Tampa Chapter 7 Bankruptcy Attorney 813-222-8210
Chapter 7 Bankruptcy
Are you facing a business bankruptcy situation in Tampa and wish to file for bankruptcy chapter 7 in the city? If yes, you need to first consult the reputed bankruptcy attorney in Tampa, FL. There are many clauses and conditions that you need to rectify first before filing for bankruptcy in chapter 7 or else in Tampa. You should contact the authorized bankruptcy lawyers in Tampa to get all necessary details about business bankruptcy and its rules in the city.
The bankruptcy rules can be different in varied states and cities in the United States. If you are running the business in Tampa, Florida city, you need to first explore the right bankruptcy rules before filing. For this, you should better consult a professional bankruptcy lawyer in Tampa. Make sure, you are consulting with a genuine bankruptcy attorney in Tampa, who has in-depth knowledge of all bankruptcy chapters like 7, 11, 13, and bankruptcy laws in the city. Hence, you need to take a complete brief about bankruptcy laws in Tampa from an attorney and then take legal action for filing bankruptcy for business or else. Before you move ahead in the article, you should know first:
What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy for business will allow debtors to exempt some assets which are not covered under the permitted exemptions law. It is a liquidation of assets that allows a debtor to clear away many types of unsecured debts. This chapter 7 bankruptcy rule is applicable for businessmen, who are unable to manage to pay monthly bills, payments, and manage other business expenses from income. If your business is passing through the same phase and has no longer improving options, you can file for chapter 7 bankruptcy under certain rules.
Under the chapter 7 bankruptcy rules, you will get relief to exempt assets such as vehicles, primary home, and household items, clothing, food, student loan, social security, equipment or tools of the trade, etc. You might get exemption from all such assets under the same bankruptcy norms that will help you recover from the debts too.
How to Qualify for Chapter 7 Bankruptcy?
- In case, you have intended to file for chapter 7 bankruptcy for business in Tampa, you first need to qualify for the same. For this, you should consult the best bankruptcy attorney in Tampa, FL, and explore the qualification points such as:
1. The applicant must have completed a credit counseling course from an authorized credit counseling agency within 180 days.
2. Your monthly income during the last six months must be less than the median income.
3. Your bankruptcy situation should be genuine and there is no intention of defrauding the creditors. If the court will find such intention, your case will get dismissed.
4. You are unable to file for chapter 7 bankruptcy during the last eight years.
If you will meet all the above criteria, you can file for chapter 7 bankruptcy with help of a professional bankruptcy lawyer in Tampa.
How Chapter 7 Bankruptcy Works?
Once you qualify for applying for chapter 7 bankruptcy in Tampa, FL, you need to apply to the court file the same. The court will impose a legal stay on current depts. It will restrict creditors not to take advantage of your business and stop harassing for payments, using your wages, influence the property, etc. Furthermore, the court will appoint a legal trustee for handling your bankruptcy case too.
Here a trustee will play significant roles to review your finances, assets, take care of all obligations of chapter 7 bankruptcy as well. The trustee has the right to sell some non-exempted property of a debtor to repay the creditor under the legal norms. Also, the trustee will conduct a face-to-face meeting session between the creditor and debtor to discuss further course of action or consents in the case.
After completing the four to six months of your case filing, the court will discharge your remaining debts. Hence, you do not need to repay the debts to the creditors anymore. But, there are some debts, which do not include dischargeable assets from bankruptcy such as court fees, child custody, tax debts, student loans, and other funds. You will have to manage such debts at least.
If you are unaware of all such procedures and want to file for chapter 7 bankruptcy, you must consult a professional bankruptcy attorney in Tampa, FL to handle your case. For more help, you can search websites of the top-most bankruptcy lawyers in Tampa online and contact the right one for your bankruptcy case to file.
