What relief is offered by a Chapter 7?
A Chapter 7 affords a qualified debtor a complete discharge of unsecured debt. Unlike a Chapter 13, no repayment plan is necessary. Instead, all of the eligible assets of a debtor are collected by the bankruptcy trustee who evaluates whether any assets should be liquidated and determines the priority in which the unsecured debts should be paid. In Florida, there are several exemptions available for Debtors. Click here to see exempt property in Florida.
The two keys to a successful bankruptcy case are careful planning and proper timing. The ability to retain property or to be able to successfully return or turn over property, such as cars and houses, is important to many of our clients. Moreover, the timing of a bankruptcy filing is critical based upon foreclosure, tax returns, and numerous other factors. We often say that bankruptcy practice is like playing a game of chess: the movement of one piece affects every other piece on the board. We offer a perspective on bankruptcy that takes all of your assets into consideration and offer you advice based on the whole playing board not just short term goals. If not advised properly, bankruptcies could end poorly for some debtors.
Please see other pages that we have on Chapter 7 bankruptcies, including:
