If you decide that bankruptcy protection is in your best interest, Chapter 7 Bankruptcy is one option available to help remedy your financial situation. However, please be advised that filing for any type of bankruptcy is a very serious decision that carries many potential complications. It is advised that you assess your financial situation, conduct your own research and seek legal assistance before making a decision.

When you file a Chapter 7 Bankruptcy, you will initiate a court-supervised process that will reduce the non-exempt assets of your estate into cash (also known as liquidation). After you file, the court will appoint a trustee to oversee the Chapter 7 Bankruptcy process. This person will then use your liquidated, non-exempt assets to pay your creditors.

In Florida, the types of personal property that are exempt from seizure can include:

• Home Equity
• Personal Property up to $1,000
• Equity in your Vehicle up to $1,000

It is important to note that most Chapter 7 Bankruptcy cases end in the debtor being released from personal liability for certain dischargeable debts. This discharge will normally be issued several months after filing for bankruptcy, but each case is different.

By filing a Chapter 7 Bankruptcy, you may be able to receive a discharge from:

✓ Mortgage Payments
✓ Hospital Bills
✓ Credit Card Bills
✓ Lawsuit Judgments
✓ Payday Loan

Means Test

Due to amendments to the Bankruptcy Code to prevent abuse, you must complete a “means test” to determine your eligibility to file for Chapter 7 Bankruptcy. This test will help determine if your income exceeds certain thresholds, possibly limiting your ability to file.

At LaBovick Law Group, our attorneys and legal professionals are devoted to assisting you in working through this complicated area of law. For a free assessment of your Chapter 7 Bankruptcy matter, please fill out the Contact Us form to the right. Or, please call us at 1.888.777.3884 now to discuss your matter with a Florida bankruptcy attorney.