Tampa Bankruptcy Lawyer | Galewski Law Group

January 21, 2022

Does Filing Bankruptcy Affect A Co-signer’s Credit?

Bankruptcy stage is always a painful experience for a businessman in its business. It is a bad situation for the owner as well as its business partners. To overcome the situation, you can take business loans and include the co-signers to repay the loan amount with mutual efforts. Hence, you can share the liability of paying a loan to the bank or creditor. So, the borrower has a sign of relief from the cosigner to complete the fund on time. But, in case, of paying loan gets stopped from end of the borrower then the cosigner has to pay the remaining or full amount.

What happens, when any one of the business partners files the business bankruptcy? Will it affect the credit of the borrower and cosigner too? Well, it does, if the business leads to bankruptcy stage and the borrower is not in the condition to repay the loan amount. The cosigner has to suffer and its credit will also harm.

In case, a cosigner wants to show his credit report after the bankruptcy of business, he or she has to show details of the last loan payment. The cosigner can take complete details of loans from banks or financial authorities and submit them to the credit bureaus. All in all, a cosigner needs to follow the legal steps to improve its credit score after bankruptcy. To manage all the legal processes of bankruptcy and credit score works, you need to hire an experienced bankruptcy lawyer. For instance, you can take the aid of a Tampa bankruptcy lawyer service firm named “Galewski Law Group”. This is a law group firm, located in Tampa, FL. At this law company, you will get complete ranges of business bankruptcy and case filing solutions from expert bankruptcy attorneys in the city.

A cosigner has to suffer if a borrower does not pay the loan amount. Hence, it can affect to co-signer’s credit that woo it file for bankruptcy too. In this situation, the cosigner should consult an expert bankruptcy attorney in Tampa, FL. The lawyers at the “Galewski Law Group”, will guide you right ways to get out of the situation and file for Chapter 7 and 13 bankruptcy through legal steps. Moreover, the bankruptcy lawyers at the company will help you file the case and will handle all documentation procedures too.

Financial problems, recession, bankruptcy or foreclosure concept. Unhappy sad man reading letter, bill, bank statement paper or tax document. Stress, depression and fail. Debt, inflation and crisis.

Filing bankruptcy Chapter 7 and Chapter 13 by the borrower or cosigner will not give permanent relief from repaying the loan amount. It will allow them to stop collecting amounts from debtors till the case is in court. It will give relief to the co-signers to get an automatic stay on collection from the creditor for some time, after tiling the Chapter 13 bankruptcy case. Hence, it will give time to the cosigner to improve its credit and collect money to repay the whole amount to the creditor. To know more about Chapter 7 and 13 bankruptcy law, you can consult the reputed bankruptcy attorney in Tampa, FL, or approach the Galewski law firm.

Also Read: 5 Things You Need To Know About Bankruptcy And Divorce

Here are some legal things that can apply by a co-signer to protect its credits by filing bankruptcy:

1. The cosigner can lift the stay by obtaining a permission letter from the court through the legal process.

2. In case, the creditor likes the co-signer’s repayment plan to complete the debt amount. The creditor can issue a consent letter signed by the court and him to lift the stay.

3. Follow all legal norms of Chapter 13 to enforce the stay on the collection.

4. Appeal the creditor for giving relief to repay some types of debts like medical bills, personal loans, credit card bills, etc. Thus, it will make it quite easy for borrow and co-signers to repay funds as soon as possible.

Thus, above are some right ideas that can help a co-signer or borrower to protect their credits through legal ways. For more help, you can consult the Tampa bankruptcy lawyers at Galewski Law Group, the law firm in Florida. For more details, visit https://galewski.com/

November 15, 2021

5 Things You Need to Know About Bankruptcy and Divorce

Bankruptcy and divorce attorney in Tampa

Sometimes people have to face a bad time in life when all things go wrong and it becomes difficult to find ways to get out of the situation. For instance, bankruptcy and divorce at the same time is crucial situation in life. Both are stressful and emotion-filled in one’s life. The victims in both cases need to take the right actions before filing cases. For this, you can take the aid of experienced bankruptcy and divorce lawyers in the industry. If you are looking for the best divorce and bankruptcy attorney overseas, you may consider the expert lawyers in Tampa, United States. There are many authorized bankruptcy attorneys in Tampa, who can help you file bankruptcy for business and property through legal ways. Besides, it is also easy to find divorce attorneys in Tampa to file for divorce cases. You will get the right solutions for both cases from experienced lawyers in Tampa and get rid of issues with ease.

If you have a divorce case and also have bankruptcy issues, you will have to resolve the divorce case first. Because divorce case involves property distribution and child custody issues that need to solve first. Before getting a solution to a divorce case, you are unable to file for bankruptcy. You need to understand the demand of both cases and then file for the same. For betterment, you can take the aid of an experienced divorce attorney in Tampa. The lawyers in Tampa will suggest you right ways to get out of issues through legal ways and get results in favor too.

Here are some significant points to consider about bankruptcy and divorce cases as follows:

1. File for Divorce Case Before or After

If you are facing difficulties in divorce and bankruptcy cases at the same time, you need to know which case you can file first. Most couples do ask for the same question with attorneys. Both cases involve assets and property matters that need to distribute between partners. Hence, you need to decide which case you wish to file first. In Tampa, you can have the flexibility to file for bankruptcy and divorce joint. For this, there are some conditions applied that you need to verify from divorce and bankruptcy attorneys in Tampa. The legal advisors or lawyers will help you know legal ways to file for the same cases at the same time under legal clauses lik e chapters 7, 11, and 13 as well. Under such sections, you can file cases for divorce and bankruptcy in Tampa. For a brief, you should contact the expert lawyers in the city.

Also Read: Divorce Procedure In Tampa, Florida

2. Which Case Should File First?

In both cases, bankruptcy and divorce, there is a loss of finance and assets too. Hence, you need to take this decision with wisdom or with the mutual consent of your partner. The better solution comes in the form of joint filing for divorce and bankruptcy cases. The idea will always work and will reduce the loss of property and assets or get rid of debts. For more help, you can consult bankruptcy and divorce attorneys in Tampa and proceed in the case.

3. Know the Division of Assets and Property in Both Cases

In case, you wish to file for bankruptcy after divorce, you must know which type of assets or property you will get to cover up bankruptcy debts. First, you need to handle the divorce case for settlement of property division. For this, a legal property settlement agreement should get prepared. Once the agreement will get prepared and the asset division gets disclosed, you can file for bankruptcy and submit the agreement details for the same as well.

4. Who Will Be Liable for Debts in Divorce?

It is also necessary to clear, who will be liable to pay debts in the divorce case. It depends upon where the couple lives. If you live in a community property state, you will be responsible for debt incurred during the marriage. You should disclose the complete property details to cover up debts due to divorce for equal distribution.

Also Read: What Should You Not Do Before Filing Bankruptcy?

5. Does Bankruptcy Help in Your Child Custody?

Bankruptcy can sometimes benefit to cover up some debt losses and child custody for couples. But, the conditions are uncertain and need to follow some conditions to experience the benefits of bankruptcy for child custody. For more details, you need to consult the divorce attorney in Tampa and then file for the case.

Thus, you need to verify all the above points before filing for bankruptcy and divorce cases in Tampa with help of experienced lawyers of the same fields.

Looking for the best bankruptcy and divorce attorney in Tampa? Galewski Law Group has a team of experienced lawyers in Tampa, FL. To get free consultation, call us at (813) 222-8210 or mail us at info@galewski.com

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.

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