Bankruptcy used to bring much shame and stigma in the past. People have even been known to take their own lives because of it. In current society, however, a bankruptcy petition is seen not as a badge of defeat but as a practical social safety net. People in the United States, including St. Petersburg FL, avail of this social option in order to be able to start anew after being ruined by the financial crisis that swept the country.
Because the reason for ruin is something that was beyond the control of people, it is not considered a personal failure. The result, however, is that many people are now unable to meet monthly financial obligations that used to be within their budgets. Many people, for example, have been unable to meet mortgage payments. Rather than face property foreclosure which can be even more financially debilitating, they can file a bankruptcy petition in St. Petersburg FL or wherever they are in the country.
Any citizen of the United States can file a bankruptcy petition in court as long as he or she is qualified for the requirements defined by law. To be able to make sure of one’s eligibility for such qualifications and requirements, it would be best to consult competent legal counsel. Your lawyer will be able to expertly interpret all legal issues involved and determine which ones are applicable and most beneficial to you. It would be best to hire professional legal counsel that specializes in bankruptcy and foreclosure cases and therefore has much experience in these. Of course, your lawyer is also expected to have a wide range of experience in criminal defense, family law and DUI or driving under the influence, for instance. This will make your bankruptcy petition filing in St. Petersburg FL problem free.
Individual petitioners can file for Chapter 13 bankruptcy or Chapter 7 bankruptcy under the US Bankruptcy Code. Your lawyer in St. Petersburg FL will help you choose which one applies to you.
If you are receiving a regular monthly income that still exceeds basic needs, you can file for Chapter 13 bankruptcy. You will be left with enough income for your basic needs while the excess will be used by court as your restructured monthly debt payment. The United States Bankcruptcy Code requires you to comply with this arrange for either three years or five years, depending on your income and your debts. At the end of that period some of your debts are considered cleared. There are certain debts that are not covered by this bankruptcy petition, though, and your lawyer will inform you of these beforehand. A distinct element of the Chapter 13 bankruptcy petition is the retention of your assets in St. Petersburg FL.
If your current monthly income is just enough for basic needs or even less, you qualify for a Chapter 7 bankruptcy petition. The court takes your assets, leaving certain exceptions and personal effects, and sells these to clear your debts. Your bankruptcy lawyer in St. Petersburg FL will explain to you what debts are not covered by this petition.
Legal advice from dependable legal counsel is necessary for bankruptcy petitioners in St. Petersburg FL and elsewhere to be able to maximize their rights and facilitate the legal process.
About the Author:
Law Offices of Tara J Scott PA 8950 9th St N Ste 204 St. Petersburg, FL 33702 Phone: (727) 329-8741 Fax: (727) 329-8743 Email: firstname.lastname@example.org Website: www.suchatimeasthis.org