Bankruptcy in Tampa FloridaHistorically, Florida homeowners have been protected from creditors in bankruptcy cases asbreak on Property taxes is allowed. Due to the turbulent economy, more and more families and individuals are filing for bankruptcy under Chapter 11 as job losses are becoming common. Financial crisis due to bad mortgages have led to a steady free fall in real estate prices and owners of condominiums and luxury estates in this tourist paradise are walking steadily towards bankruptcy.  High net-worth individuals who don’t qualify under Chapter 13 can explore bankruptcy filing under chapter 11 to save a few of their personal assets.

See also: Florida Bankruptcy Exemptions and Keeping your Home in Bankruptcy 

 

 

Family and Real Estate

Individuals seeking Chapter 11 bankruptcy, normally take this road when they possess huge illiquid properties and lack the requisite funds to make scheduled payments of huge debts.The legal immunity to retain assets by individuals under Chapter 11 is above and beyond those granted under Chapter 3 and 7.

Bankruptcy laws in Florida for all chapters are more or less consistent across the state and few counseling sessions are required where there is a need to file for bankruptcy. One session needs to be completed before filing and the other after filing.

Condominium owners in Tampa Florida are facing another problem with bankruptcy proceedings as inability to pay mortgage charges is giving investors the chance to move them out of their houses and leaving them indebted to banks.  But according to property laws homes that are declared as secured or exempted property while filing (Form6, Schedule C) will not be attached when a person files for bankruptcy under any of the available chapters. Unsecured debts from credit card companies, medical bills, and lawsuit settlements cannot place your exempt property under lien unless the owner personally makes a commitment to keep it as collateral.

If you have any questions about bankruptcy in Tampa Florida or would like to speak to us about your options, please contact us at (813) 518-7411. We represent clients during stressful and difficult times in their lives. We are empathetic, responsive, and push for a quick resolution. We look forward to helping you resolve your issue quickly, fairly, and in a way that will help you to return to the stable, predictable life that you deserve.