Make 2013 the Year You Get Out of Debt, Suggest Tampa Bankruptcy Experts, Clark & Washington

NORCROSS, GA, January 15, 2013 (Press-News.org) To make 2013 your best year yet, consider eliminating your debt as a New Year's resolution. The Tampa bankruptcy attorneys at Clark & Washington offer advice as to how to accomplish this in a timely manner.

When It's Time to Get Started
You need to calculate exactly where you are financially. Write down all of your income that is earned in a month, then write down each monthly expense and debt payments. When listing your expenses, make sure that all of them are included. There are usually expenses that are paid once a year or every few months. These types of expenses need to be converted to monthly amounts.

Included with expenses should be your monthly payments made toward your debt. This includes credit cards, student loans, car loans and various other types. Once you have numbers for money coming in and going out each month, you will have a starting point from which to become debt free.

When Your Income is Higher than Your Expenses
This simply means that you have enough money and are able to pay down your debts. All you need is to practice self-discipline. Make a budget based on your income and expenses and stick to it. In addition, find ways to avoid unnecessary expenses. Every dollar saved can be used to pay a bill, no matter how large or small.

When Your Monthly Expenses are Higher than Your Income
When this is the case, you may want to consider the advice of a Tampa bankruptcy attorney. Filing for bankruptcy is the last resort to solving a debt problem, but for many people, it is the best option available.

Although many of your assets are protected with bankruptcy, most are not. The Tampa bankruptcy lawyers of Clark & Washington can advise you on which ones are. If you own certain items that are not protected, you may want to go ahead and sell them yourself and use the proceeds to put toward repaying your debt.

When You Should Declare Bankruptcy
Generally speaking, it is time to file for bankruptcy when you can no longer make payments on your debt or pay for your living expenses. It is in this situation where the advice of Tampa bankruptcy professionals is critical. They are the ones who can help you decide if bankruptcy is the right course of action for you. Some debts cannot be discharged with bankruptcy. Examples of these types are student loans, taxes and debt from unpaid child support. An attorney can determine which debts and which assets are viable options for bankruptcy.

Always keep in mind that the bankruptcy laws are much tighter than they were years ago. You must first qualify in order to go through a bankruptcy. In addition, there are two types of bankruptcy for individuals. One type is chapter seven, which represents a discharge of all or most debts. The other type is chapter 13, which consists of a judge reorganizing a person's debts. One affordable payment is paid to a trustee who distributes the money to the lenders. A Tampa bankruptcy lawyer with Clark & Washington will be able to examine your financial situation and counsel you on the best course of action.

To jump start your 2013 New Year's resolution, check out http://www.cw13fl.com.

About Clark & Washington:

Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the Southeast. They have locations in Georgia, Florida and Tennessee. Clark & Washington specializes in personal chapter seven and 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.

For more information, visit http://www.cw13fl.com.

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