CHAPTER 7 BANKRUPTCY ATTORNEYS IN FORT LAUDERDALE
FIND OUT IF CHAPTER 7 BANKRUPTCY IS THE RIGHT SOLUTION FOR YOU
Finding yourself under a pile of unpaid bills and overwhelming debt can be extremely stressful, and may leave you feeling overwhelmed and defeated. Unpaid debt can have severe consequences, so conquering your debt efficiently should be your prime objective, and filing bankruptcy may be a viable way to do it. Chapter 7 bankruptcy is the most common form of bankruptcy, and can enable you to eliminate your financial troubles and start fresh.
Our Fort Lauderdale Chapter 7 bankruptcy attorneys at Loan Lawyers know precisely what to do in order to help you and your family if you are facing extreme debt. We have more than 100 years of legal experience under our belts, and we have eliminated more than $30,000,000 in mortgage principal and $50,000,000 in consumer debt for our clients.
WHAT IS CHAPTER 7?
Also called “straight” or “liquidation” bankruptcy, Chapter 7 bankruptcy is typically the simplest option for those facing overwhelming debt. By liquidating certain assets or properties, you can receive full forgiveness for outstanding debts. Chapter 7 is one of the quickest forms of bankruptcy, sometimes taking as little as a few months.
The bankruptcy court follows a means test, which looks at a person’s average gross income for 6 months prior to filing for bankruptcy. When filing for Chapter 7 bankruptcy, a person who makes less than the median income of their state will qualify. Someone may need to file for bankruptcy for a number of reasons, including credit card debt, medical bills, personal loans, or student loans.
YOUR PROPERTY AND DEBT
One of the biggest concerns for people filing bankruptcy is whether or not they will be able to keep their home. In most cases, Chapter 7 bankruptcy filers are able to retain possession of their house, especially if it qualifies as exempt property. Exempt property laws vary by state, but allow bankruptcy filers to keep necessary possessions, like bedding and kitchenware, any tools required for work, and sometimes the car.
Common types of exempt property includes:
- Your home
- Retirement funds, 401k accounts
- Social Security
- Veteran’s benefits
- Disability benefits
- Essential household goods
- Equipment or tools used for work
If there are other possessions you wish to keep that are not listed as exempt, an experienced Chapter 7 bankruptcy attorney is especially crucial. To find out what you would be able to keep after filing Chapter 7 bankruptcy, reach out to Loan Lawyers to discuss your circumstances.
SOLVE YOUR DEBT ISSUES WITH CHAPTER 7 BANKRUPTCY.
Once you’ve decided Chapter 7 bankruptcy is your best choice for debt resolution, call our experienced Chapter 7 bankruptcy lawyers for help. The process to file for Chapter 7 bankruptcy begins when you fill out a petition, along with bankruptcy forms your lawyer can help you with. These forms will ask about your property, exempt property, income, expenses, and debts. You will also need to list any purchases made in the past 2 years, including property, and any property sold or given away during that time.
OUR FORT LAUDERDALE CHAPTER 7 BANKRUPTCY ATTORNEYS CAN HELP.
At Loan Lawyers, we understand the difficulty of your situation, and we will help you and your family handle your debt in the best way possible. Not only will our knowledgeable legal team offer you sound counsel, we will stand beside you every step of the way. Our goal is to ensure you overcome your financial difficulties and file bankruptcy in a way that disrupts your day-to-day life as little as possible.