Chapter 7 Bankruptcy Attorney in Orange County

Whether someone is solvent or insolvent, Chapter 7 bankruptcy is an option. At Debt Assistance Law Firm, we gather more profound insights into each bankruptcy case that we can handle. As a renowned Chapter 7 bankruptcy law firm, we are highly skilled in representing individuals facing financial issues and providing personalised solutions for economic recovery.

How Chapter 7 Bankruptcy Will Help

If your income is below a certain level for your family size, you might be eligible for Chapter 7 Bankruptcy. The seventh chapter is often referred to as liquidation bankruptcy. In this case, the court will assign a bankruptcy trustee to oversee and attempt to sell off as much as possible of the debtor’s estate to pay back funds owed to the creditors.

Chapter 7 Bankruptcy helps eliminate unsecured debt, including repossessed items. Hiring an experienced Chapter 7 Bankruptcy Lawyer in Orange County is essential for navigating the complex legal process smoothly. We strive to comprehend the distinct needs of your case and the unique challenges it poses. Combining experience, empathy, and expert evaluation, our lawyers will offer you the best Chapter 7 bankruptcy solutions.

Eligibility Criteria for Chapter 7 Bankruptcy

Like all legal processes, filing for Chapter 7 bankruptcy requires meeting specific eligibility criteria. A key component of this process is the Means Test, which determines whether an individual qualifies to file under Chapter 7 and receive a discharge of eligible debts.

The Means Test begins by comparing the debtor’s average monthly income over the past six months with the median income for a household of the same size in their geographic area. It also assesses the debtor’s disposable income to evaluate whether they can reasonably repay a portion of their unsecured debts. If the debtor has sufficient disposable income, they may be required to file under Chapter 13 instead.

Additionally, the value of any non-exempt assets, which can be used to repay creditors, is taken into account in the eligibility assessment. Working with an experienced Chapter 7 bankruptcy attorney in Orange County can help ensure compliance with income requirements and improve the likelihood of a successful Chapter 7 filing.

What You Can Keep and Lose under Chapter 7 Bankruptcy?

Under the Chapter 7 Bankruptcy process, you can keep all your exempted property. Under this exemption, items such as clothing, household goods, and tools of trade are included. However, you might lose your non-exempt property, which is any property that you have offered as collateral or property that has a lien on it.

Common Non-Exempt Property Includes: 

• Expensive Musical Instruments, provided the debtor is not a professional musician.
• Collection of valuable items
• Family heirlooms
• Cash, stocks, bonds, and other investments
• A second home or a vacation home
• A second car or truck

In some instances, serious confusion can arise between non-exempt and exempt debts. Professional consultation with an experienced Chapter 7 bankruptcy practitioner in Orange County can help with the following common exempt property:

Common Exempt Property Includes: 

• Alimony and Child Support
• Retirement Accounts
• Jewelry up to a particular value
• Pensions
• Tools of the debtor’s trade or profession upto a specific value
• A portion of the equity in the debtor’s home

Eligibility for Filing a Chapter 7 Bankruptcy 

Like all other legal procedures, Chapter 7 bankruptcy involves particular eligibility criteria. The Means Test determines who is eligible to file before receiving a discharge order wiping out qualifying debt.

The first step of the Means Test involves comparing the debtor’s average monthly income over the past six months with the median income of a household of the same size and in the same area. Hiring a competent Chapter 7 bankruptcy attorney can help with the accurate calculation of income.

The disposable income of the debtor is also calculated to determine whether the debtor can afford to repay a significant portion of their unsecured debt. For such cases, Chapter 7 bankruptcy might be replaced with Chapter 13 bankruptcy.

Additionally, the value of non-exempt assets targeted for debt repayment will also be evaluated to determine their eligibility. Hiring an efficient attorney can help debtors meet the various Chapter 7 bankruptcy income requirements.

Process of Filing Chapter 7 Bankruptcy 

As you learn about the benefits of filing for Chapter 7 bankruptcy, it is necessary to know about the process as well. Our lawyers can assist you with the following process:

• Gather the required documents that reflect your financial status and other sources of income.
• Assist in the Credit Counseling Course.
• Guide in completing the Chapter 7 bankruptcy forms alongside local requirements of the Middle District of Florida.
• File Forms with the Bankruptcy Court
• Send the requested documents to your Trustee
• Attend the 341 Meeting with the Creditors
• Complete the Financial Management Course
• Deal with Secured Debt

Contact a Chapter 7 Bankruptcy Attorney in Orange County, Florida 

Navigating through the complicated procedure of Chapter 7 bankruptcy can be daunting. If you are an individual or business in need of bankruptcy representation, an experienced attorney at the Debt Assistance Law Firm can help. We excel in Chapter 7 bankruptcy litigation, handling each case with a personalized approach tailored to its specific requirements.

Get a Free Consultation today from Chapter 7 bankruptcy lawyers in Orange County, Florida. Revitalize your financial situation and restart your personal and professional journey.