Bankruptcy - Pinellas County, FL
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Bankruptcy - Pinellas CountyBankruptcy Overview Bankruptcy is the legally declared inability of a person to pay their debts. The Bankruptcy Code was created to help honest debtors escape the pressures of overwhelming debt, and get their lives back on track. As such, it isn't designed so much to penalize people as to help them get a "fresh start". Currently, consumer debt is at an all-time high in the United States. This is measured by comparing the general level of indebtedness of American households to the amount of disposable income. With the all time high amount of consumer debt comes an all time high number of bankruptcy filings. This is true even though the Bankruptcy Code was amended in October, 2005, making it a bit more difficult to file for bankruptcy protection. However, 90% of people still qualify for bankruptcy protection. The two main types of bankruptcy filings available to individual consumers are Chapter 7 and Chapter 13 bankruptcies. Chapter 7 bankruptcy is the form of bankruptcy that allows debtors to liquidate non – exempt assets to repay debts. Chapter 13 is also known as Reorganization. It creates a payment plan for the debtor to repay some portion of his or her debts over a period of three to five years, in a manner that is approved by a bankruptcy court and trust. What is a debtor? A debtor is a person who owes someone else money. Will filing for bankruptcy affect my credit rating? Unfortunately, filing for bankruptcy does affect a person's credit rating. Fortunately, most people are able to rebuild their credit rating within a year or two by making timely car or mortgage payments. How long will bankruptcy show up on a credit report? At most 10 years. The Fair Credit Reporting Act prohibits reporting outdated information about consumers. Can I file for bankruptcy more than once? Yes, although there is a time limit. For example, you may only file for Chapter 7 protection once every eight years under the new bankruptcy law. Chapter 13 petitions may be filed more often, but no more than one at a time. Will I lose my property? Most clients keep all of their assets because they are protected by exemption laws. This requires a legal analysis by a bankruptcy attorney to determine if all property owned falls within the exemption laws Back to the top This educational content is for educational purposes only and does not constitute legal, financial, home improvement or health advice. Content on this page is provided by Ask The Experts and not the featured advertiser.
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