Credit card balances, medical bills, and other unsecured debts can become difficult to manage when income is insufficient to meet monthly obligations. A Fort Lauderdale Chapter 7 bankruptcy lawyer can assess whether filing may discharge qualifying debts and ease that financial pressure.
At Werner, Hoffman, Greig & Garcia, we can review your finances to determine how Chapter 7 may affect your debts and property. Our experienced bankruptcy attorneys can explain the filing requirements and available protections so you can make an informed decision. Your first consultation is free and gives you an opportunity to review your options with us so you can start off on the right foot.
You will need to know your eligibility before any petition reaches the court. If you are considering Chapter 7 bankruptcy in Fort Lauderdale, our legal team can examine household income, allowable expenses, and the nature of the debts. If you have primarily consumer debts, you may need to satisfy the means test under 11 U.S.C. § 707(b).
Once a qualifying debtor files a petition, the automatic stay generally restricts creditors from beginning or continuing many efforts to collect prepetition debts. 11 U.S.C. § 362 establishes the stay and its exceptions. You must provide complete financial disclosures and generally complete the approved credit counseling as part of the bankruptcy process.
Filing Chapter 7 bankruptcy does not automatically mean giving up everything you own. The bankruptcy estate generally includes property interests you hold when the case begins, but applicable exemptions can protect qualifying assets from administration by the trustee.
The good news is: Florida law provides substantial property protections. Article X, Section 4 of the Florida Constitution establishes the homestead exemption, subject to its requirements and applicable federal bankruptcy limitations. The state also provides exemptions that can protect other qualifying property in Chapter 7.
Florida has one of the country’s strongest homestead protections, so many Chapter 7 filers can keep their homes, and qualifying personal belongings may receive separate protection under Florida Statute § 222.25. Before you file Chapter 7 bankruptcy, our Fort Lauderdale attorneys can examine how property ownership and existing liens affect the exemptions available to protect your assets.
After filing, the court appoints a trustee to review the financial information provided in the case. You will also attend a meeting of creditors, where you answer questions under oath about your finances. Questions from the trustee may lead to requests for additional records, which our lawyers in Fort Lauderdale can help address as your Chapter 7 bankruptcy case moves forward.
The trustee uses this information to review your property and certain transactions made before filing. Complete financial disclosures help the process move forward and allow the trustee to determine whether any nonexempt property is available for creditors.
Before the court grants a discharge, you must complete an approved financial management course. Chapter 7 eliminates personal liability for many qualifying debts, although some obligations remain, like domestic support obligations and certain tax debts. Student loans typically require a separate proceeding to qualify for discharge.
Many straightforward Chapter 7 cases reach discharge within several months, although trustee inquiries, contested matters, or other complications can extend the process.
Unsecured credit card debt is often eligible for discharge through Chapter 7, and a Fort Lauderdale attorney from our firm can review the specific circumstances surrounding a debt to determine whether an exception applies.
Choosing to file for bankruptcy requires a careful review of the debts you want to address and the property you hope to protect. Working with a Fort Lauderdale Chapter 7 bankruptcy lawyer can help you evaluate those concerns before deciding whether bankruptcy fits your financial circumstances.
You deserve clear information about what filing for bankruptcy may accomplish and what the process will require from you. Schedule a free initial consultation with Werner, Hoffman, Greig & Garcia to discuss your situation.
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