
a. Is your individual income, or marital income, above the local median as set by the Internal Revenue Service? If so you
may
have to file under chapter 11 or 13.
b. Do your secured debts exceed $1,010,650 and unsecured debts exceed $336,900, then you cannot use Chapter 13.
c. Are you trying to save a house or vehicle that you are behind on? If so you may have to file under Chapter 11 or 13.
d. Do you have assets that exceed the exemption level that you will need to buy back from the estate over the next 3-5
years? If so you may have to file under Chapter 11 or 13.
12. Can my Tampa Bankruptcy Attorney protect me from the bank after a foreclosure?
There are no guaranties, but your Tampa Bankruptcy Attorney can often help to reduce the repercussions from a foreclosure or a
short sale.
13. I have assets and income can I still file Bankruptcy?
Yes. You should contact your Tampa Bankruptcy Attorney for a free consultation and evaluation of your situation. Even if you
have assets, cash, or equity, you still may qualify for different chapters under the Bankruptcy Code.
14. When should I contact my Tampa Bankruptcy Attorney?
You should contact your Tampa Bankruptcy Attorney early. Often people make serious mistakes in the financial planning,
including draining equity or value from protected assets. Certain assets, such as your house and retirement accounts may be
protected from your creditors. Draining the value from them may be an injustice to you and your family. Contact your Tampa
Bankruptcy Attorney today for free information.
To start the process we will need the following information:
Chapter 7 Questionnaire PDF WORD
Chapter 13 Questionnaire PDF WORD
15. What happens and what questions are asked at the 341 Meeting of Creditors?
Click here for your Tampa Bankruptcy Lawyers 341 Meeting of Creditors information sheet.
Tampa Attorney
GALEWSKI LAW GROUP, P.A.
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LATEST REPORT ON BANKRUPTCY MORTGAGE MODIFICATION:
The Senate voted down the bill proposing to give Bankruptcy Courts the ability to modify
Representatives in the two houses of Congress are looking for new ways to allow your bankruptcy lawyer to help you save your home:
"People in the servicing industry and in the broader financial industry must understand that if this last effort to produce significant modifications fails, the
argument for reviving the bankruptcy option will be extremely strong," said Frank.
But Durbin told The Progress Report in an interview that, ultimately, "I think we're going to beforced into alternatives." One alternative option is taking away
the tax advantage enjoyed by trusts that hold mortgage-backed securities "if the investors refuse to allow modifications."
There is also mandatory mediation, a very successful program requiring that lenders and borrowers meet and try to work out an agreement before a
foreclosure can proceed. Congress could also "temporarily change the rules on foreclosure to give people facing foreclosure the right to rent their homes"
at the market price, giving banks an incentive to modify mortgages, in order to avoid becoming landlords.
LATEST REPORT ON BANKRUPTCY STUDENT LOAN FORGIVENESS:
Several member of Congress have recently stated that they will attempt to pass new legislation regarding student loan discharge. Currently
student loans may only be discharged if they create an undue hardship. The Courts have held that student loans may only be forgiven in the
most serious of situations. Congress has the power to modify the bankruptcy code to define undue hardship and to remove the favoritism to
private student loan creditors over other creditors. We will keep you updated as the bill moves through Congress.
LATEST REPORT ON BANKRUPTCY MORTGAGE MODIFICATION:
Bankruptcy Court Set To Require Mortgage Lenders To Negotiate Mortgage Modifications With Chapter 13 Debtors
UPDATE: New rules require that the bank inform parties of their right to mediation of the foreclosure action at the onset of any
litigation. Tampa bankruptcy and foreclosure attorneys at Galewski Law Group, P.A. have significant experience in mediation and
foreclosure actions and may be able to use this process to push the bank to modify your mortgage or to forgive debt in a short sale.
The Orlando bankruptcy court is preparing to adopt a rule providing for mandatory mediation between homeowners and their mortgage companies to facilitate
mortgage modification. Congress rejected a change in the bankruptcy code that would have empowered Chapter 13 debtors to force reduction in their first
mortgage principal to their residence’s current fair market value. This proposed procedural rule will not circumvent the bankruptcy code and will not force
reduction of first mortgage principal. What the rule will do is enable Chapter 13 debtors by motion filed with the court to compel a bank representative with full
authority to modify mortgages to meet with the debtor and an independent mediator to negotiate in good faith a possible modification of the debtor’s first
mortgage terms. The terms and the conditions of the rule are expected to be announced shortly. This bankruptcy rule should be a big help to debtors who
want to save their primary residence from foreclosure.
The Florida Supreme Court is requiring mediation in state court foreclosure cases. This state court rule is helpful, but the bankruptcy court rule could be
better for homeowners. Before getting to mediate with a bank agent with full authority the homeowner has to be in a foreclosure case. The homeowner first
has to stop paying the mortgage for at least three months, wait for the bank to file a lawsuit, hire a civil attorney to answer the lawsuit, proceed for several
months in civil litigation, and then at some point, arrange for a court ordered mediation. The result of the mediation is a contractual agreement to modify the
mortgage, and the modification usually calls for a few months of trial payments before it is binding.
Chapter 13 mediation should be faster and more definitive. A debtor probably can get an order requiring mediation with their mortgage lender very soon after
filing a Chapter 13 bankruptcy petition. The borrower/debtor will not have to miss several mortgage payments and fall farther behind on their mortgage. There
will probably be uniform court orders. The bankruptcy rule probably will permit a court order adopting any mediated mortgage modification which order can be
recorded in the public real estate records.