personal injury attorney

Chapter 7 Bankruptcy

Bankruptcy is a way for you to get

your life back and start fresh.

Let us guide you through the

process from start to finish.

     There are times in life where credit cards, medical bills,

car payments, and other financial obligations simply

cannot be fulfilled. This happens usually as a result of job loss,

wage reduction, illness, and a variety of other factors.

Many individuals at this point in their lives consider filing for bankruptcy. 

     A Chapter 7 bankruptcy may be filed in order to try to get a “fresh start.” Many debts such as medical bills, credit cards, and other unsecured debts may be discharged. Many individuals feel relief after a Chapter 7 filing because they know it may lead to a new beginning to make things “right” again.

     Whenever you decide to call our offices, the first step would be to determine whether filing a Chapter 7 would be right for you. A Chapter 7 bankruptcy is known as the “liquidation” bankruptcy.

 

Step 1 - Qualifications:

     Our office will look to see if you qualify for a Chapter 7 bankruptcy filing. Under current bankruptcy laws, your income has to be below the “median income” for your area or you have to pass a “means test.” The bankruptcy “means test” is a calculation of your income and expenses. Our office will help guide you through this process as our team will have a consultation with you to go over your monthly income and obligations. 

Step 2 - Credit Counseling:

     Before filing, you must receive budget and credit counseling

from an approved credit counseling agency within 180

days before your case is filed. Upon completion of your

counseling,  you will be given a certificate. 

Our office will be able to guide you through this process

before your bankruptcy is formally filed. 

Step 3 - Exemptions:

     A liquidation bankruptcy means that there is a trustee assigned to each case and the trustee is able to seize and liquidate assets in order to pay off your creditors. Many people worry that their cars or homes will be seized, but there are exemptions available. If you have homesteaded property in Florida, your equity can be protected. Furthermore, up to $1,000 of automobile equity or personal property is also protected. If you have not filed for Florida’s homestead, then that $1,000 exemption turns to $4,000 of personal property. Our office will look at your assets and guide you through the process of finding the appropriate exemptions to apply in your case.

Step 4 - Debt That Cannot Be Discharged:

     It is very important to note that there are certain types of debt

that cannot be discharged by a Chapter 7 bankruptcy.

Some tax debt, secured loans such as a mortgage or an

automobile loan, child support, alimony, and other types

of secured loans. However, our offices will allow for you to retain

the assets tied to your secured loans by filing for a “reaffirmation.”

This reaffirmation allows for you to retain your assets by making

monthly payments of the debt while you are in a bankruptcy

Step 5 - Benefits of a Bankruptcy:

While a Chapter 7 bankruptcy may relieve your unsecured debts if you qualify, filing for a Chapter 7 also brings you additional benefits. A filing may halt the process of wage garnishment, repossession of an automobile, residential foreclosure, and creditor calls. If there are any issues with creditors, you simply have to inform our office.

The biggest benefit of them all, however, is being able to start again in life. 

Call our offices at The Law Office of Carolina Nunez, P.A. today at 407-376-2229 or 386-224-6544.

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