Overwhelming debt can keep you from reaching your life goals and fear or embarrassment may stop you from seeking the solutions you need. At Printy & Printy, we understand that many situations outside of your control, including job loss or the accrual of significant medical bills due to injury or illness, can result in heavy debt. We have assisted hundreds of people, just like you, evaluate options and file for bankruptcy if that is the appropriate step.
Sometimes the best solution to high debt is to not file for bankruptcy. If we determine that you should not file for bankruptcy given your finances and circumstances, we will work with you to access resources such as credit counseling, debt consolidation and budget management support. We may also be able to negotiate with your primary creditors to obtain better terms or even partial debt forgiveness.
A Chapter 7 Bankruptcy is the fastest and most common form of consumer bankruptcy and may be a good option if you have few assets and your debts qualify for forgiveness. For example, student loan debts cannot be forgiven through bankruptcy. The Chapter 7 Bankruptcy process often takes 3 to 6 months and you will need to complete mandatory credit counseling from a qualified agency before you can file the paperwork.
A Chapter 13 Bankruptcy allows you to keep your assets through a court-approved debt repayment plan. Payments are made in installments through a period of between 3 to 5 years. This bankruptcy process requires that a trustee evaluate your income and debt to determine if there is sufficient funds to repay the debts. A mandatory credit counseling education program offered by a qualified agency must be completed prior to filing and a second course must be completed within 180 days of the filing. The trustee will oversee the repayment process until the debts are cleared.
If you are struggling with debt and considering filing for bankruptcy, please call our Tampa office in Carollwood. When you call, an attorney will be happy to discuss your situation and determine your best options.