Chapter 7 Bankruptcy
Chapter 7 bankruptcy is frequently referred to as “asset liquidation” bankruptcy. The information on this page explains how Chapter 7 bankruptcy works and will help you determine if it is an option you should consider pursuing.
Chapter 7 bankruptcy is generally the best option for the individuals or families who make less than the average income in Florida and own few assets. Chapter 7 bankruptcy provides clients who are unable to repay debts some substantial benefits including:
- Stopping wage garnishments
- Halting the home foreclosure process
- Wiping away unsecured debt such as medical bills, late rent payments, and credit card debt.
Once you hire a bankruptcy attorney, your creditors are prohibited from contacting you regarding the collection of a debt. Once the bankrupt petition is filed, this protection extends to car repossession and home foreclosure as well as harassing phone calls, letters, or any other method of bill collection. Provided payments are made on time, Florida also has specific exemptions that prohibit creditors from seizing certain types of property during the Chapter 7 process.
One important consideration to keep is that Chapter 7 bankruptcy does not forgive debt such as child support or alimony.
When you are ready to learn more about Chapter 7 bankruptcy and would like to speak with an experienced Tampa bankruptcy attorney, please contact Jodat Law Group, P.A. for a free initial consultation at (813) 225-7200. We’ll be happy to answer your questions and help you better understand your options for financial recovery.