What is Chapter 7 Bankruptcy?
Our Ft. Lauderdale Bankruptcy Attorney Explains
Are you looking for a way to end creditor and debt collector harassment? Do you find that after you pay your necessary expenses, you have no money left over to pay your credit card bills, car payment or house payment? Are you drowning in debt, but feeling as if you have no recourse? Do you find you have to choose between paying your utilities and feeding your family? If so, Chapter 7 bankruptcy may be right for you. Ft. Lauderdale bankruptcy attorney Jeffrey Solomon has over 30 years’ experience helping people just like you.
Chapter 7 bankruptcy carries a stigma – many consumers believe that if they file Chapter 7, they will ruin their credit and that others will see them as lazy or untrustworthy. They believe they will lose all their assets and be left with nothing. You might be at the end of your rope but thinking, “Should I file bankruptcy?”
While bankruptcy does make an impact on your credit, it is not so severe that you cannot recover from it, and many people who file Chapter 7 do so because of circumstances beyond their control. In fact, you might even be able to improve your credit quicker. If you have lost your job, suffered a disability or sustained a pay cut, you might be overextended without having anticipated it. There is no shame in filing for Chapter 7 relief, and it can help you get a fresh start financially.
The benefit of a Chapter 7 case is the Chapter 7 discharge. Generally, Chapter 7 eliminates your legal obligation to repay certain debts, like credit card debts, medical bills, personal loans and even utilities. Your relief is immediate – your creditors can no longer collect from you the moment you file your case, and the bankruptcy court enters a discharge about four months later. If you can no longer afford your house or your car, you can give the property back to the creditors and walk away without owing a dime. You can even keep your house and your car if you can afford to continue to make the payments. Although Chapter 7 is a liquidation bankruptcy, most debtors are able to keep everything they own by using Florida’s generous exemption statutes. If you can barely afford to pay for the things you need, you probably qualify for Chapter 7 under the bankruptcy means test.
Find out how our Broward County bankruptcy attorney can help you get deserved debt relief today. Contact us today for a free consultation and to obtain more Chapter 7 bankruptcy information. We help consumers with bankruptcy in Ft. Lauderdale, Broward County and all of South Florida.