Federal law permits debtors to make a fresh financial start by filing a Chapter 7 or “liquidation” bankruptcy. If you have few assets and numerous unsecured debts such as credit cards, personal loans, medical bills, or car accident and automobile repossession judgments, Chapter 7 bankruptcy may allow you to eliminate those debts.
If you think that Chapter 7 bankruptcy could help you, it is important that you contact an experienced Orlando bankruptcy attorney immediately to discuss your options. The attorneys at Tudhope Law in Orlando are highly skilled and experienced in bankruptcy cases and will answer your questions and counsel you in the complexities of the bankruptcy process.
A Chapter 7 bankruptcy generally allows debtors to discharge all or part of their personal debts in a legal manner. With few exceptions, a debtor will not have to repay obligations discharged in a Chapter 7 bankruptcy. In order to be eligible to file, a debtor must be a resident of the United States. If your current monthly income exceeds the median income as evaluated under information from the IRS and the Census Bureau, you must also pass a “Means Test.”
If the means test shows that you have disposable income sufficient to pay a significant portion of your unsecured debts, you may be ineligible for Chapter 7 bankruptcy and you might need to file a Chapter 13 bankruptcy. If you have previously filed for Chapter 7 or Chapter 13 bankruptcy, you should seek legal advice regarding your eligibility to file again. Your chapter 7 bankruptcy attorney can assist you in these determinations.
Once you determine that you are eligible for a Chapter 7 filing in Orlando, you must by law complete a credit counseling session. You will then begin the legal process of preparing and filing your bankruptcy petition and schedules. These documents set forth your income, all assets (whether exempt or non-exempt), all debts, and outline which debts you intend to discharge and which property you wish to keep. You must turn over all non-exempt assets to the Bankruptcy Trustee who will sell those assets and use the proceeds to pay your creditors. Your exempt assets may be retained by you and are exempt from sale. Florida’s state statutes define which assets are exempt. Because Florida’s exemption laws are more liberal than laws in many other states, such exemptions favor the debtor filing for Chapter 7 bankruptcy.
During the course of your Orlando bankruptcy you will be required to attend a meeting of creditors approximately four to six weeks after filing. Barring complications, you should receive a discharge within 60 to 90 days thereafter. There may be certain fees and other cost considerations involved in filing bankruptcy.
As of November 1, 2011, the Federal court charges a filing fee of $306 in Chapter 7 cases. Other costs include attorney’s fees, credit reports, appraisals and title search (if you own real property), pre-filing credit counseling, a post-filing financial management course, and the cost of obtaining any documents required by the court.
We understand the stress and emotional toll caused by serious financial setbacks and will work with you to manage the costs and fees associated with filing your Chapter 7 bankruptcy.
Our qualified Chapter 7 bankruptcy attorneys in Orlando, Florida have extensive experience in all aspects of Chapter 7 bankruptcy and can not only stop harassment by creditors, but will be there to assist you every step of the way in dealing with your financial problems and starting down the road to your financial recovery. Contact us today – we can help! We are available at (407) 969-0044. You may also fill out the online form located on this page and we will contact you shortly. Visit our FAQs page for answers to the most frequently asked questions we get about different subjects including the chapter 7 bankruptcy.
Contact Us Today
For Aggressive Representation