Tampa Bankruptcy Firm Clark & Washington Explains How Chapter 7 and Chapter 13 Differ

    NORCROSS, GA, July 13, 2012 /24-7PressRelease/ -- Tampa bankruptcy attorneys Clark & Washington believe Tampa residents should know some of the differences between Chapter 7 and Chapter 13 personal bankruptcies.

The U.S. Bankruptcy Code provides two primary options for filing personal bankruptcy: Chapter 7 and Chapter 13. Each aims to assist a specific type of debtor. Chapter 7 is most commonly filed when the debtor holds little to no property outside of basic necessities (like clothes and furniture) and/or when they are barely able (or are not able) to cover basic expenses each month. Chapter 13 is most frequently filed by debtors who have property they want to keep (home, car, et cetera) and/or for debtors who have a regular income that covers living expenses but does not cover their debt payments.

Tampa bankruptcy clients eligible for Chapter 7 may discover that it offers certain advantages to filers, including a relatively quick process that lasts months instead of years, the elimination of most unsecured debts, and an automatic stay that keeps creditors from contacting the debtor while in effect and after debts have been discharged.

When filing Chapter 13 bankruptcy in Tampa, debtors will also find that there are advantages. The biggest of these is the opportunity for the debtor to keep most of their property while extending the time available to pay past due accounts. Additionally, Chapter 13 offers the possibility of co-signer protection, a timeline of 3 to 5 years to catch up on delinquent accounts through a workable schedule, and a stay on direct contact with creditors during the 3 to 5 years of protection.

Despite the specific differences between Chapter 7 and Chapter 13, debtors can occasionally find it difficult to determine which process is right for themselves and their family. With nearly 30 years of experience with US Bankruptcy Code, the Tampa bankruptcy lawyers at Clark & Washington can help you to navigate the subtleties of US bankruptcy law to ensure you make the right decision for your personal bankruptcy filing.

For more information about Tampa bankruptcy or to schedule your free consultation, please visit Clark & Washington online at http://www.cw13fl.com.

About Clark & Washington

Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the southeast. They have locations in Georgia, Florida, and Tennessee. Clark & Washington specializes in personal chapter 7 and chapter 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.

For more information visit: http://www.cw13fl.com.

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