Chapter 7 Bankruptcy Lawyer – Tampa, FL – How to File

Peter Zooberg is a bankruptcy attorney in Tampa, Florida (813) 990-7944.

This video discusses the process for filing Chapter 7 in Florida and a few interesting points that each potential client should be made aware of.

How to File Chapter 7 in Florida

In a Chapter 7 bankruptcy we will list all of your debts and all of your assets, and certain other facts about your recent financial history. This paperwork will be filed with the bankruptcy court. Approximately one month later we will attend a hearing with the Bankruptcy Trustee’s office.

About 2 months after the hearing at the Trustee’s office, you will receive a copy of discharge from the Bankruptcy court. This letter states that your debts have been discharged and is really just a fresh start for you financially.

Certain Debts Are Non-Dischargeable in Ch 7

Some debts will not get wiped out when we file the case.

Examples of Non-Discharegeable Debt: Federal & State Taxes, Student Loan Debt, Child Support Payments.

Clients Who Are Not Good Candidates for Chapter 7

Certain clients make too much money to file under Chapter 7 and may need to file under Chapter 13.

Ch 7 Attorney in Tampa, Florida

After the last financial downturn, many in Florida felt the economic crunch. Many workers lost their jobs. Home values plummeted and equity in property plunged. This has caused many people in the Tampa area to consider filing for Chapter 7 bankruptcy.

Chapter 7 is sometimes known as liquidation bankruptcy, and it can be used to liquidate your nonexempt assets to pay debts.

Many people who file Chapter 7 bankruptcy in Florida have a large amount of debts on credit cards, and possibly medical bills. Florida law allows you to keep some assets, per the state and federal property exemption statutes. Some of these exempt assets may include:

  • Home
  • Car
  • Clothing and some personal possessions

If there is any nonexempt property that may be sold or auctioned to pay creditors, it can be liquidated by the bankruptcy trustee.

While many people are upset at losing some of their nonexempt assets, this does not always occur. And remember that if you do have to give up some assets, you are able to wipe out most of your debts, which is a huge benefit.

It can be a very tough call on whether to file Chapter 7 bankruptcy or not. Sometimes it is the best financial option to simply cancel out most of your outstanding debts and to start fresh. To determine if this is the best financial move, please contact our experienced Tampa, Florida bankruptcy attorney for a no-obligation consultation.

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