If you are overwhelmed with debt filing for bankruptcy may provide some financial relief. Bankruptcy can give a borrower an opportunity to restructure his outstanding debt and emerge from the bankruptcy with a fresh start. There are many benefits to filing for bankruptcy; however, there are also many disadvantages to bankruptcy that applicants should be made aware of. If you are struggling to keep up with your financial obligations and considering bankruptcy, you should speak with a Tampa bankruptcy attorney before taking any legal action. A Tampa bankruptcy lawyer can evaluate your financial position and inform you of the likely advantages and disadvantages of filing for bankruptcy in your particular situation.

One of the most significant advantages to filing for bankruptcy is the discharge of the debts included in the bankruptcy. Under bankruptcy law, the discharge will release the debtor from liability for the debt. However, a debtor must satisfy numerous requirements before becoming eligible for a bankruptcy discharge. Debtors should seek the aid of a Tampa bankruptcy lawyer to become eligible for the bankruptcy discharge.

There are also many other possible advantages to filing for bankruptcy that debtors may not be aware of. For instance, in some situations a bankruptcy petition may allow debtors to reinstate their driver's license.  If a driver's license was suspended due to a failure to pay surcharges, filing for bankruptcy may immediately restore the applicant's driving privileges. Generally, government fines and surcharges cannot be discharged in bankruptcy. However, government fines and surcharges, which are sold to third parties for collection may be discharged in a bankruptcy proceeding. In many jurisdictions the Department of Motor Vehicles will transfer a driver's surcharges and fines to third parties to collect the debt, which may create an opportunity for the debtor to discharge the debt in bankruptcy. To find out if your jurisdiction transfers fines and surcharges to third parties for collection contact a Tampa bankruptcy lawyer in your area.

If your jurisdiction does transfer fines and surcharges to third parties for collection it does not guarantee that the debt will be dischargeable in bankruptcy. For example, if the fine or surcharge imposed by the Department of Motor Vehicles stems from a conviction for a driving offense it will most likely not be dischargeable in bankruptcy. There are many other circumstances which will prevent a fine or surcharge owed to the government from being dischargeable in bankruptcy. Debtors should always discuss this and other bankruptcy issues with a Tampa bankruptcy lawyer before taking any action.

There are many other possible advantages and disadvantages to filing for bankruptcy. To find out if bankruptcy can help you contact a Tampa bankruptcy lawyer in your area. A Tampa bankruptcy attorney can evaluate the circumstances of your case and provide you with valuable legal guidance.