Chapter 7 Bankruptcy
When individuals think of filing for bankruptcy protection, they are usually thinking about filing under Chapter 7 of the Bankruptcy Code. At the Tampa Bay law firm, the Law Offices of Robert M. Geller, P.A., we help people file for Chapter 7 bankruptcy. Despite what you may have been told or what you have heard, Chapter 7 is an available option for many individuals. Since, the bankruptcy laws were amended in October 2005, our firm has filed many Chapter 7 cases. In most cases, they were not required to pay anything back to their creditors.
Our law firm has been providing bankruptcy services since 1991. Our lawyers use experience and knowledge to seek the best possible outcome for clients. We help determine if you are qualified for Chapter 7 by completing the required means test and other paperwork. Once we have filed the documents with the bankruptcy court, all creditor harassment, garnishments, foreclosure actions and lawsuits must stop. Our attorneys assist our clients in utilizing all available exemptions under the Bankruptcy Code so that they can keep as many of their assets as allowed.
How Chapter 7 Works
Chapter 7 may get rid of most, if not all, of your debt without repayment. In a Chapter 7 bankruptcy, a Petition is filed with the court. Approximately 30 days later, the client has a meeting with the trustee known as a 341 hearing. An attorney from our firm goes with you to the meeting. Before you have this meeting, members of our firm will make you familiar with what occurs and what questions you are asked. Approximately 120 days after the petition is filed the client receives a discharge. A discharge is a court order that prohibits the creditors from ever collecting the debt and, it releases the client from the financial obligation of the debt. In Chapter 7, you may be able to keep all of your assets, your home, and your vehicle.
What Can I Keep under Chapter 7 Bankruptcy?
Under Chapter 7, what an individual can keep may depend on a number of different factors. Members of our firm assist you in determining the assets that are protected from liquidation by the Chapter 7 trustee. Generally, individuals who do not have a homestead are permitted to keep up to $5,000.00 in personal property. Individuals who own a home may be more limited. However, because exemptions laws are based on how long you have lived in the State of Florida and other factors, it is important that our attorneys assist you with determining what assets you may keep.
Benefits of Chapter 7
In addition to stopping creditor harassment, other benefits of a Chapter 7 filing include the speed at which everything can be accomplished and the opportunities it can afford to rebuild your credit faster than would be possible if you did not file. A Chapter 7 bankruptcy may immediately stop a wage garnishment, bank garnishments, or driver’s license suspension.
Contact a Bankruptcy Lawyer
To learn more about Chapter 7 bankruptcy and whether it is the right path for you, contact our Tampa, Florida, law firm. Call us at 813-254-5696 to schedule a free initial consultation. Attorney Robert M. Geller is a certified specialist in Consumer Bankruptcy Law by the American Board of Certification *.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
* Accredited by The Florida Bar to certify lawyers in the specialty area(s) of consumer bankruptcy law.