A Chapter 7 Bankruptcy is a liquidation. In this type of proceeding the debtor’s non-exempt assets, if there are any, are sold by the Chapter 7 Trustee and the proceeds from that sale are paid out to the creditors according to the priorities established in the Bankruptcy Code. A Chapter 7 does not involve the filing of a Plan, nor the repaying of the creditors on a monthly basis. There is an income means test to see if you qualify for Chapter 7.
The primary reason for filing is to discharge certain unsecured debts, (such as medical and credit card debts) allowing the debtor a “fresh start.” After discharge the debtor has no liability for those discharged debts. The right to a discharge is not absolute, and certain types of debts are not discharged, such as taxes and student loans. Certain liens on secured property, such as your home and automobiles, are also not dischargeable if the debtor keeps the secured property.
We pride ourselves in making sure you do a thorough bankruptcy. Any debts not listed in bankruptcy will not discharged.
Contact my office to set an appointment for your free consultation: 941-750-8383 or email me via my contact page.
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