How to file for Ch 7 Bankruptcy in Florida

//How to file for Ch 7 Bankruptcy in Florida

How to file for Ch 7 Bankruptcy in Florida

what is life after ch 7 bankruptcyIf you live in Florida and you are interested in filing for Chapter 7 bankruptcy it could be a good idea to consider speaking to a bankruptcy lawyer. Chapter 7 bankruptcy does not involve the process of a repayment plan but it works to gather and sell all of the nonexempt assets that you have while liquidating a variety of unsecured debts. Certain nonexempt debts may not be included in the bankruptcy file such as liens on homes and student loan debt.

In order to qualify for Chapter 7 bankruptcy you need to demonstrate that you do not have the income or assets to satisfy your debt. If you don’t receive a regular income or your income is not sufficient to pay regular debt payments, there is a good chance you can qualify for Chapter 7 bankruptcy in Florida. The calculations associated with Chapter 7 bankruptcy filing will determine when you can qualify.

Chapter 7 cases begin when a debtor files a petition for bankruptcy with bankruptcy “schedules.” The petition and schedules can be filled out using the help of a bankruptcy lawyer and they are meant to show your current income, a schedule of assets and liabilities and more.

There are certain fees associated with the process of filing chapter 7 bankruptcy.  As of 2018, the court cost for filing a Chapter 7 case is $335.

Completing the bankruptcy forms means gathering a list of creditors and the nature of their claims, detailed information on the frequency of the debtor’s income, a list of all of the property that the debtor owns as well as monthly living expenses that the debtor needs to survive and maintain their employment.

The entire Chapter 7 process usually takes about 5-6 months.  Debtors must attend a meeting with the trustee at the court. At that meeting, the trustee will ask questions about the accuracy of your filed documents.  One of the Trustee’s jobs is to see whether you have any assets available to satisfy your debts.

If you would like any more information about bankruptcy, contact our bankruptcy lawyer today.

2018-10-29T23:17:35+00:00 October 29th, 2018|Uncategorized|