Florida Chapter 7 Bankruptcy Lawyer
In the ever-increasing challenges of today’s economic climate, more and more Florida residents are not able to pay their bills. This often results in home foreclosure or vehicle repossession. If you are facing financial hardship, work with Carolyn Secor, a Chapter 7 bankruptcy lawyer Pinellas Park, FL trusts to preserve your assets.
What is Bankruptcy?
When an individual or organization cannot honor its financial commitments, it is required to file within the federal bankruptcy court. Bankruptcy serves as the legal process in which people or other entities can begin to repay their debts to creditors. Bankruptcy typically comes in two forms: liquidation and reorganization. Chapter 7 bankruptcy is the form known as liquidation, which involves turning assets into financial quantities.
Dischargeable Debts Within Chapter 7 Bankruptcy
Individuals file for chapter 7 bankruptcy in situations where they are not able to pay the sum of their debts. The Chapter 7 bankruptcy process is designed to offer applicants a new start by discharging certain unsecured debts. Discharging debt occurs when the debtor is relieved from taking personal liability for debts owed to a creditor and prevents the creditor from enforcing any form of debt collection. Unsecured debts are any financial obligations that are not backed up with collateral.
When you utilize a Chapter 7 bankruptcy lawyer Pinellas Park, FL trusts, you can trust our team to protect your personal property. Once the Chapter 7 bankruptcy process is complete, creditors will not be allowed to use your home, car, or other property as collateral. Qualifying dischargeable debts include:
- Any form of consumer debt
- Medical bills
- Utility bills
- Back rent
- Personal loans
- Credit card bills
- Some types of government benefits overpayment
Nondischargeable Debts Within Chapter 7 Bankruptcy
Certain debts cannot be discharged with the Chapter 7 bankruptcy process. These nondischargeable debts include student loan debt, lawsuit judgments, and various luxury purchases made right before filing bankruptcy. If you have purchased luxury goods within 90 days of filing for bankruptcy, these debts cannot be discharged in the Chapter 7 process.
Chapter 7 Bankruptcy Eligibility
Chapter 7 bankruptcy is purposed for debtors who do not have the means to pay back their debts. Federal law regulates an applicant’s income level, meaning that it is more difficult for wealthy individuals to qualify for Chapter 7 bankruptcy. This is due to the 2005 “means test” amendment that was designed to limit the process to those in a designated income bracket. If your household income is below Florida’s median family income, then the “means test” does not apply to you.
Work With a Chapter 7 Bankruptcy Lawyer Pinellas Park, FL Trusts Today
If you are considering filing for Chapter 7 bankruptcy, reach out to Attorney Carolyn Sector, P.A. Our team is dedicated to aggressively fighting for your assets and bettering your personal financial situation. Allow us to help navigate the complex Florida bankruptcy laws and provide clarity for you in the process. Contact Carolyn Sector, P.A. today to schedule an initial consultation.