Tampa Bankruptcy Lawyer: What Is Chapter 13 Bankruptcy?

You've finally made up your mind that bankruptcy is the right choice for you

, and your Tampa bankruptcy attorney has suggested Chapter 7 bankruptcy is the right choice to make for someone with your circumstances. But you may be a little unclear as to what that Chapter 7 bankruptcy actually means. Let's discuss a few of the highlights of what it means to file Chapter 7 bankruptcy:

Chapter 13 bankruptcy requires you complete credit counseling before filing. You're bankruptcy lawyer will guide you on the timing and process, as well as guiding you in how to go about getting credit counseling, and in addition, should be able to provide resources for you to use.

You are not alone, as Chapter 7 bankruptcy is filed by attorneys for thousands of individuals each year who fall under these scenarios.

Tampa bankruptcy lawyers often suggest Chapter 7 bankruptcy to help people eliminate a variety of different types of debt, including but not limited to:

*Mortgages

*Car payments

*Unsecured personal loans

*Credit card debts

*Medical bills

*Utility debts

Chapter 13 bankruptcy doesn't hurt your credit as bad as Chapter 7 does in most cases, but your credit will still take a bit of a hit. Your bankruptcy attorney will be able to walk you through rebuilding your credit score post bankruptcy.

Chapter 13 bankruptcy repayment plans can last anywhere from 36 months to 60 months, though most of the time, repayments are to be made and completed in full within the 36 month time frame. Your Tampa bankruptcy lawyer and you can work together with creditors to develop the best plan for you. But in most cases, your creditors will want the payments as soon as possible, and usually within 36 months.

Chapter 7 bankruptcy typically takes four to six months. A good bankruptcy attorney will help ensure that your bankruptcy filing goes as smoothly and quickly as possible. But realistically it can take four to six months for all debts to be taken care of. Once this happens, you no longer owe creditors money. However, your credit rating and credit score will take a hit.

All in all, no matter what you choose in the way of a Tampa bankruptcy, it will require lots of patience and time on your part. But in the end, you'll achieve the goal intended... which is to have more peace of mind as far as your debt, and how much you owe your creditors.

by: Carolyn Lewis

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