Chapter 7 bankruptcy is the most
commonly filed bankruptcy and is usually referred to as a liquidation
bankruptcy. Although commonly filed, an individual seeking to file a
chapter 7 bankruptcy must qualify through the use of the means test.
If your income meets or falls below the guideline amounts provided in
the means test you may qualify for a chapter 7 Bankruptcy. Although
the latter is generally the case there are instances where
individuals can still file chapter 7 even though they may exceed the
allowed income level to file chapter 7. Orlando Bankruptcy attorneys
Michael Ferrin and Victoria Anderson have extensive experience in
this area that they will put to work for you to obtain the best
outcome for you, your family, or your business.
WHAT CAN FILING CHAPTER 7 DO FOR ME?
There are many reasons why an
individual would want or need to file a chapter 7 bankruptcy. For
some individuals unexpected expenses and emergencies can throw their
financial worlds upside down. For others, financial issues have been
slowly eating away at them and they get to a point where they can no
longer keep things a float.
Filing chapter 7 provides
individuals the ability to be forgiven of their liabilities or
Discharged of their debts. Some examples of the debts that can be
discharged are credit cards bills, foreclosures, repossessions, civil
judgments, payday loans, personal loans, hospital or medical bills,
and sometimes even taxes. Orlando debt relief attorneys Michael
Ferrin and Victoria Anderson have help numerous individuals free
themselves from debt. Let our family at Anderson and Ferrin Attorneys
at Law, P.A. in Orlando Florida help your family. Our bankruptcy firm
is located in Downtown Orlando Florida and we serve all surrounding
counties and Central Florida including but not limited to Orange
County, Osceola County, Seminole County, Lake County, Brevard County,
and Volusia County.
Contact our offices located in
Downtown Orlando Florida today to schedule a fee consultation to
review your options and determine whether bankruptcy is the right
choice for you.
For some individuals a chapter 7
bankruptcy isn’t the right fit either because they do not qualify
because of their income or there are other bankruptcy options that
would be better suited to a client’s particular needs. For these
individuals there are still avenues available to assist them with the
financial issues they face such as filing chapter 13 bankruptcy or in
some limited circumstances filing a chapter 11 bankruptcy.
IF I FILE BANKRUPTCY WILL I LOSE
EVERTHING I HAVE?
In short the answer is NO. Most
individuals get to keep the majority of their assets in bankruptcy
while still discharging their debts. Generally, each individual
filing bankruptcy is exempt (or protected) $1,000 in personal
property and $1,000 in vehicles. If you are not going to be keeping
any real estate, and you meet the requirements to claim the Florida
exemptions, your personal property exemption increases to $4,000 per
person filing. There many other exemptions that can be applied to
various things and it is imperative that you hire and experienced and
skilled attorney that is familiar with the intricacies of the
bankruptcy code to obtain the best result for you.
WHAT TO EXPECT WHEN
FILING…..THE TIMELINE
A great bankruptcy attorney is one
that can make your case predictable and advise you as to what is
going to happen before it happens. Of course there are those few
special and complicated cases where predicting what will happen in
the case can be more difficult, but rest assured that Michael Ferrin
and Victoria Anderson will guide you through what is often times some
of the most difficult moments in someone’s life. The attorneys at
Anderson & Ferrin have seen it all so they know what to expect.
While working in the area of bankruptcy since the first day they
began practicing law they have worked on cases with liabilities in
access of $40 million to cases with less than $15,000. Below is a
brief description of what to expect when filing your chapter 7
bankruptcy.
GETTING STARTED
You will first begin by meeting with
Michael or Victoria for your free consultation and reviewing your
financial position and your goals. We will run means test
calculations to determine whether you qualify for a chapter 7 or if
another option is best suited for you.
PREPARING THE BANKRUTPCY PETITION
Once you decide to hire the firm we
will provide you with a detailed list of information that we will
need to prepare the multiple page bankruptcy petition that will be
filed with the court. We will guide you through the process and once
we have the information that we need we will begin to prepare your
chapter 7 petition. Once your petition is completed you will be
invited to sit down with the attorneys for a final review of your
petition before you sign the final draft and it is filed with the
court.
CREDIT COUNSELING AND DEBTOR
EDUCATION COURSES
1) CREDIT COUNSELING COURSE
Before filing your chapter 7
bankruptcy you are required to take a credit counseling course. This
course must be taken within the 180 days prior to filing. If you fail
to take this course your case will be dismissed. At Anderson &
Ferrin we provide you the information that you need to find a court
approved course provider and have the course completed prior to
filing. For anyone that has difficulty getting to a live class
because of scheduling issues or medical issues many credit counseling
agencies offer online courses that can be completed in as little as
an hour.
2) DEBTOR EDUCATION COURSE
After your case is filed your must
take another course called a Debtor Education Course. The Debtor
Education Course must be completed within the 60 days after the 341 meeting of creditors following the
filing of your case. If you fail to take this course the court will
not grant you a discharge of your debts even though you may have
completed everything else required by the bankruptcy code.
THE CHAPTER 7 BANKRUPTCY FILING
Once your chapter 7 petition is
completed and your have review and signed the petition it will be
electronically filed with the court. Once filed the Automatic Stay
will kick in and allow you protection from your creditors. The
Automatic Stay will delay foreclosures, foreclosure sale dates,
repossessions, and stop creditors from calling you and harassing you
at work and all hours of the day and night.
APPROXIMATELY 45 DAYS AFTER THE
BANKRUPTCY FILING
You will be required to attend the
341 Meeting of Creditors. This is a hearing where creditors are
afforded the opportunity to briefly ask you questions about your
finances but mostly it is for the chapter 7 trustee assigned to your
case to review your petition for accuracy. More often than not these
hearings only last a few minutes and creditors often times do not
attend. For the most part it will be you, your attorney, the trustee,
and everyone else that is present waiting for their turn in front of
the trustee.
AFTER THE 341 MEETING OF CREDITORS
Once the chapter 7 bankruptcy 341
meeting of creditors has been concluded you should receive your
discharge within a few months. On average, from start to finish,
chapter 7 bankruptcy cases only last 4-6 months. Once the case is
complete you will receive a discharge of your debts and your case
will be closed.
WHAT ABOUT MY CREDIT? HOW DOES
FILING CHAPTER 7 AFFECT MY CREDIT?
You will begin to recuperate your
credit shortly after your case is closed and most individuals report
having credit scores in the area of 650 plus or so within 1 ½ to 2
years after filing. For most individuals you can purchase a vehicle
with a reasonable interest rate or take out credit cards again to
help build your credit within this time period. Remember, a
bankruptcy filing basically refreshes your credit. You will need to
build your credit history back up in order to increase your credit
score. Generally, staying current on your car loans, rent, or
mortgage will help greatly improve your credit quickly. You may also
want to take out 2 to 3 credit cards but remember to pay them off
every month so that you don’t incur interest and negatively affect
your credit.
CONTACT OUR ORLANDO DEBT RELIEF
LAWYERS FOR A FREE CONSULTATION
ORANGE COUNTY FLORIDA CHAPTER 13
BANKRUPTCY ATTORNEYS
Individuals can often find themselves in positions where debts far exceed their income. This problem can occur regardless of how much money one has or how much one prepares for the worst. Individuals looking to file chapter 7 often have been faced with a loss in employment, a loved one passing away, losses on investments or businesses, or divorce. Chapter 7 bankruptcy can assist you by putting your debts behind you and create a fresh start for you and your family. Chapter 7 can assist you with discharge of most debts including but not limited to:
