A lot of people have experienced financial difficulty over the last several years, and although some can see a bit of light through the tunnel, it can be hard to reach that light without a little extra help. It is these cases when many start looking for Tampa Bankruptcy Attorneys. At Denoncourt & Warenyk P.A. we have a diverse range of stills that can help both individuals and businesses assess their financial situation and determine if filing for bankruptcy is the right choice for them or their business, and if it is, which type of bankruptcy is best to pursue.

The Main Types of Bankruptcy

At times, it can seem as if there are so many chapters in bankruptcy you might as well pick up a copy of War and Peace. But if your finances have gotten into a state of severe disarray, it can feel like you’re at war, and often it takes qualified Tampa Bankruptcy Attorneys to help show you the path to a little more peace.

Denoncourt & Warenyk, P.A. have experience in the three most common types of bankruptcy ; chapter 7, chapter 13, and chapter 11.

Chapter 7 Bankruptcy is what many think of as the “clean slate” bankruptcy. People filing for this type of bankruptcy must pass a means test and fall within certain income limits. They are allowed to keep a modest amount of their assets, and the remainder of those assets are liquidated in order to pay their creditors as much as possible. Some debts, such as child support and student loans are normally not included in the bankruptcy, and most tax debts still apply as well.This bankruptcy stays on a person’s credit report for up to ten years, but often credit can be established much sooner.

Chapter 13 Bankruptcy is an option for individuals who don’t pass the means test or who want to keep a greater portion of their assets. This is a reorganization of debt where a trustee oversees the repayment of debts over a period of several years.

Chapter 11 Bankruptcy is similar to Chapter 13, but it is more appropriate for businesses or for those who don’t qualify for a Chapter 13 bankruptcy for whatever reason.

Here to Help

If you’re worried about your financial situation and want to explore what bankruptcy might mean to you, contact Denoncourt and Warenyk, P.A. in Tampa, Florida and set up a consultation. We’ll guide you to the next steps that could free your finances and make you feel much more at peace.