Tampa Bankruptcy Lawyers

Economic Woes Hits Businesses and Consumers in Tampa Area

Opus South, a division of the Opus Corporation of Minnesota, plans to exit the Tampa market entirely after filing Chapter 11 and scrapping plans to continue build out of a Clearwater project.  Thousands in Tampa Bay are struggling to survive the recession and bankruptcies are on the rise.  Bankruptcies in Tampa were up 39% in January over the same period last year.    It is estimated that 1.4 million consumer bankruptcies will be filed in the U.S. in 2009, triggered by the foreclosure crisis and economic downturn.

Tampa Legal Advice for Your Bankruptcy

The Federal Bankruptcy Law involves processes, procedures and evaluations which can be complex and confusing, including major revisions made in 2005.  Seek the advice of a Tampa law firm with specific long-term experience in Tampa bankruptcy matters.  A competent Tampa attorney will help you weigh your different options, make informed decisions, help you protect the security of your family and reduce your stress, while facing the realities of the situation.  

The Most Common Type of Bankruptcy in Tampa – Chapter 7

Chapter 7 is the “fresh start” chapter of the Bankruptcy Code and most commonly used in Tampa.  This filing results in a fair distribution of your available nonexempt property to creditors.  Included in this process is a “means test”, used to determine your ability to pay your creditors, verifying whether Chapter 7 is appropriate or indicating that you should be filing Chapter 13.  Median Family Income by Family Size and current poverty guidelines are factors evaluated when determining appropriate filing status for a given situation.

Which Property is Exempt from Inclusion in Your Florida Bankruptcy?

Certain property, or values of property, is exempt from being included in the debtor’s estate and these exemptions vary from state to state.  Some states have their own set of exemptions which replace the federal list, and other states allow you to choose between the state or federal list of exemptions.  The exemptions, which change frequently, vary widely from jurisdiction to jurisdiction and understanding your options is a very important aspect of evaluating your position.

Repair Your Credit After Your Tampa Bankruptcy is Completed

Begin working on your credit repair right away.  Try applying for credit and once accounts are open use them sparingly and pay them off on time.  Get a secured loan on a house, car or student loan and at least one credit card or home equity line.  Debts often remain active when they should show as discharged in bankruptcy.  Contact the credit agencies involved to correct these mistakes.

Last Thoughts Regarding Bankruptcy in Tampa

Tampa residents continue to suffer, as the State’s economy struggles to recover.  Decisions you make and actions you take now can have a positive or negative effect on the outcome of your bankruptcy proceedings.  The U.S. Bankruptcy Court cautions that“Bankruptcy has long-term financial and legal consequences -- hiring a competent attorney is strongly recommended.”Click here to find Tampa attorney resources in your area. 

• If you are at risk of filing for bankruptcy or already in the process, Submit Your Case for a Free Review from a Bankruptcy Attorney in Tampa, FL.