Vero Beach Chapter 7 Bankruptcy Attorney
At first you just missed a couple of credit card payments. But several months later you realize you have dug yourself into a bottomless pit of debt that you cannot escape. If you find yourself in this situation, your best option for getting out may be to file for Chapter 7 bankruptcy.
At Markarian & Hayes, our experienced Vero Beach Chapter 7 bankruptcy attorneys can help. We understand the intimate details of the bankruptcy process. We also know that bankruptcy is a traumatic experience for debtors, which is why we treat every case with the highest degree of professionalism and discretion. Remember, bankruptcy is not about shaming debtors who fall on hard times. It is about helping them deal with insurmountable debts and putting them on a solid footing to begin rebuilding their lives.
How a Chapter 7 Liquidation Can Affect Your Debt Situation
A Chapter 7 filing is known as a “liquidation” bankruptcy. This often sounds scarier than the reality. The bankruptcy court will not take everything you own. By law you are entitled to keep a certain amount of assets necessary to support yourself and your family. Any assets you own over this exempt amount is subject to liquidation by a bankruptcy trustee–but in many cases, debtors have little or no non-exempt property so they get to keep everything they have.
Unlike other forms of bankruptcy, notably Chapter 11 or Chapter 13, a Chapter 7 debtor does not have to agree to any sort of repayment plan as part of the legal process. The bankruptcy trustee will simply use the proceeds of any liquidated assets to repay your creditors as much of what you owe as possible. Any remaining debt is then discharged–meaning you are no longer under any legal obligation to repay. As long as you are honest with the trustee and the bankruptcy court, your creditors cannot pursue any further legal action against you.
However, it is important to note that even under a Chapter 7 bankruptcy there are some debts that cannot be discharged. If you owe back taxes, child support, or alimony, these debts can still be enforced even after a discharge. And if you have any secured debts that are discharged, such as a mortgage or car loan, the lender may still repossess the asset used as collateral.
Do Not File Before Speaking with a Qualified Bankruptcy Attorney
You should never just file a Chapter 7 petition on your own without first speaking with a bankruptcy lawyer. For one thing, not every Florida resident is eligible for Chapter 7 relief. Federal law imposes certain financial limits, and if you do not qualify you must file for bankruptcy under another part of the code, typically Chapter 13.
Helping you to determine your eligibility is just one of many services our Vero Beach Chapter 7 bankruptcy attorneys can provide for you. Call Markarian & Hayes at 772-794-3379 to schedule a confidential consultation so we can review your unique financial situation and advise you on the best options for addressing your debt.