What is a Chapter 7 Bankruptcy
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.
The best candidates for a chapter 7 are known as no-asset cases where you have debt you can't repay and no tangible net worth to be liquidated. This is not to suggest that assets can be hidden though, in fact doing so is a violation of Federal law and you'll end up in jail for doing so. The most important first step you can make is to contact a Florida bankruptcy lawyer immediately if you're considering filing any type of Florida bankruptcy.
How long does a Chapter 7 bankruptcy stay on my credit.
How long does the filing process take.
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