Chapter 7 Bankruptcy in Miami, Fort Lauderdale, Aventura, Pembroke Pines, & Hollywood
At The Kaple Law Firm, chapter 7 bankruptcy lawyers in Miami, Fort Lauderdale, Aventura, Pembroke Pines, & Hollywood Florida, we help people assess their financial situation and decide if filing bankruptcy is in their best interest. Many people throughout South Florida struggle to pay their bills each month and often find themselves falling farther and farther behind.
What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy, also known as a "fresh start bankruptcy" or "straight bankruptcy", is the process of liquidation of personal or business assets in which a debtor can have all or most of his debts discharged. Under Chapter 7, a trustee is appointed to oversee the sale of all the debtors' assets that are then distributed to creditors.
A chapter 7 bankruptcy discharge involves liquidation of a debtor’s assets. It is a condensed court-supervised procedure by which a trustee takes over the assets of the debtor's estate, reduces them to cash, and makes distributions to creditors. However, the debtor does have the right to retain certain exempt property and the rights of secured creditors are protected.
It is very important to speak with an experienced Miami Chapter 7 Bankruptcy Lawyer to determine if Chapter 7 in Miami is right for you. Our job is to help you understand the exemptions available to you so that you can maximize what you can keep.
How does Chapter 7 Bankruptcy work?
Due to the fact that there is usually little or no nonexempt property in most chapter 7 cases, there may not be an actual liquidation of the debtor's assets.
These cases are called "no-asset cases." A creditor holding an unsecured claim will get a distribution from the bankruptcy estate only if the case is an asset case and the creditor files a proof of claim with the bankruptcy court. In most chapter 7 cases, if the debtor is an individual, he or she receives a discharge that releases him or her from personal liability for certain dischargeable debts.
The debtor normally receives a discharge just a few months after the petition is filed. When this process is successfully completed, you will indeed have a financial fresh start.
Chapter 7 Bankruptcy Eligibility
Amendments to the Bankruptcy Code enacted in to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 require the application of a "means test" to determine whether individual consumer debtors qualify for relief under chapter 7. If such a debtor's income is in excess of certain thresholds, the debtor may not be eligible for chapter 7 relief.
Experienced Chapter 7 Bankruptcy Attorneys
If you are in serious debt, having an experienced chapter 7 bankruptcy lawyer guide you through the process is an important first step. Contact our law office in Miami, Aventura, Fort Lauderdale, Pembroke Pines, & Hollywood Florida, toll free 1-866-675-5110, or fill out our online email form to speak to one of our lawyers and see how you can obtain a fresh start.