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Chapter 7 Bankruptcy

This chapter allows you to discharge (cancel) all of your debts (with some exceptions) while keeping your exempt assets. Non-exempt property is surrendered to the trustee and potentially sold to pay off creditors. You must pass a “means test” to qualify. It can also help you rebuild your credit.

Chapter 13 Bankruptcy

If your income is too high to be eligible for chapter 7 bankruptcy or you have non-exempt property that you want to keep, then you may be eligible to file chapter 13 bankruptcy. Under chapter 13 bankruptcy, you can reorganize your debt into a manageable repayment plan. You can reduce any unsecured debt, such as credit cards and medical bills, in many cases to 0%. Chapter 13 is commonly used to stop foreclosures and impending repossessions. It is also an excellent tool to deal with delinquent IRS taxes.

Automatic Stay

Upon your filing bankruptcy, the court issues an automatic stay that stops all collection activity such as garnishments, lawsuits, harassing phone calls, impending repossessions, tax levies and foreclosures.

Stop Foreclosure. Save your home

Filing bankruptcy prevents your mortgage lender from foreclosing on your home. Only chapter 13 bankruptcy allows you to keep your home by giving you up to 5 years to catch up on past due mortgage payments. Chapter 7 bankruptcy does not give you this benefit. In fact, it is important that you are current on your home when filing chapter 7, unless you want to surrender it. In addition, under chapter 13, you may be able to lien strip or remove a second mortgage or equity line from your home. You may be eligible to do this even if you are current on your mortgage.

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Petition of file - Bankruptcy in in Saratosa , FL
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About James Kompothecras
James Kompothecras
James Kompothecras is a bankruptcy attorney with over 17 years of experience and a member of the Tampa Bay Bankruptcy Bar Association. He has dedicated himself to assisting individuals and businesses resolve their financial issues. His law firm, Suncoast Legal Center, was established in 1998 and services Hillsborough, Manatee, Sarasota and Charlotte counties. He and his law firm have an excellent reputation, click here to view the testimonials.


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