Wellington Chapter 7 Bankruptcy Attorney
No one ever wants to file for bankruptcy. However, sometimes doing so is the easiest and least painful way to put financial issues behind you, especially if you have an experienced Wellington Chapter 7 bankruptcy attorney on your side to help you through the process. Chapter 7 bankruptcy has helped many people get their lives back on track, and if you fit the relevant criteria, it may be a good option for you to pursue.
Targets Unsecured Debt
Chapter 7 is by far the most common type of bankruptcy filed in the United States – between 2005-2017, almost 70 percent of all bankruptcy filings were under Chapter 7. It is designed for people who have mostly unsecured debts, meaning debts not guaranteed or backed up with collateral. This includes medical bills, credit card debt, and utility bills, and indeed, medical debt comprises a significant percentage of the debt forgiven in many Chapter 7 filings.
In order to file under Chapter 7, you must pass what is referred to as the means test. You must be able to show that you have enough debt and are below a certain amount of income before you will be permitted to file for Chapter 7, as without this test, people who have disposable income might be able to get their debts forgiven even though they could conceivably pay more of them off. If you pass the test, you are permitted to file.
Chapter 7 Means Liquidation
When you file under Chapter 7, a bankruptcy trustee will be appointed, who will then inventory all your assets to see if anything can be sold to help pay off some debts. You are permitted to exempt some assets from this process – some states use federal bankruptcy exemptions, but Florida has its own- and in some cases you will have enough room under the specified exemptions to cover all your assets, but in some cases you may have to sell some. Either way, once an accounting of your assets has been done, your creditors are given a chance to either contest the discharge of your debt, or to ask questions or otherwise let the debt go. While some creditors do challenge, the majority of them simply do not raise objections, meaning that your debts will almost all be forgiven.
Be advised that while Chapter 7 will wipe away almost all unsecured debts, there are certain obligations which are not dischargeable in any type of bankruptcy. Examples of this include student loans (in most situations, though in very rare cases they may be discharged if undue hardship can be shown), back taxes, and most other legal or government debts will remain. It is not possible to discharge, for example, alimony or child support in a Chapter 7 bankruptcy.
Don’t Delay – Call Our Wellington Chapter 7 Bankruptcy Attorneys Today
Bankruptcy can be frightening, but it can open up brand new doors for you after your credit is rebuilt. Our business minded Chapter 7 bankruptcy attorneys at Markarian & Hayes are happy to try and help you get to that point. Call our offices today to set up a consultation. We serve Wellington, Palm Beach Gardens, and Vero Beach.