Getting The Debt Relief You Need
At Ford & Semach, P.A., we provide debt relief with dignity. We don’t view bankruptcy as a failure. Instead, it is a Constitutionally protected right that provides you with a breathing spell and an opportunity for a fresh start through either a liquidation or reorganization.
Located in Tampa, our law firm helps individuals and businesses throughout Florida get a fresh start through Chapter 7, Chapter 11, Chapter 12, and Chapter 13 bankruptcy.
We Handle All Bankruptcy-Related Issues
There are countless reasons you may be struggling to make ends meet. Layoffs, the downturn in the economy, illness – the list goes on and on. No matter what the reason for your financial struggles, we can help with all bankruptcy-related issues, including those involving:
Divorce and bankruptcy: When married, couples often have enough to support one household. When that household is split in two, many people find themselves struggling to make ends meet. If a divorce has plunged you into debt, we can help explore your bankruptcy options.
IRS and bankruptcy: When encountering difficult financial times, some people may opt to reduce their withholdings in order to meet their financial obligations. When tax season comes around, they may not have enough left over to pay what the IRS demands, which can result in late fees and other penalties that only serve to worsen your debt situation. It may be possible to reduce or eliminate outstanding federal tax obligations through bankruptcy.
Business owners and bankruptcy: If your business has fallen on hard times, we can help explore your options. It may be possible to keep your doors open by pursuing a bankruptcy reorganization, or you can protect yourself from creditors through other means. We will help determine the best path forward for your company.
Keeping property through bankruptcy: Filing for bankruptcy does not mean you will lose everything you own. Certain property may be exempt from creditors. Bankruptcy is a tool that is designed to help you get a handle on overwhelming debt, not to take away your possessions.
Individual bankruptcy: Depending on your situation, we can explore your personal bankruptcy options, including Chapter 7, Chapter 13, Chapter 11 and other alternatives to bankruptcy, which can help provide you with the fresh financial start you need.
How To Know If Bankruptcy Is Right For You
Many people are unsure whether to file for bankruptcy and, if so, which chapter is right for them. At Ford & Semach, P.A., our lawyers will take the time to sit down with you and discuss your financial situation face-to-face. We will review your debt relief options, debunk common bankruptcy myths, answer your bankruptcy questions, provide you with the benefits that come with hiring a bankruptcy attorney, and ultimately help you select the path that is right for you.
Answering Your Bankruptcy Questions
At the Tampa-based law office of Ford & Semach, P.A., our lawyers can offer a wealth of knowledge in this area of the law, as well as review your financial situation and guide you through the process from beginning to end. The following are questions that you may have regarding bankruptcy. If you have further questions, call us at 813-302-1258 to schedule an appointment with a qualified attorney.
- How can filing for bankruptcy help?
- Will I lose everything?
- Can bankruptcy stop foreclosure?
- What is the difference between Chapter 7, Chapter 11 and Chapter 13?
- How does bankruptcy affect my credit score?
- Can anyone file for bankruptcy?
How can filing for bankruptcy help?
Countless individuals, families and businesses are feeling the effects of financial uncertainty. Many are unable to keep up with their bills and are only continuing to fall more and more behind. Bankruptcy is the final option for many, and while it can feel like an extreme solution, it is often a great way of getting a new financial start. It can wipe out certain debts and can also make it possible to keep up with payments by reorganizing debt. For those running a business, it can help them get back on track or find a way to close their business without all of their debts following them.
Will I lose everything?
A lot of people worry about filing for bankruptcy because they have heard that they will lose everything they own. This is not always true. Determining which assets, if any, are liquidated is done on a case-by-case basis. For those filing under Chapter 13, you will likely keep most or all of what you own. For those filing under Chapter 7, you may get to keep many of your belongings. The Bankruptcy Code includes a list of exemptions on the federal level. Florida provides for additional exemptions as well. Your case should be reviewed by a professional who can better determine what you are likely to experience after filing.
Can bankruptcy stop foreclosure?
Yes. This is a great option for those who fear they may be losing their property. After filing for bankruptcy, the court orders an automatic stay, which prevents creditors from contacting you and puts the process of foreclosure on hold. However, creditors will eventually be able to move forward with the foreclosure, although the automatic stay can provide you with the time you need to catch up on payments or to renegotiate the terms of your mortgage. There are also other options, including a short sale for those looking to be freed from the debt of a mortgage.
What is the difference between Chapter 7, Chapter 11 and Chapter 13?
Chapter 7 is the more traditional and well-known form. Through this type, non-exempt assets, if any, can be liquidated with the proceeds used by the Chapter 7 Trustee to pay down your debts and provide you with a fresh start. Chapter 7 is typically used by those with significant debt and little way of getting out of it on their own.
Chapter 11 can be filed by anyone but is more often used by businesses that are looking to reorganize. Chapter 13 is a reorganization for eligible individuals that involves repayment or reorganization of debts as opposed to liquidating assets.
How does bankruptcy affect my credit score?
Bankruptcy will negatively impact your credit score. This is one of the disadvantages to filing. The bigger picture should be looked at, though. For those with serious debt, their credit score can be affected anyway and maybe for a longer period of time. Through bankruptcy, you can get back on your feet. We work with clients to help them prepare for life after bankruptcy and learn how to not fall back into debt.
Can anyone file for bankruptcy?
In most cases, yes. However, there are rare circumstances where someone may be ineligible to file, for example, if a bankruptcy court has previously stated that the individual was ineligible. Individuals may not qualify for all bankruptcy chapters. In general, to qualify for Chapter 7, a person must make less than the average income in a geographic area. If a person does not qualify for Chapter 7, other forms of debt relief may still be available. The Bankruptcy Code imposes debt limitations on Chapter 13, Chapter 11, and Subchapter V of Chapter 11. The Bankruptcy Code also imposes time restrictions on filing subsequent cases.
Common Misconceptions About Bankruptcy
Filing for bankruptcy is often misunderstood. These common misconceptions may be preventing people from exploring a legitimate path to debt relief:
“I’ll lose everything if I file.”
In most cases, people keep many or all of their assets, primarily under Chapter 13. Florida also allows specific exemptions to protect your home, car and personal items. The bankruptcy system helps you recover – it doesn’t exist to punish you.
“Bankruptcy will ruin my credit forever.”
While bankruptcy does impact your credit, it does not last forever. Many people rebuild their credit soon after discharge and see improvement within one to two years. With responsible financial habits, you may even qualify for a car loan or credit card much sooner than expected.
“Only irresponsible people file for bankruptcy.”
Most bankruptcy filers are hardworking individuals who faced unexpected hardship – job loss, illness, divorce, or economic downturns – not poor decision-making. Bankruptcy is often a proactive and responsible step toward recovery.
“Filing for bankruptcy means I’ve failed.”
Bankruptcy is a legal tool to help you recover, not a measure of personal worth. Many well-known and successful individuals and businesses have used bankruptcy to regroup and rebuild. It’s not the end – it’s a new beginning.
“Bankruptcy removes all debts.”
Bankruptcy can discharge many unsecured debts like credit card balances, medical bills and personal loans, but not all obligations. Student loans, alimony, child support, certain taxes and court fines are generally nondischargeable. Understanding what bankruptcy can and cannot eliminate is crucial to setting realistic expectations.
“I’ll never be able to buy a house.”
While it may take time, many people who file for bankruptcy purchase a home. Lenders look at your entire financial picture, not just your past. Rebuilding credit, saving for a down payment and demonstrating financial responsibility can open the door to homeownership within just a few years.
“It’s too late to do anything.”
Some people delay seeking help, thinking they’re beyond saving. The truth is, the earlier you consult with a bankruptcy attorney, the more options you may have. Acting quickly can help you preserve assets, protect your income, and regain control before the situation worsens.
Understanding the truth about bankruptcy can help you make informed, confident decisions about your financial future.
You Have Questions, We Have Answers. Contact Us Today.
For more information about bankruptcy and our services, learn exactly how to prepare for this critical first meeting to get the debt relief you need and call our firm today at 813-302-1258 or complete our online intake form.
We are a debt relief agency. We help businesses and individuals file for debt relief under the Bankruptcy Code.