A Chapter 7 bankruptcy is a straight liquidation of your current assets to pay off unsecured debts owed to creditors. A Florida Chapter 7 bankruptcy allows you to keep various personal property assets like a home, car and various other personal items. To find out exactly how a bankruptcy in Florida will effect you, retaining the services of an experienced Florida bankruptcy attorney is your absolute best option.
For the reasons listed above, filing Chapter 7 bankruptcy in Florida is commonly referred to as a straight bankruptcy or a liquidation bankruptcy. It quite simply allows a debtor to relieve themselves of unsecured debts and start their financial life over. When filing for a Chapter 7, you'll be required to provide a list of all creditors along with the amounts you currently owe, your full income, a complete list of any property assets you own and a very exact explanation of your monthly expenses.
By filing a Florida Chapter 7, all collection efforts against you will stop immediately. There is a stay placed on your entire financial identity which is enforced by a Federal court. There are several types of property that are completely exempt from liquidation. These include a residence, material used specifically for your trade skill, items specific to your health, certain retirement benefits such as social security, veteran, disability or employment wage benefits.
How long does a Chapter 7 bankruptcy stay on my credit.
How long does the filing process take.
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