Tampa Bay Bankruptcy Attorney

Mr. Darrin T Mish - Tampa Bay Bankruptcy Center, P.A.

100 S. Edison Ave. Ste. B Tampa, Florida 33606 USA

 (813) 200-4133 or (800) 965-5074
 (813) 567-1920

www.tampabankruptcy.pro
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Law Firm Overview

The Tampa Bay Bankruptcy Center, P.A. helps debtors in the Tampa Bay area with their debt problems.

Practice Areas

Practice Areas Description

The Tampa Bay Bankruptcy Center, P.A. provides legal counsel in the following areas:

- Chapter 7 Bankruptcy

"Bankruptcy" – the term most people dread applying to themselves. This in itself prevents people in financial trouble from pursuing it as an option. Most people genuinely want to repay their debts and view bankruptcy as a cop out. In addition there is the negative social stigma of being called a bankrupt. All these add up to the hesitancy in most people to consider bankruptcy as a way out of their financial malaise. But in reality, bankruptcy is not something to be shunned if you are at the brink of financial ruin.

There are 2 chapters in the Bankruptcy Code for a bankruptcy case. The first is Chapter 7. Chapter 7 will allow you to discharge most of your unsecured debt i.e. debts without collaterals. Examples of unsecured debts are credit card debts, hospital bills, payday loans, study loans etc. Usually, it is the norm to file for a Chapter 7 bankruptcy after exhausting all other repayment options other than bankruptcy. However, there is a very precise legal criteria that governs who can be declared a bankrupt under Chapter 7.

- Chapter 13 Bankruptcy

The second chapter in the Bankruptcy Code applicable to bankruptcies other than Chapter 7 is Chapter 13. If you do not qualify for a Chapter 7 application, your other option is to apply under Chapter 13. Basically, Chapter 13 is an option for you if you have sufficient means to fund a repayment plan.

Chapter 13 of the Bankruptcy Code is different from Chapter 7 in that it provides a way for you to consolidate and restructure your debts and pay it off over a period of three to five years. After paying all your monthly bills, your money is used to pay priority claims such as child support and taxes, secured loans like mortgages and vehicle loans, lawyer's fees, administrative costs of the case and unsecured claims like credit card bills. The bankruptcy attorney will determine how much you should pay into the Chapter 13 plan, after calculating your net monthly disposable income. Under the Bankruptcy Code, your entire net disposable income must go towards your Chapter 13 plan. If you are married to a working spouse, his or her income will also be taken into consideration in the calculation.

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