Tampa Bankruptcy Attorney
Overview of the Bankruptcy Process in Florida
In today's unending economic recession, it seems that more and more people have begun to explore their options for debt relief. Whether they are facing home foreclosure or they are struggling to stay on top of bills, many Tampa residents have come to the Law Offices of Buddy D. Ford, P.A. for financial guidance. Our firm understands that many of our client are initially uneasy about the idea of filing for bankruptcy-as several myths and misconceptions about the process have made it somewhat of a social taboo-but we take pride in being able to inform them of the many advantages that this process has to offer. For this reason, you should not hesitate to get in touch with the firm if you have questions about moving past your debt-related issues. To learn more about the many facets of the bankruptcy process, we encourage you to explore the related topics below.
If you are considering filing for bankruptcy in Tampa, FL, you probably have a number of questions about the process ahead. You may be wondering, "How will it affect my credit?" or "Will I need to hire a lawyer?" For this reason, the dedicated legal team at Law Offices of Buddy D. Ford, P.A. thought that it was important to address some of the most frequently asked questions about filing for bankruptcy.
In Tampa, there are several different myths and misconceptions that have attached themselves to the idea of filing for bankruptcy. Not only has this changed the way that people view debt-related issues, but it has kept many from even considering this viable option. Because of this, we thought that it was important to clear the air and help our clients to more easily discern fact from fiction.
The automatic stay provides consumers with much needed protection from a variety of debt collection activities, including foreclosure proceedings, wage garnishments, and debt collection phone calls. The breathing period afforded through the automatic stay can also help you prepare your finances for the future.
Benefits of Bankruptcy
Although bankruptcy may not be right for everyone, it is a practical way for those that are in a dire financial situation to resolve the matters of their debt and move forward with a clean slate. With the help of a Tampa bankruptcy attorney from our firm, one can evaluate the advantages that each form of bankruptcy has to offer-including Chapter 7, Chapter 13 and Chapter 11.
Chapter 7 bankruptcy, also known as a "fresh start," is a way for an individual to liquidate nonexempt assets and discharge their debt in a short period of time. Since this particular process is an opportunity for debtors to obtain a clean slate, one must qualify to file under this chapter of the U.S. Bankruptcy Code by submitting to a means test.
Chapter 13 bankruptcy allows a debtor to restructure their debt and come up with a plan that would allow them to make more manageable payments over a 3-5 year period of time. Although this process does not provide the instantaneous debt relief that Chapter 7 often does, it is a viable way for home owners to fight the foreclosure of their home and stay on top of their finances.
Chapter 11 Hotels & Hospitality
Under Chapter 11 of the U.S. Bankruptcy Code, hotels are afforded the opportunity to remain in control of their business as a "debtor in possession"-while also taking measures to reorganize the finances. This is a viable opportunity for businesses of all sizes to emerge from the bankruptcy process under more favorable conditions.
In the face of financial trouble, the last thing that a debtor wants to deal with is harassing phone calls and letters from creditors. Fortunately, the Federal Trade Commission has implemented the Fair Debt Collection Practices Act (FDCPA) that prohibits debt collection agencies from using unlawful or harassing tactics in an effort to force debtors to repay the money that they owe.
Eliminate a Second Mortgage
Using an extensive working knowledge of the U.S. Bankruptcy Code, Attorney Ford can help homeowners understand the ways in which bankruptcy can be used to eliminate a second mortgage. By discharged the cumbersome debts associated with a home equity line of credit, homeowners can find new financial freedom and economic flexibility.
An emergency bankruptcy filing may be necessary for individuals and/or businesses that are seeking the immediate protection of an automatic stay-which prohibits creditors from continuing their collection efforts. This stay is put into effect as soon as an official petition has been filed with the court. In order to file an emergency bankruptcy, however, specific steps must be taken.
Life After Bankruptcy
Since there are so many misconceptions surrounding bankruptcy, many do not know what to expect after completing this process. By consulting with a Tampa bankruptcy lawyer about the steps that you can take to restore your credit and maintain a healthy financial outlook, however, life after bankruptcy may not be as scary as it seems.
Rebuilding Your Credit
Of the very few disadvantages to filing for bankruptcy, a diminished credit score may be the most challenging. What it is important to realize, however, is that bankruptcy will not take a toll on your credit indefinitely. By taking the right steps immediately after the process has been concluded, you can expect your credit score to rebound in a timely manner.
Stop Foreclosure Through Bankruptcy
One of the reasons that you may be looking to file for bankruptcy in Tampa, FL is the imminent threat of foreclosure. Fortunately, by taking action quickly and coming up with a debt relief solution that is fitting for your circumstances-such as a Chapter 13 bankruptcy-there is a good chance that you will be able to successfully fight the loss of your home. Contact a bankruptcy attorney at the Law Offices of Buddy D. Ford, P.A. to learn what steps you can take.
Are you seeking debt relief in Tampa?
At The Law Offices of Buddy D. Ford, P.A. the attorneys are dedicated to helping the people of Florida take back control of their finances and achieve financial freedom. The firm is seasoned in the many aspects of bankruptcy law, and has assisted clients with filing for both consumer bankruptcy and hotel bankruptcy, creditor harassment, foreclosure, and more. Regardless of your circumstances, you can be confident that the team has the skill and seasoned knowledge of the law needed to guide you in the pursuit of debt relief.
Attorney Buddy Ford has more than 25 years of experience in bankruptcy law, and he has helped thousands of individuals, families, and businesses achieve the benefits of bankruptcy. Attorney Ford and his firm can help you explore your options, answer your questions, and lead you with caring legal counsel at every step of the process. To learn how the firm can assist with your case, contact a Tampa bankruptcy lawyer today!