Tampa Bankruptcy Attorneys Clark and Washington Discuss Your Social Security Income when Filing a Bankruptcy Claim

    TAMPA, FL, May 18, 2015 /24-7PressRelease/ -- When you file for bankruptcy, the law demands that you reveal all your income in your bankruptcy petition. Anything less than full disclosure could result in a delay (or denial) of your case. According to Tampa bankruptcy lawyers Clark & Washington, if you are receiving social security income at the time of filing for bankruptcy, you have to include this in your declaration of income. However, it does not necessarily follow that your social security income will be included in the determination of your repayment plan under a Chapter 13 bankruptcy filing.

In a Chapter 13 bankruptcy case, you get to keep most of your assets, but you must contribute a portion of your disposable income toward the repayment of your debts. A bankruptcy trustee sets the length of the repayment plan (typically three to five years) as well as the portion of your income that will go to your creditors.

Some states do not include social security income in determining a debtor's disposable income. This means no portion of your social security income goes toward the repayment of your debt. However, there are states that are unclear on this matter. In this case, you can try excluding your social security income from the determination of your disposable income and see if the bankruptcy trustee assigned to your case raises an objection.

Get the expert assistance and advice you need when filing for any type of bankruptcy from the experienced Tampa bankruptcy attorneys at Clark & Washington. Your initial consultation is always free of charge. Let their knowledge in this legal field give your bankruptcy filing every chance of success.

To learn more, go to http://www.cw13fl.com.

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 seven 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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