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Chapter 7 Bk

Orlando Chapter 7 Bankruptcy Attorney

Individuals can file for bankruptcy in a federal court under Chapter 7 Bankruptcy Rules. This is also known as liquidation or a straight bankruptcy filing. In a Chapter 7 bankruptcy, the individual is allowed to keep certain exempt property. Any assets unprotected are liquidated in order to pay off the creditors. The specifics of this vary from state to state so you should seriously discuss this with an attorney who is experienced in handling Chapter 7 Bankruptcy Filings and therefore can best represent your interests.

Chapter 7 Bankruptcy Rules and Regulations:
In 2005, the Bankruptcy Abuse Prevention and Consumer Prevention Act went into effect. This legislation was the biggest reform to the bankruptcy laws since 1978. The legislation was enacted after years of lobbying efforts by banks and lending institutions and was intended to prevent abuses of the bankruptcy laws.

Now that the new bankruptcy law has gone into effect, there are clear criteria that dictate who will be allowed to stay in Chapter 7 bankruptcy and who will be forced to use Chapter 13 bankruptcy if they want to file. Under the new rules, the first step in figuring out whether you can file for Chapter 7 is to measure your “current monthly income” against the median income for a family of your size in your state. Your “current monthly income” is your average income over the last six months before you file. If your income is less than or equal to the median, you can file for Chapter 7. If your income is more than the median, however, you must pass “the means test” – another requirement of the new law in order to file for Chapter 7.

What does filing Chapter 7 bankruptcy accomplish?
Filing a Florida Bankruptcy may immediately stop wage garnishments, foreclosure, repossession of your car and collection harassment. It may also eliminate unsecured debt allowing you to finally be able to breathe a sigh of financial relief.

Our Florida Bankruptcy Law Offices are a debt relief agency. We help people file for bankruptcy relief under the US Bankruptcy Code. Bankruptcy is our law firm’s primary business. Experienced Florida Bankruptcy Lawyers providing legal bankruptcy services for the US Bankruptcy Courts in Tampa, Orlando, Fort Myers, Jacksonville and Ocala, Florida.

Contact Us today to discuss you Chapter 7 Bankruptcy matter with an experienced Florida Bankruptcy Lawyer.