Chapter 7 Bankruptcy Lawyer

First, it is important to understand that not everyone qualifies for Chapter 7 bankruptcy. While this is the most common type of consumer bankruptcy, some people cannot seek this kind of debt relief assistance under the law.

To be eligible for Chapter 7 bankruptcy, you must first pass the “means test.” The means test evaluates one’s income and expenses to determine if they qualify for Chapter 7 relief. This test considers various factors, including:

• Monthly income
• Household size
• Allowable expenses

The means test aims to prevent individuals with higher incomes from abusing the system by requiring them to file for Chapter 13 bankruptcy instead.

Specifically, this test compares your income to the median household income in your state. If your income falls below the median, you automatically qualify for Chapter 7, and no further calculations are required.

However, if your income exceeds the median, your bankruptcy attorney can conduct additional calculations to determine your eligibility. We can apply qualified expenses to lower your income and see if your adjusted income falls below the median household income for your state. If so, you can file a Chapter 7 bankruptcy case.

Properly applying the means test to your financial circumstances is necessary to ensure you do not miss out on eligibility for Chapter 7  bankruptcy. Our knowledgeable bankruptcy lawyers at Consumer Law Attorneys can handle this process and advise whether you meet the necessary requirements.

When you file for Chapter 7 bankruptcy, certain assets may be liquidated to pay off your creditors. This is why it is called the “liquidation” bankruptcy. However, federal and state exemption laws allow you to protect certain property from liquidation.

These exemptions vary from state to state, and if you have lived in Florida for 24 months before filing your bankruptcy, you must use the exemptions specific to Florida law. Our skilled bankruptcy attorneys understand these exemptions and can use them to maximize the protection of your assets.

You can often shield some or all of the following from liquidation:

• Home
• Car
• Retirement accounts
• Wages
• Public benefits
• Personal belongings

Our firm can help you identify the applicable exemptions and maximize their benefits, ensuring you retain as much property as possible throughout the bankruptcy process. This is important to protect your hard-earned assets and ease the burden of financial uncertainty following a bankruptcy.

Before filing for Chapter 7 bankruptcy, you are required to fulfill credit counseling requirements. First, you must complete a credit counseling course from an approved agency within 180 days before filing. This step is mandatory and aims to educate filers on financial management and explore alternative solutions to bankruptcy.

Once you successfully complete the credit counseling course, you will receive a certificate that must be filed along with your bankruptcy petition. Your attorney will ensure you comply with all requirements so you can begin the bankruptcy process seamlessly.

Our Chapter 7 attorneys from Consumer Law Attorneys will prepare and submit all necessary documents accurately and promptly. Your lawyer ensures all financial details are transparent and that deadlines are met, minimizing any potential roadblocks in the process. Once we file your bankruptcy petition with the proper court, the process officially begins.

We will represent you at the 314 Meeting, also known as the creditors’ meeting. We will lead the discussion with the trustee and any creditors, address any concerns, and oversee this critical step with confidence. Trust your attorney to handle every aspect of your Chapter 7 bankruptcy effectively.

Once you successfully complete the process, Chapter 7 bankruptcy offers a discharge of certain debts, providing you with a fresh financial start. While not all debts are dischargeable, many common types, such as credit cards and medical bills, can be eliminated through Chapter 7.

There are some limitations and exceptions to discharge, such as student loans and child support obligations. However, depending on the nature of your debt, the dischargeable debts usually make the process worth it.

Chapter 7 bankruptcy can be a powerful tool to help you achieve a fresh start and regain control of your financial future. Always consult with our knowledgeable bankruptcy attorneys about the possible benefits of the process for your situation.

When considering Chapter 7 bankruptcy, it is only natural to wonder about the fate of your credit score. The good news is that bankruptcy provides a fresh start and a chance to rebuild your financial health. While bankruptcy may initially have a negative impact on your credit score, it is usually temporary.

By working with a skilled bankruptcy attorney from Consumer Law Attorneys, you can get through the process effectively and start on the path to financial recovery.

Rebuilding your credit after bankruptcy will take time and effort. With the guidance of a knowledgeable attorney, you can explore strategies to improve your credit score and take steps toward a more manageable financial future. Remember, seeking legal counsel is a wise decision to ensure you make informed choices during this critical time.

Are you struggling with debt and wondering if Chapter 7 bankruptcy is right for you? Consumer Law Attorneys is ready to help. Please contact us today for a free consultation so we can discuss your debt relief options.