Chapter 7 bankruptcies are the most common type of bankruptcy, and they are sometimes referred to as a "straight bankruptcy". It is a liquidation proceeding which our bankruptcy attorneys are trained in. A bankruptcy lawyer in Miami-Dade, Broward, or Palm Beach can help you determine if a Chapter 7 is right for you. In a Chapter 7 bankruptcy, the debtor turns over all non-exempt property to the bankruptcy trustee who then converts it to cash for distribution to the debtor's creditors. Exempt property is not liquidated, meaning the debtor is allowed to keep it. Our bankruptcy attorneys in Broward, MIami-Dade, and Palm Beach can you determine what property of yours may be exempt. In many cases, individuals who declare bankruptcy do not possess any non-exempt property; that is, the individual declaring bankruptcy has no property that is eligible for forced liquidation.
Not everyone will qualify for a Chapter 7 bankruptcy. Our bankruptcy attorneys are trained to determine whether you qualify for a Chapter 7 bankruptcy. If your income is too high you may not be able to qualify for a Chapter 7. Generally, if your total household income is less than 200% of the Federal poverty guidelines for your state, you will qualify for a Chapter 7. If your income is more than the poverty guidelines, a bankruptcy attorney in Broward, Miami-Dade, or Palm Beach will determine whether you may qualify for a Chapter 7 bankruptcy is by using the means test. The means test looks at the average amount of income you have earned in the last six months, less the IRS allowed living expenses and payments to secured creditors (such as mortgage payments). If you past the means test, you may be able to file a Chapter 7 bankruptcy. If you fail the means test, you will most likely have to file a Chapter 13 bankruptcy. The means test is something best left to a qualified bankruptcy lawyer. If it is not done properly, you may not be able to file a Chapter 7 bankruptcy.
Our bankruptcy lawyers offer free consultations in Miami-Dade (North Miami Beach, Coral Gables), Broward (Fort Lauderdale / Plantation), and Palm Beach (Delray Beach).
Depending on what your goals are, a Chapter 7 bankruptcy may not be for you. A qualified bankruptcy lawyer will help you determine this. If you have assets that are not otherwise exempt/a> you may want to file a Chapter 13. Also, if you are trying to save your home but are behind on mortgage payments, a Chapter 13 would be much better suited for you. Bankruptcy is a powerful tool if used properly. Our bankruptcy attorneys in Broward, Miami-Dade, and Palm Beach can help decide how best to use the bankruptcy to meet your goals, such as saving your house. A chapter 7 is perfect for someone who does not have non-exempt property (meaning property that the bankruptcy court would take) but has debts that they want to eliminate. You could potentially have unlimited debts in a Chapter 7 bankruptcy and be debt free within a few short months.
Chapter 7 bankruptcies are generally quick and easy and will allow you to get a new financial start. For most people, especially those that do not own a home or do not want to keep a home, a Chapter 7 is the way to go if they qualify. However, it is not advisable to file a bankruptcy on your own. Contact a Chapter 7 bankruptcy attorney in Broward, Miami-Dade, or Palm Beach County today to discuss your rights and options. We offer free consultations with our Chapter 7 bankruptcy lawyers in our Fort Lauderdale / Plantation, Delray Beach, North Miami Beach, and Coral Gables. We offer Chapter 7 bankruptcy services in all South Florida and Central Florida cities and counties. /p>