admin | Galewski Law Group - Part 6Galewski Law Group

January 8, 2021

Best Tips for Choosing Between Chapter 7 and Chapter 13 Bankruptcy Tampa

Confuse to Choose Between Chapter 7 or Chapter 13 – Which One Better for Your Condition

Difference between Chapter 7 and chapter 13 bankruptcy Tampa. How do you know which chapter of bankruptcy is good for you?
For most individuals, there will not be an option, They will qualify for which type of bankruptcy is the good option for them. a rational choice for them & proceed with some to no option in the case. Every individual filing is subject to a medium test that evaluates property or assets, loans, and other financial criteria. And for any individual, the best option is apparent.
But what if you fall into the cluster of filers who do have a choice?
Is the right option is good than the other? And what if things alternate at a few points & your prime choice is no longer the better option?
Here’s is some point when you choose between chapter 7 & chapter 13 & what you need to know about.

Chapter 13 vs. Chapter 7

Chapter 13 bankruptcy filing assents you to liberation a wider range of debts than Chapter 7. The who person fills Chapter 13 bankruptcy has a long time period of protection under the automatic stay. And lots of cases, Chapter 13 also permits you to retain proprietorship of more of your assets than Chapter 7. But this doesn’t mean Chapter 13 is always good than Chapter 7.

Chapter 13 needs you to create payments on your debts for a long time period, maybe three to five years. It’s called “wage earners’ bankruptcy” for this factor. You are not free and clear of your loans for a long time in chapter 13 and if you have no job or other income source. You are not eligible for Chapter 13 bankruptcy filing.

But in some exceptional cases, a person will be eligible for both types of bankruptcy & need to make a decision. It may seem as if Chapter 13 is the main choice. Because you need more protection & are permitted to hold more assets, in exchange for repayment you can afford.

This is not always the case.

Someone who knows his or her income will increase over the next 3 to 5 years, would likely be well served by filing for Chapter 7.

Chapter 7 vs Chapter 13 Bankruptcy Tampa

One of the major advantages of Chapter 13 is that in the future something changes during your repayment time period. You also can the some change the amount of your monthly payment. If you have decreased income or you lost your job, The court might be asked to decrease your payments. It is even potential in harsh circumstances to alter your Chapter 13 case to Chapter 7.

Chapter 13 Requires a Long-term Commitment

But the opposite is also a reality. If you view an enhancement in income during that repayment period. The trustee might ask the court to changes to your payments to reflect this increase. You had to be earning more money yet a lot of enhancement would go to loaners. now those in Chapter 7 the enhancement would be a moot point since your case would be closed. You had been able to pay more towards the loans you still be in debt that were not clear in chapter 7, but the circumstance should be under your control. You had been choosing to pay creditors more, not the trustee.

Chapter 7 is about the here and now the last judgment by the court depends on your present situation. Under Chapter 13, the court estimates your present situation. yet the court also sees the future evolution. you are creating a multi-year commitment to having your economic circumstance exposed to the court, If you handsomely expect your economic circumstance will significantly improve during that time, you may want to think two times about filing for Chapter 13.

If you are not clear which chapter of Bankruptcy (chapter 7 or chapter 13 bankruptcy Tampa ) is better for you or you need help evaluating your financial prospect in the near future, We can assist. Contact the Galewski Law Group, P.A. of Stanley J. Galewski at (800)755-4968 to discuss your situation.

Also Read This Article:

December 16, 2019

Emergency Bankruptcy to Stop Foreclosure

Are you facing foreclosure or automobile repossession? A crisis bankruptcy filing could be capable to stop these actions in their tracks. Our Tampa Bankruptcy Lawyers do NOT advise to wait till the last moment to file for bankruptcy. Nevertheless, it’s possible to submit a bankruptcy petition before your house is captured. Call (813) 222- 8210 for more info.

It’s essential to file your emergency bankruptcy petition before the official date the home will be marketed. Keep in mind that each of the filing requirements must be fulfilled. These include preparation and submission of the petition, getting crediting counseling along with other requirements. Galewski Law Group, P.A is best bankruptcy attorney that may help you to get your emergency filing done on time to save your home or vehicle.

Note: It’s not suggested to make emergency bankruptcy filing. There are occasions when it’s required, however. Bankruptcy demands extensive paperwork, and has very specific deadlines and actions.

A threat of submitting emergency bankruptcy is that if an error is made, the judge may dismiss your case or deny it. If you DO need to file an emergency bankruptcy, be sure to opt for an experienced bankruptcy lawyer to represent your interests.

Why File Emergency Bankruptcy?

Whenever you submit your bankruptcy petition, an automatic stay begins. The automatic stay prohibits creditors from harassing you for payment. If you’re 3 months behind on your mortgage, the mortgage company might not contact you further for payment. Any ongoing foreclosure proceedings must halt.

An emergency bankruptcy petition has a minimum forms to complete. When this is done, the automatic stay begins. So your house is protected from creditors, and you’ve time to talk with your lawyer in detail on how to assemble proceed.

How to File Emergency Bankruptcy

Filing for Chapter 7 bankruptcy requires you to take a credit counseling class.

It is available online. Once you’ve finished the course, you’ll be given a certification that you’ve passed. It has to have a date that’s a minimum of one day before the emergency date.

Next, to start your bankruptcy, you need to file at least these documents:

Voluntary petition: A 3 page application which has all your personal info, quantity of debt total number of creditors.
Creditor matrix: Lists all contact information to your creditors, along with the course that you understand the requirement the course that you understand the requirement.
Exhibit D: – This informs the course that you understand the requirement of credit counseling as a condition for submitting emergency bankruptcy.

Once these first forms are registered, you’ve 2 weeks to submit each of the other forms. Your bankruptcy lawyer will keep you organized and make sure you file everything you need. Call (813) 222- 8210. Individuals that are in serious financial problem can. Sometimes it’s critical to stop lender collection tasks fast. If you want to stop foreclosure or car repossession, it is vital to contact an experienced attorney in bankruptcy law proximately. Our law firm offers no obligation consultations.

December 9, 2019

Bankruptcy Dismissal VS Discharge

Since a lot of people don’t find themselves in a situation where they’ve to admit bankruptcy, many are ignorant about what bankruptcy actually entails. For that reason, many individuals aren’t familiar with the majority of terms utilized in the bankruptcy process.

This might be very frustrating for somebody who is thinking of declaring bankruptcy for the very first time. The two phrases you may hear whenever you choose to declare insolvency are “dismissal” and “discharge”. A lot of people think that the words may be used but that’s not correct.

Bankruptcy Dismissal – Definition

In order to declare bankruptcy there are particular requirements you need to meet. By way of example, the U.S. Bankruptcy Code requires all debtors to go through a credit counseling course within 180 days before submitting their petition.

Should they do no not adhere to this along with other requirements, it’ll result in the automatic dismissal of their bankruptcy case. Some other reasons why a bankruptcy case could be dismissed comprise:

Struggling to explain assets are missing.
Lying under oath.
destroying records or Not maintaining documents.
Attempting to defraud creditors by concealing or transferring property within one year of filing.
Maybe not meeting certain deadlines.
Struggling to make payments that are pan within time given for Chapter 13 case.
Maybe not attending the meeting of creditors.
Maybe not submitting the correct forms with the court.

Once your case is dismissed creditors may continue with their own debt collection efforts just as they did before you filed. That suggests that creditors are free to garnish your income or wages to get their money back.

Bankruptcy Discharge – Definition

A discharge in bankruptcy is when the court gives an order for the elimination of a debt. In this situation, you acquire the protection of the automatic stay, which protects you from all creditor collection actions. Put simply, you no longer have to pay the debt, and the creditors are not permitted to pursue you for debt. Which means creditors can’t do things like sending letters, phoning or suing you over debt once the debt is discharged. A Chapter 7 and Chapter 13 bankruptcy equally have discharges but a release if more limited for a Chapter 13 bankruptcy. Individuals who register for a Chapter 13 bankruptcy have to pay a part of the debt for some period of time before a discharge happens.

Debts That Cannot Be Discharged

In a Chapter Seven bankruptcy the following debts can’t be discharged:

Retirement plan loans.
The Debts you didn’t record whilst on your bankruptcy.
Debts you accrued due to a drunk driving conviction.
Child support, alimony along with other debts under a marriage settlement arrangement & taxes.
Debts that you discharged in a previous bankruptcy.

Dismissed Bankruptcy Chapter 13

Most the debts above can also not be discharged in a Chapter 13 Bankruptcy. Other loans you can’t discharge under a Chapter 13 Bankruptcy include student loans and debits incurred because of malicious actions. Consult a resourceful bankruptcy attorney if you want to know all the debt relief options presents for your case.

December 3, 2019

Can I Rent After Bankruptcy?

Persons who’re in deep financial problems and can’t repay their debts regularly declare bankruptcy to get relief. Sadly, people focus too much on the disadvantages of declaring bankruptcy that they only register for bankruptcy when they’re stuck economically and can’t afford to pay their very own expenses.

Many fear that declaring bankruptcy will make it hard for them to lease a house or apartment. Some resolve this by moving to a different lease before filing for bankruptcy. It’s true that filing may affect your capability to lease, but landlords do not just deny you just because you filed for bankruptcy.

Why Landlords Manage Tenant Credit History?

The reason why landlords run your credit history is to discover how you manage money. If they see signs of fiscal mismanagement like many foreclosures, late payments, repossessions and so forth, they might reject you. Landlords know that individuals who declare bankruptcy do so due to a number numerous reasons, not simply because they have no idea how to manage their finances.

A landlord could take your insolvency into account and also figure out that you’ve enough disposable income that permits you pay the rents on time. In case you’ve enough disposable income, so your story of insolvency isn’t pertinent to the landlord because it indicates that you’re back on track. To determine if your disposable earnings isn’t a thing, your landlord may also look at your employment history. Your employment history shows how far you job jump and regardless if you’r e reliable as far as your obligations are concerned. Aside from this, your rental history will be reviewed to see if you’ve been evicted and numerous reasons for that eviction.

Could I Rent An Apartment Following Filing Chapter 7? It depends on the Type of Landlord

Private landlords are helpful in situations where you’ve filed for bankruptcy. The reason behind this is they’re probably to make the final decision of whether or not to enable you to lease or not. They’re inclined to consider things like Your previous rental history, current employment, and the way you present yourself. The way you present yourself only means appearing confident, clearly describing your financial situation, and having an image. You’ll find people willing to lease out rental properties in classified advertisements, or check for Neighborhood rental opportunities in Tampa.

Landlords which are part of associations can’t do that since there are principles and stipulations that they’ve to abide to. A complex or management company won’t consider your situation if they see your low credit score. You could offer a security deposit to give them extra peace of mind, but that might not work either.

Nevertheless, don’t lie about your credit history because they may find out one way or another. In fact, persons that are in the midst of bankruptcy should stay current with their rent payments and be prodigious tenants. Just know that one day may have to look for another apartment and the landlord in that other apartment will want to know your rental history.