Frequently Asked Questions About Chapter 7 Bankruptcy
Do you have questions about the Chapter 7 bankruptcy process? At the Law Offices of K. Hunter Goff, P.A., I can provide you with the answers you need. I have more than 20 years of experience handling bankruptcy law matters for people in Orlando and throughout central Florida. On this page, I will answer some of the most frequently asked questions about the Chapter 7 bankruptcy process.
What is Chapter 7 bankruptcy?
Chapter 7 bankruptcy is a process by which you can wipe out unsecured debt while stopping creditors from taking collection actions against you. In a Chapter 7 bankruptcy, your qualifying assets are sold to pay off your creditors. The remaining unsecured debt, such as credit card and medical debt, is then discharged.
Will I lose all my property if I file for Chapter 7?
You are allowed to keep many of your personal assets in a Chapter 7 bankruptcy. Bankruptcy exemptions typically allow people to keep a modest home and car, trade tools and most of their personal possessions.
Who Can File for Chapter 7 bankruptcy?
Only people whose income and assets fall below a certain level may file under Chapter 7. Before filing, you must take a means test, which takes into account your income, assets, total debts and other factors. If you do not qualify for Chapter 7, Chapter 13 bankruptcy may be a more attractive option for you.
How long does the Chapter 7 process take?
Generally, a Chapter 7 bankruptcy takes about four to six months from the moment you file until the court discharges your remaining debts. Complicating factors may lengthen that time.
Get The Experienced Legal Guidance You Need
For answers to questions about your specific debt relief goals, speak with a knowledgeable bankruptcy lawyer. I am available to help. To reach my law office, call me at 352-577-7689 or reach me online by filling out a brief contact form.