Law Offices of Buddy D. Ford, P.A

For Business Bankruptcy law certificate holders, “Board Certified – Business Bankruptcy Law – American Board of Certification” and for Creditors’ Rights law certificate holders, “Board Certified – Creditors’ Rights Law – American Board of Certification.”

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Which Chapter Is Right For Me?
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Determining The Right Form Of Bankruptcy For Your Situation

When faced with extensive debt and constant harassment from creditors, many individuals and families are interested in the debt relief offered by bankruptcy but are unsure which chapter is right for their unique situations. At the Tampa-based Law Offices of Buddy D. Ford, P.A., our attorney is thoroughly seasoned in Chapter 7 and Chapter 13 bankruptcy. We are dedicated to providing our clients with the caring and effective legal counsel they need to achieve freedom from debt. We can evaluate your circumstances and help you determine which chapter is right for your life, but it is important to first understand the two main types of consumer bankruptcy.

Chapter 7 Bankruptcy

This chapter of bankruptcy enables filers to discharge many of their debts and repay their creditors through the liquidation of certain nonexempt assets. If you qualify for Chapter 7 by meeting the necessary income restrictions, a court-appointed trustee will gather your nonexempt assets to repay your creditors. After the funds have been distributed, most of your remaining debts will be eliminated. The benefits of pursuing relief through Chapter 7 bankruptcy include:

  • Obtaining relief from your debts in a shorter time period
  • Your future wages and earnings are not taken into account by the court
  • You do not have to keep up with monthly payments
  • Most types of remaining unsecured debts are eliminated
  • You will be finished with the bankruptcy process within six months to a year

Chapter 13 Bankruptcy

Chapter 13 bankruptcy helps people take back control of their financial futures through the reorganization of debt. To file for this chapter, you do not have to meet income eligibility requirements, but a court-appointed trustee will work with you to create a repayment plan. The repayment plan will last from three to five years, during which you will make monthly payments that help you repay the balance owed to your creditors. These payments are more affordable, and once the time frame is completed, most or all of your remaining unsecured debt will be discharged. Benefits of filing for Chapter 13 bankruptcy include:

  • You do not risk losing any assets to liquidation.
  • The impact on your credit is less severe.
  • You are able to make a single payment each month, rather than separate payments to each creditor.
  • Your home is protected from foreclosure.
  • You have more time to repay your creditors.

What Do I Hope To Achieve Through Bankruptcy?

Both Chapter 7 and Chapter 13 can be very beneficial to those looking for a way out of debt, but before making a filing decision, it is important to evaluate your goals. Some things to consider include how soon you wish to be free from your debts, whether you are at risk of losing your property or assets, the type of debt you wish to discharge and whether you are comfortable with seeking bankruptcy protection. We can thoroughly review your situation and provide you with the information you need to make the best decision for yourself going forward.

Contact Us To Begin Exploring Your Debt Relief Options

Our team understands the stress and confusion of constantly struggling with insurmountable debt, which is why we are dedicated to providing you with caring and attentive legal counsel at every stage of your bankruptcy proceedings. To schedule a free initial consultation, call our firm at 813-302-1258 or toll-free at 866-596-9247 your earliest convenience to discuss your situation. You may also contact us online. We would be proud to help determine your legal options and guide you through the process to enable you to achieve financial freedom.

We are a debt relief agency. We help businesses and individuals file for debt relief under the Bankruptcy Code.