Tampa Bankruptcy Attorney

A fresh start to your finances

Getting through credit card debt, unemployment, adjusting mortgage rates and higher insurance costs can put many Americans at stress. Facing these types of events can not only scare you, but can also hurt your finances even more than if you don’t the right kind of help.

What is bankruptcy?

Bankruptcy is federally run to help consumers and businesses out of their credit debts. The main objective for a bankruptcy is to give the person in debt a clean slate. But it also allows the creditor to get back as much as possible, before the debtor starts over. Liquidations and reorganizations are often described as bankruptcy cases.

Bankruptcy filings in 2008 were at a all time high of 900,000 claims. More and more Americans are attempting to file bankruptcy as economy gets weaker by the day. Lawyer Tim Owens can help American’s with their bankruptcy problems.

How will it effect me?

The effects of bankruptcy are substantial. Bankruptcy is a last resort for anyone who is in debt. Your credit report will bear bankruptcy for up to ten years. There are several restrictions that will impose on your financial life, upon filing for bankruptcy. After you are declared bankrupt but the federal court, the trustee then will take possession of all your personal goods. They will then auction or resale your assets. You will then be forced to start new credit, with several restrictions. The restrictions can be anything from a low credit limit, to high interest rates.