Chapter 7 Bankruptcy

Chapter 7 bankruptcy is also known as "straight" bankruptcy. Individuals who earn under the Florida mean income (as determined by recent census figures) are immediately qualified for Florida Chapter 7 bankruptcy, as are those who are unable to pay at least $6,000 towards their outstanding debt over the next five years or more than 25% total of the outstanding debt.

Florida Chapter 7 bankruptcy allows you to experience a clean financial slate by wiping out all applicable debts in exchange for non-exempt property. Property that is not covered by Florida bankruptcy exemptions (like some personal property, insurance payments and pensions, some homes, and a car up to $1,000 in value) is sold and the proceeds used to pay your outstanding debts.

Chapter 7 bankruptcy has several benefits. First of all, the procedure is relatively quick and streamlined. In addition, Chapter 7 allows you to keep a credit card and other secured debt like a car or a home appliance you would like to continue making payments on. Chapter 7 also protects some assets, like retirement plans, Social Security payments, and other exempted property. Property that is exempt under Chapter 7 will not be liquidated when you file for Florida bankruptcy.

Though Chapter 7 bankruptcy will eliminate many of your debts, it will not exempt you from paying taxes, student loans, child support or alimony, and some other debts. However, Chapter 7 is an attractive option due to its quick discharge of debt, immediate protection against creditors and wage garnishment attempts, and provisions that allow you to keep your earnings after bankruptcy.

Anyone can file Chapter 7 bankruptcy. However, Chapter 7 is not the right option for every debtor. If you're considering filing Chapter 7, you're better off consulting with an experienced Florida bankruptcy attorney to make sure you're filing the proper kind of bankruptcy and are making the right financial decisions as you navigate the Florida bankruptcy system. Roberts Law Partners specialize in bankruptcy cases and have extensive Chapter 7 bankruptcy experience. Give us a call today for a free, confidential phone consultation to find out if Chapter 7 - and our extensive Florida bankruptcy legal help - is right for you.

ORMOND BEACH, FLORIDA
785 W. Granada Blvd. Suite 5
Ormond Beach, Florida 32174
Telephone: 386-677-6241
Fax: 386-677-9452