Chapter 7 Bankruptcy Attorney

When you file a Chapter 7 bankruptcy, you will lose your non-exempt belongings. This includes property that has a lien on it or property that is offered as collateral for a loan.

However, there are some things that are exempted too and it can also be your property. Take a look to learn more:

• Homestead/ residence
• Auto
• Retirement accounts of certain type
• Property that is necessary to earn a living or for work
• Funds in tax-exempt retirement accounts, such as a 401(k) or 403(b) accounts
• Certain insurance benefits

Chapter 7 is perhaps the best option for those:

• Who own little assets
• Who’s problem debts total more than 40 percent of their annual income
• Who own debt like credit card balances, personal loan and medical bills
• Who’s family income does not exceed the state median for the same family size
• Who has little to no disposable income
• Who can’t pay off the debt even after five or more years despite of taking desperate measures

In addition to this, the debtor must also qualify and pass the means test. This test calculates whether you have the adequate means to return at least a sum of debts if not all. It compares the debtor’s household income with the median income for your state. And also, compares your expenditures with the local standards of IRS.

Other qualification requirements include:

• You cannot have filed for and completed a Chapter 7 bankruptcy in the last 8 years or a Chapter 13 in the past 6 years
• Cannot have written and filed a petition for bankruptcy in the last 180 days that was dismissed because you didn’t appear in court or failed to conform with the orders of the court or dismissed your petition voluntarily because your creditors sought court relief for property recovery that had a lien

When looking for a quick debt resolution, Chapter 7 bankruptcy is perhaps the best option for debtors in distress. A Chapter 7 bankruptcy case last from 3 to 6 month, so you can be rest assured that you’ll have a clean slate in the fastest possible time, and then you can start all over without any pending payments or collectors giving you sleepless nights.

Another big advantage of Chapter 7 bankruptcy is that there is no payment plan involved. Do you know what this means? It means that you don’t have to comply with a 3 or 5 year repayment plan. Thus, once the bankruptcy case is complete and closed you won’t owe anyone a dime. All debts are wiped out except for the non-dischargeable ones.

In Chapter 7 bankruptcy you have greater chances of protecting your property. This type of bankruptcy helps you keep most necessities. Also, if you don’t have much of your luxury goods, then most or all of your property is likely to get exempt.

Chapter 7 bankruptcy can stay on your credit report for as long as 10 years from the date of filing it. However, the accounts and negative marks that were included in the bankruptcy may be removed from the report after seven years.

If you struggle with debt obligations and are thinking to file for bankruptcy, then contact our team our experienced Florida bankruptcy lawyers. Specializing in bankruptcy, at Shiner Law Group, we can evaluate your case in depth and determine the type of bankruptcy that is best suited in your situation.

Furthermore, our lawyers work in the best interest of our clients. Rest assured, we’ll provide you with the best advice and help you at every step of the process, so that the bankruptcy process is completed smoothly and without any stress.

In addition to this, we’ll also teach you the many and proven ways to bounce back and rebuild your equity after getting bankrupt. After bankruptcy, your financial life particularly credit needs attention. We’ll share with you the best ways in your situation to restore your credit, so that you can set on the road of financial recovery and independence in the fastest possible time.

For more information or assistance with filing for bankruptcy, feel free to contact us. We are here to help you.