|
Chapter 7 Bankruptcy Lawyer in Jacksonville, Florida
What is Chapter 7 Bankruptcy?
Deciding which Chapter of bankruptcy Florida Protection to file is a difficult decision. How do you know if Chapter 7 bankruptcy is the right choice for you? Chapter 7 bankruptcy is a liquidation bankruptcy that can be used by both individuals or businesses who owe more than they can pay off in a reasonable amount of time. Liquidation means that property owned by the person or company will be sold and used to repay debt. Any debt that is not paid off with the money from assets sold will be discharged. Chapter 7 will wipe out most of your unsecured debt, not including student loans or debt accrued from late child support. Here are a few questions to ask yourself to determine if Chapter 7 bankruptcy may be right for you. You should always consult a Jacksonville Chapter 7 bankruptcy Lawyer for more bankruptcy information and to determine if this is the correct type of bankruptcy to file (Chapter 7 Vs. Chapter 13).
Are You Overwhelmed with Debt and Have Few Assets?
Chapter 7 bankruptcy involves a liquidation of most of your assets and dividing up the resulting money between your creditors. The less you own, the less you stand to lose by filing Chapter 7. You can expect to lose property, boats and expensive cars (usually over $1000). Tools that you need to continue working are usually protected from liquidation. A Chapter 7 bankruptcy attorney can help you determine which assets you may be eligible to keep.
Are you unemployed and or burdened with outstanding medical bills you feel you will never be able to pay? These are the most common reasons for filing for Chapter 7 bankruptcy. Chapter 7 bankruptcy protection will eliminate all of these debts and give you a fresh start.
You should always contact a Chapter 7 Bankruptcy attorney Jacksonville FL to determine if you need to file for bankruptcy, and ensure that you file everything correctly for the Chapter of bankruptcy protection that is best for your personal situation.
Who Can File Chapter 7 Bankruptcy?
Generally, anyone who owes money they cannot afford to pay can file Chapter 7. It is best suited for companies that cannot, or do not want to remain in business and people who cannot afford monthly payments in a restructuring bankruptcy. To help determine if you qualify to file chapter 7 bankruptcy, you can take the Means Test.
What is the Difference Between Chapter 7 Bankruptcy and Chapter 13?
Chapter 7 is a liquidating bankruptcy, which involves selling assets to pay off debts. The other most common type of bankruptcy is Chapter 13, which requires monthly payments over several years.
Will I Have to Sell Everything I Have if I File Chapter 7 Bankruptcy?
No. Only some of your belongings can be sold off. Others, such as personal effects and work tools are protected. Contact bankruptcy lawyers in Jacksonville FL to see which possessions you are entitled to keep.
How Often Can I File Chapter 7?
You can file Chapter 7 every eight years. However, bankruptcy has a detrimental effect on your credit score. You should contact a Jacksonville bankruptcy lawyer before you file.
How do I Begin if I Want to File Chapter 7?
First, gather up information on all the debt you owe to your creditors. Then contact a Jacksonville bankruptcy lawyer for an initial consultation to see if bankruptcy is your only option. Your lawyer will help you with the rest of the filing.
Can I Get Rid of all My Debt with Chapter 7 Bankruptcy?
No. There are certain kinds of debt that never go away until you pay them. These types of debts include any debt to the federal government (such as taxes) or any loan backed by the federal government (like student loans or down payment assistance) and money owed for support of a minor child.
|
