You Can Still File Chapter 7 Bankruptcy
People frequently believe that bankruptcy is no longer an option because of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. Lawyers at our Miami law firm, Ferrer Shane, PL, want people in South Florida to know that filing Chapter 7 bankruptcy is still a way for people to begin again.
What is Chapter 7?
Chapter 7 bankruptcy is a debt liquidation process. Your non-exempt assets will be sold and the proceeds will be distributed among your creditors as determined by the bankruptcy judge. Creditors will not be able to request payment in addition to that awarded by the court. You will be free of creditor harassment once the process is complete and your debts from credit cards, medical bills and most loans will be discharged.
Does Chapter 7 Take Everything?
Many assets are exempt from the bankruptcy process in Florida. This means that you may be able to keep your house and your car, depending on your equity in these assets. Your retirement and any disability payments are also exempt. These exemptions and others are designed to protect individuals and families who find themselves in challenging financial situations. Our lawyers can advise you about the exemptions that apply in your case.
What Property is Not Exempt?
Even after the Chapter 7 bankruptcy process is finished, you will still be liable for certain debts that cannot be discharged. These include child support, college loans, the fines and other costs of a drunk driving conviction, and federal taxes.
How Do I Get Started?
Before you visit our office for your free initial consultation, gather as many of the following documents as possible:
- Pay stubs for the previous six months
- Bank statements for the previous six months
- State and federal tax returns for the previous three years
- Outstanding bills and statements
After reviewing these materials, our attorneys will let you know whether you should file bankruptcy.
Call Our Miami Law Firm With Questions About Chapter 7
Contact Ferrer Shane, PL. We will let you know whether you qualify. You can depend on us to be honest and straightforward with you when we talk about your options. Call us at 305-262-2728 to learn about Chapter 7.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
