Chapter 7 Bankruptcy

Tampa Bay Chapter 7 Bankruptcy Attorney

Chapter 7 Bankruptcy allows those eligible to discharge all of their debt, subject to the exceptions found in 11 U.S.C. 523, but in the process, a court-appointed Trustee oversees the case and attempts to liquidate any nonexempt assets.  In many cases, a debtor’s assets are fully exempt (i.e., protected from creditors) and there is no distribution to creditors.  In situations where the value of the debtor’s assets exceeds the limits of their exemptions, the debtor has the option to “buy back” their assets from the Trustee.  This means making a payment for the difference between the value of the debtor’s assets and the limits of the debtor’s exemptions. Alternatively, the debtor can choose to surrender and nonexempt assets to the Trustee for liquidation.  

The type of exemptions that apply and their limits can depend on a variety of factors including where the debtor has been living within a few years prior to filing the bankruptcy. Our experienced attorneys will analyze your situation during the initial consultation and then explain which exemptions are available to you.  Some examples of exemptions available to most debtors are: 

• Retirement Accounts 
• Social Security Income 
• Homestead* 
• Motor Vehicle* 
• Personal Property* 
• Life Insurance Policies* 

To qualify for a Chapter 7 Bankruptcy, a debtor must meet certain income requirements on a form that is known as “The Means Test”

We can help you determine if you qualify for a Chapter 7 Bankruptcy, what assets are exempt, what debts can be discharged and the next steps to relieve your financial difficulties.  Our attorneys have many years of experience assisting clients in Florida Bankruptcy.  Contact us today to schedule a free consultation.