What You Should Know about Chapter 7 Bankruptcy
Many people facing excessive debt may be unsure about what options are available, and, more importantly, which of these options may benefit them the most. While an individual should always consult with a legal advisor to discuss these options at length, many debtors can benefit from the liquidation process offered through Chapter 7 bankruptcy.
It is important to be well informed when heading into bankruptcy, and an experienced attorney can help a debtor to better understand their options and more confidently choose their path forward. To discuss your situation, contact Florida Chapter 7 bankruptcy lawyer Ryan J. Really, Attorney at Law, PLLC, at (239) 237-0675.
The Process and Benefits of Chapter 7 Bankruptcy
When a person files for Chapter 7 bankruptcy protection, there may be some important benefits and obligations waiting for them through this process. That is why a person should know the following before they file:
- Chapter 7 bankruptcy liquidation can eliminate most debts
- In some cases, property may be subjected to bankruptcy sale in order to pay creditors
- Many pieces of property can be protected through special bankruptcy exemptions
- A person needs to qualify for Chapter 7 bankruptcy through the means test, which evaluates a debtor’s income and compares it to the state median
- Debtors need to go through debt counseling before filing
- Some debts, including student loan debt, may not be discharged through Chapter 7 bankruptcy
Throughout the process of filing for Chapter 7 bankruptcy, a debtor may need to protect themselves financially from the claims of their creditors. Creditors have the right to argue for their best interests when debts they are owed are included in a bankruptcy filing. This is one of many reasons that it is advisable to work closely with a knowledgeable bankruptcy attorney.
If you are considering filing for Chapter 7 bankruptcy, we may be of assistance. Contact Florida Chapter 7 bankruptcy attorney Ryan J. Really, Attorney at Law, PLLC, today by calling (239) 237-0675.