Mar 22, 2021

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Simple Answers to Three of the Most Common Questions about Chapter 7 Bankruptcy in Tampa

Simple Answers to Three of the Most Common Questions about Chapter 7 Bankruptcy in Tampa

Chapter 7 bankruptcy in Tampa is a mysterious process for many. The idea of filing for bankruptcy might sound appealing, but if you don’t know a lot about filing, it can be intimidating to take the first step.

If you’re struggling financially and overwhelming debt is an issue, filing for Chapter 7 bankruptcy should be on your radar. Here are answers to three of the most common bankruptcy questions:

How Does Bankruptcy Help You Deal with Creditors?

Many people turn to bankruptcy because of the automatic stay. It’s one of the first and most powerful benefits provided to anyone filing for Chapter 7 bankruptcy in Tampa.

When you file for bankruptcy, the court enacts something called an automatic stay. This prevents creditors from contacting debtors regarding a debt. In most cases, they cannot take legal action or attempt debt collection efforts of any kind once the automatic stay is in place. In order to collect on most debts once someone files for bankruptcy, a creditor must seek special court permission to do so.

Does Bankruptcy Mean I’ll Lose My Home

In most cases, bankruptcy does not mean you will lose your home. Chapter 7 bankruptcy puts assets at risk of liquidation, but most of the time, a bankruptcy attorney can help you protect your primary residence as long as you make your mortgage payments.

Filing for Chapter 7 bankruptcy in Tampa is actually one of the best ways to get things back in order and protect your assets from debt collectors over the long haul.

Do I Ever Regain Control of My Money Once I’ve Filed for Bankruptcy?

Yes. Bankruptcy does not mean giving up control forever. When you file for Chapter 7 bankruptcy in Tampa, you’ll initially turn a great deal of financial control over the court. But this only lasts for a few months.

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