Tampa Bankruptcy Attorneys Clark & Washington Detail the Filing Process for Chapter 7 and 13 Bankruptcy

    TAMPA, FL, May 20, 2015 /24-7PressRelease/ -- If you're thinking of filing for bankruptcy, read what the expert bankruptcy attorneys at Tampa law firm Clark & Washington have to say regarding this process. While you can file for bankruptcy on your own, the assistance of experienced bankruptcy lawyers will help ensure the success of your filing.

Debtors contemplating filing for Chapter 7 bankruptcy protection will first have their assets assessed by the court to determine any exempt property. The remaining estate is then converted into cash by a trustee and distributed appropriately to creditors. In most Chapter 7 cases, debtors receive a discharge of their debts, releasing them from personal liability within a few months after application. Since the Bankruptcy Abuse Prevention and Consumer Protection Act was passed in 2005, debtors filing for Chapter 7 are required to pass a "means test." This test determines whether they are qualified for debt relief under Chapter 7.

Debtors who are not qualified to file for Chapter 7 can apply for Chapter 13 protection instead. Under Chapter 13, debtors typically keep a valuable asset (such as a house) and make regular payments to their creditors through a trustee over a specified period of time. Debtors filing for Chapter 13 protection receive a discharge of their debts only after they have completed their payment scheme. They are protected from lawsuits, wage garnishments and other credit actions as long as the payment plan is in effect and they keep up with the payments.

Seek bankruptcy protection with the help of the knowledgeable Tampa bankruptcy lawyers at Clark & Washington. Seasoned and highly trained in all aspects and types of bankruptcy in Tampa, they are your best advocates for a successful bankruptcy filing. To find out more, please go to 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 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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