3 Ways to Determine If Chapter 13 Bankruptcy in Tampa is Right for You
Deciding to file for bankruptcy is just the first step in a long process that involves a variety of decisions from you. One of the earliest in the process will be whether to choose Chapter 13 or opt for another chapter of bankruptcy. What are three of the things you need to consider when determining if Chapter 13 bankruptcy Tampa is the best option for you?
1. Assess Your Assets
One of the biggest concerns people have when they file for bankruptcy is how it will affect what they own. For many, assets are enough of a determining factor to opt for Chapter 13 bankruptcy in Tampa over any of the other options. If you have a decent amount of assets and you want to protect them, Chapter 13 is likely the way to go. However, if your primary concern is getting a fresh start and you aren’t concerned with maintaining ownership of any assets, or you don’t own any assets, Chapter 7 is usually the better options.
Keep in mind, you should speak to a bankruptcy attorney before finalizing your decisions. There are ways to protect assets in Chapter 7, so don’t automatically assume if you own a car or a home that you’ll need to file for Chapter 13 bankruptcy in Tampa.
2. Consider Your Income
Only people who have a steady income of some kind are able to file for Chapter 13 bankruptcy in Tampa. Chapter 13 sets up a payment plan that helps you pay all or a portion of your debts over the course of three to five years. This means you need a way to make those payments.
3. Take the Means Test
Finally, you’ll take the bankruptcy means test. If you aren’t sure by this point if you should file for Chapter 13 or Chapter 7, the means test will give you a clear answer based on your qualifications.
