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.” While many people opt to do it on their own, it is best to hire experienced attorneys that can protect as much of your assets as possible. Here, at The Law Offices of Carolina Nunez, P.A. -- we help guide you through the process and make sure we protect as much of your property as possible. 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.
Don't try to do it yourself -- it is possible that you may lose protections avaialble to you in a bankruptcy proceeding. Our Florida bankruptcy attorneys at The Law Offices of Carolina Nunez, P.A. can guide you -- call us today at 407-376-2229 or 386-224-6544. Our offices are located near Orlando in Winter Park and Daytona Beach.