BANKRUPTCY – CHAPTER 7
Chapter 7 Bankruptcy can eliminate many types of unsecured debts for both individuals and business. A full analysis of your finances will help determine if you are eligible to eliminate certain debts, and for individuals, retain your exempt assets. Have you fallen behind on your bills and financial obligations? Have your creditors already initiated a lawsuit against you or even obtained a judgment and are seeking to collect through garnishment or other post-judgment proceedings? Chapter 7 may be your solution.
Eligibility & Criteria
Some of the requirements that must be met in order to be eligible for a Chapter 7 discharge for individuals include:
- Completion of a credit counseling course from an approved credit counseling agency within 180 days
- A “means” test to determine if your disposable income is below the Court’s threshold for Florida
- No prior Chapter 7 Bankruptcy filing in the prior 8 years
- No prior Chapter 13 Bankruptcy in the past 6 years
Categories of Debts NOT Discharged in Chapter 7 Bankruptcy
In general, an individual can discharge unsecured debts such as those incurred from medical bills, personal loans, and credit cards. Debts that can’t be discharged include:
- Child Support
- Alimony
- Student Loans
- Some Tax Debts
- HOA Fees
CRL Law Group’s experience with representing creditors and trustees, can provide a unique insight to assist in identifying possible issues that may arise in a Chapter 7 proceeding. Contact us today to determine if this is the best option for you. (786) 332-6787.
Representation of Creditors
As a Creditor, our firm’s services can help protect your rights in a consumer or business bankruptcy, which can include filing proofs of claim, objecting to plans of reorganization, filing motions for relief from the automatic stay, settling priority disputes with other creditors or liquidating collateral. Our firm has extensive experience protecting creditors’ rights in Bankruptcy.