Bankruptcy Lawyers Chapter 7

Serving Bradenton, Clearwater, Sarasota, Tampa, Venice, and surrounding Florida areas

The question many have trouble answering: Is filing for Bankruptcy the right decision for me? There are a few simple facts that can help determine your situation. The main thing to remember is that Chapter 7 bankruptcy is a liquidation proceeding. The Debtor turns over all non-exempt property to the bankruptcy trustee, who then converts it to cash for distribution to the creditors. Call the Bankruptcy Lawyers at Jodat Law Group to setup a free, 30-minute consultation and determine if filing Chapter 7 Bankruptcy is right for you!

Bankruptcy Chapter 7 – Process

In Chapter 7 bankruptcy, you provide the court a list of all of your debts and a list of everything you own. You also answer questions about your past financial dealings. You can claim as exempt the property you are allowed by law. This property you may keep. The trustee has the right to liquidate any property that cannot be claimed as exempt and then apply the cash to your debts.

The only restriction on keeping exempt property is that you still must pay purchase-money liens, the liens placed on property you buy. For example, if you plan to keep your car or house, you are still required to make the regular contractual payments to the creditor.

The Most Common Reasons for Consumer Bankruptcy

Unemployment
Large medical expenses
Seriously over extended credit
Marital problems
Large unexpected expenses

Bankruptcy Discharge and How It Works

One of the reasons people file bankruptcy is to get a “discharge” of their debt. A discharge is a Court order, which states you are no longer obligated to pay the discharged debt back. Some debts cannot be discharged. For example, you cannot discharge debts for:

Most taxes
Child support
Alimony
Most Student loans
Court fines and criminal restitutions; and
Personal injury caused by driving drunk or under the influence of drugs.

The Judge can also deny your discharge if something dishonest has been done in connection with your bankruptcy case, such as destroying or hiding property, falsifying records, lying or ignoring a Court Order.

If you’re looking for bankruptcy lawyers for Chapter 7 in Sarasota to fight for you, contact us now.

NOTE: The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.