Tampa Bankruptcy Attorney

Ok.  I want you to imagine for 1 minute what your total outstanding credit card debts are.  Do you owe $25,000? $50,000?  $75,000?  $100,000 or more?  Do you have that number in your head?  Now imagine what your life would be like if that debt magically disappeared…    This is the power of filing a chapter 7 bankruptcy.

When I help my clients file for bankruptcy, we literally wipe away all of their unsecured debt i.e. credit card debt, medical bills, utility bills, etc.  Any debt that you have that is not secured by a piece of property is unsecured.  We can discharge all of your unsecured debt in a chapter 7 bankruptcy.

So you may be wondering – so what happens to my secured debt?  First of all, just to be clear, your secured debt is all those types of debts that are secured by some piece of property such as your home loan is secured by your home and your car loan is secured by your car.

You have 3 options when it comes to your secured property.  You can surrender that property – give it back to your creditor and have your name wiped off that debt forever.  You can reaffirm that debt – by agreeing that after bankruptcy you will still be liable for that debt you can continue to keep the property.  The third option is to redeem i.e. to pay off the value of the collateral – not the loan amount.  For instance, if you bought a car with a loan for $7,000 and the car is now worth only $4,000.  To redeem this property you would pay your creditor the value of the collateral (i.e. the $4,000) and the $7,000 balance on the loan would be wiped out.  Not a bad deal if you can finance the redemption.

In summary, we can wipe out your unsecured debts (i.e. your credit card debts) and you have the option what to do with your secured debts.

Give us a call today at (813) 402-0903 or at Law Offices of Stefan Coleman, PLLC 503 East Jackson Street, Suite 133, Tampa, Florida 33602.