Chapter 7 is one type of bankruptcy that can offer debt-burdened individuals the help they need to get back on their feet. The idea of filing for bankruptcy can be daunting; our Fort Lauderdale Chapter 7 bankruptcy lawyers are here to make the process less nerve-wracking. Our team can discuss whether Chapter 7 is an option for you and work for you if you decide to move forward with the process.
At the Law Offices of Anidjar & Levine, our bankruptcy lawyers provide compassionate legal counseling to individuals who are considering bankruptcy. We can help you understand the process and manage your entire case, while handling tasks like filling out paperwork and representing you at hearings.
- Overview of Chapter 7 Bankruptcy
- Eligibility for Chapter 7
- The Filing Process for Chapter 7 Bankruptcy
- Advantages & Disadvantages of Chapter 7
- Our Fort Lauderdale Bankruptcy Lawyers Providing Compassionate Representation
- What Past Clients Have to Say About Working with Us
- Contact Us Today for Your Free Consultation
For a free legal consultation with a chapter 7 bankruptcy lawyer serving Fort Lauderdale, call (800) 747-3733
Overview of Chapter 7 Bankruptcy
Individuals typically file for bankruptcy under either Chapter 7 or Chapter 13 of the bankruptcy code. Chapter 7 is the most common type of bankruptcy case. It is essentially a liquidating bankruptcy, where you turn over some of your property to a trustee, with the exception of certain property that the law allows you to keep (otherwise known as exemptions).
The trustee then liquidates, or sells, the non-exempt property. Once the assets are liquidated, the money is used to pay off creditors.
There is typically not enough money to pay all of a person’s debts, so creditors are paid in order of priority. The law establishes which creditors are paid first. Whatever debt is outstanding after the liquidation is discharged. This means that you emerge from Chapter 7 with no liability for the remaining debt.
Fort Lauderdale Chapter 7 Bankruptcy Lawyer Near Me (800) 747-3733
Eligibility for Chapter 7
To be eligible for Chapter 7, you must pass what is called the “means test.” This test prevents high-income individuals from wiping out all their debts without paying something to their creditors.
You automatically pass the means test if your monthly household income is below the median monthly income for Florida families of the same size as yours. If the income is above the median, then your disposable income is calculated.
If you have enough disposable income to pay some of your credit cards and other unsecured debts, then you are not eligible for Chapter 7 bankruptcy and may need to consider filing under Chapter 13. If you pass the means test, you can file for Chapter 7.
The Filing Process for Chapter 7 Bankruptcy
To initiate a Chapter 7 case, a petition is filed with the federal bankruptcy court in your area. It will include various schedules listing your assets, liabilities, income, expenses, and any exempt property. You may be able to reaffirm certain secured debt, such as a car, which means you agree to remain liable for that debt after the bankruptcy proceeding is complete.
A trustee will oversee the liquidation and payment process and schedule a creditors’ meeting. The creditors and trustee will ask you questions regarding your finances and property, and you will answer their questions under oath.
If the trustee determines that you have non-exempt property, you may have to turn it in or provide its cash value. The trustee may abandon the property, however, if it is too difficult to sell or has little value.
How Long does the Chapter 7 Bankruptcy Process Take?
The entire Chapter 7 bankruptcy process is completed within three to six months after the petition is filed. Your debts are discharged, except for the debts that survive bankruptcy as a matter of law, such as student loans and child support.
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Advantages & Disadvantages of Chapter 7
There are many benefits to filing for Chapter 7 bankruptcy, including:
- No obligation to pay any remaining debt, except for reaffirmed and non-dischargeable debts
- Shorter process, usually a few months, whereas Chapter 13 can take years
- Automatic stay on collection actions, lawsuits, and wage garnishment
However, Chapter 7 does Have its Disadvantages, Including:
- Loss of non-exempt assets and any assets not fully covered by Florida’s exemptions
- A defense against foreclosures that is only temporary
- A wait of at least eight years between Chapter 7 filings
Our lawyers can discuss whether Chapter 7 is an appropriate avenue for you, given your particular situation and goals.
Our Fort Lauderdale Bankruptcy Lawyers Providing Compassionate Representation
Bankruptcy protection may provide the relief some individuals need to alleviate their financial hardships. You do not have to endure the process alone. The bankruptcy attorneys at the Law Offices Anidjar & Levine are committed to providing effective and personalized legal solutions in bankruptcy matters.
We can guide you through the filing process and provide the support you need to move forward with a bankruptcy proceeding. We will make sure you never miss a bankruptcy deadline as that can cause delays in the process or dismissal of your case. You can expect your attorney to be knowledgeable of local rules and filing procedures.
What Past Clients Have to Say About Working with Us
Previous clients of ours have been kind enough to share their thoughts on their experience with our legal team:
“I was very pleased with the service I received from the law firm of Anidjar and Levine. I was glad I picked this law firm to represent me. Shire was very attentive and worked hard to make sure all of my concerns were sufficiently addressed…” – Viviana J.
“What unbelievable professionalism. If you have to hire an attorney to represent you during a difficult time, there is no other choice than Anidjar and Levine. Everyone I dealt with was great. Special thanks to Jonathan Holtz.” – Charles L.
“I must say, I wasn’t a believer until I met with these guys! I lost hope but Shire Patel, Esq. helped me with my case and made sure everything was a total success! If you need any legal advice, please ask for Shire Patel. He is kind and very professional…” – Nathacha P.
Contact Us Today for Your Free Consultation
If you are filing for bankruptcy and want assistance, don’t hesitate to reach out to us. We can review your situation and determine the best course of action for you. We offer responsive legal care and go the extra mile for our clients. You will have your attorney’s phone number, so you will receive frequent case updates and get all your questions answered.
We work with individuals and families throughout South Florida, including Miami-Dade and Broward Counties. There is no time to waste; let’s get your feet back on the ground. Contact us by calling (954) 525-0050. A caring team member is standing by to listen to the facts of your case and get your case moving in the right direction.