Tamarac Chapter 7 Bankruptcy Attorney
If you are dealing with large amounts of debt, have explored various debt management options and still cannot find a way out, and are unsure of what to do next, Chapter 7 bankruptcy may be the solution. Before you file for bankruptcy, though, consulting with an experienced Tamarac Chapter 7 bankruptcy attorney is advised. At The Law Offices of Barry S. Mittelberg, P.A., our lawyer is here to serve you.
What Is Chapter 7 Bankruptcy?
While there are numerous types of bankruptcy, Chapter 7 and Chapter 13 are the most common types of bankruptcies filed by individuals in Tamarac. For those who meet the Chapter 7 bankruptcy means test and want to discharge their debts, Chapter 7 is the best option. Chapter 7 bankruptcy, also referred to as liquidation bankruptcy, is a chance for an individual to receive a court judgment that releases them from certain debts (this is different from Chapter 13 bankruptcy, where an individual will enter a repayment plan for debts). While some property will be exempt during a Chapter 7 bankruptcy, non-exempt property must be sold and the proceeds must be used to pay creditors. This process is managed by a court-selected bankruptcy trustee.
Qualifying for Chapter 7 Bankruptcy
If you are filing for bankruptcy, Chapter 7 may be your only option. In order to qualify for this type of bankruptcy, a debtor must not have the financial means to file for a Chapter 13/repayment bankruptcy. In order to determine this, the debtor will be subjected to the means test. The means test takes into account a debtor’s income, assets, family size, and expenses. A debtor must have a household income that is below their state’s median income in order to file for Chapter 7 bankruptcy.
How a Tamarac Chapter 7 Bankruptcy Lawyer Can Help
If you are thinking about filing for bankruptcy or aren’t sure what your debt relief options are, working with a Tamarac Chapter 7 bankruptcy lawyer can help. At The Law Offices of Barry S. Mittelberg, P.A., our lawyer can help by:
- Explaining the difference between Chapter 7 and Chapter 13 bankruptcy;
- Helping you to understand the means test and whether or not you qualify for Chapter 7 bankruptcy;
- Explaining exempt vs. non-exempt assets and helping to understand what types of property you may be able to keep;
- Filling out and filing all bankruptcy forms on your behalf;
- Representing you in a bankruptcy hearing;
- Explaining to your obligations and rights throughout the bankruptcy process; and
- Helping you to understand the consequences of filing for bankruptcy, including for how long a bankruptcy filing will remain on your credit report.
Call Our Tamarac Bankruptcy Attorney Today to Learn More
If you are dealing with oppressive debt, you do not have to manage the bankruptcy process alone. At The Law Offices of Barry S. Mittelberg, P.A., our lawyer is here to offer you the support and guidance you need. Please call today for a consultation.