When to File for Chapter 13 Bankruptcy
Declaring bankruptcy is a decision that shouldn’t be taken lightly, especially if you are
considering bankruptcy for your business. Filing a bankruptcy with an S Corporation or a
Limited Liability Corporation (LLC) can be tricky. You need to know that you have a Business
Bankruptcy Lawyer that has the knowledge to manage your case with the care it deserves.
Upon filing, an “automatic stay” goes into effect which means that the creditors are prohibited
from making any attempt to collect their debt, including repossession and attempting
foreclosure.
When to File for Chapter 13 Bankruptcy
During the economic crisis forced upon Americans in 2008, the state of Florida faced much
difficulty in regards to job loss rates, bankruptcy filings, and foreclosure rates. As a
consequence, many families were facing financial destruction in light of the recent economic
downturns across the nation and in their local cities and communities. Since 2005, filing for
bankruptcy in the state of Florida, in addition to across the USA, had become subject to a
much more stringent approval process by the bankruptcy courts. For individuals or families
faced with filing for bankruptcy in Tampa, Florida, an experienced Tampa business bankruptcy
lawyer can help. At the beginning, evaluating the viability of filing for bankruptcy, including the
potential fallout from such a drastic financial decision, must be taken into consideration
between a chapter 13 bankruptcy Tampa lawyer and customers. Following this decision,
preparations and filing must be made in one of three applicable bankruptcy court jurisdictions
in the state of Florida. Similarly, competent legal counsel from a Tampa business bankruptcy
lawyer in the bankruptcy courts is essential for a favorable outcome. This procedure holds true
for both businesses and individuals filing for bankruptcy in Tampa, in addition to across the
state of Florida.
When you look to file a bankruptcy and include your business debts in it, you do have
alternatives. You need to consider your alternatives before you file. Businesses can file a
Chapter 13 Bankruptcy, a Chapter 7 bankruptcy, or a Chapter 11 Bankruptcy as determined by
your condition.
Chapter 13 Bankruptcy
Chapter 13 is a reorganization bankruptcy wherein a Tampa chapter 13 bankruptcy attorney
would reorganize your debts via the courts into a payment plan that you can afford. This kind
of bankruptcy can be useful if you are behind on secured asset payments, like a car or a home.
A Chapter 13 bankruptcy will eliminate unsecured debt, like credit cards, much like a Chapter 7
bankruptcy does. Before you make any decision as to whether you should file or not, you
should contact a Bankruptcy Lawyer.
Summary
Declaring bankruptcy is a decision that shouldn’t be taken lightly, especially if you are
considering bankruptcy for your business. Filing a bankruptcy with an S Corporation or a
Limited Liability Corporation (LLC) can be tricky. You need to know that you have a Business
Bankruptcy Lawyer that has the knowledge to manage your case with the care it deserves.
Upon filing, an “automatic stay” goes into effect which means that the creditors are prohibited
from making any attempt to collect their debt, including repossession and attempting
foreclosure.
AuthorBox
Tampa chapter 13 bankruptcy attorney provides advice & legal counseling to individuals facing
business bankruptcy charges. The Tampa business bankruptcy lawyer will guide you through
the maze of decisions and documents required for accident cases.
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