Chapter 7 Bankruptcy Attorney in Orlando

An experienced Chapter 7 bankruptcy attorney in Orlando at Debt Assistance Law Firm can help you with your situation. Our extensive services in Orlando have been effective in successfully handling bankruptcy cases and providing assistance in resolving different types of debts. 

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 Orlando is essential for navigating the complex legal process smoothly. At DALF, we strive to comprehend the distinct needs of your case and the unique challenges it poses. We combine experience, empathy, and expert evaluation to offer Chapter 7 bankruptcy solutions. 

Eligibility to File For Chapter 7 Bankruptcy

Not all individuals burdened with debt are eligible for Chapter 7 bankruptcy. A Bankruptcy Means Test determines eligibility for Chapter 7 bankruptcy.The mean test compares the filer’s current income with the median income of the State for a household of the filer’s size. 

If your income falls below the median, then you typically qualify for Chapter 7 bankruptcy. If your income exceeds the median, further analysis of your expenses and disposable income will be conducted to determine other eligibility criteria. 

In some instances, if you have significant disposable income, you might be eligible under Chapter 13 bankruptcy. Consulting with legal practitioners can help you determine the Chapter 7 bankruptcy income requirements in Orlando for a proper financial resolution. 

In some instances, indiviuals might fail to pass the Chapter 7 bankruptcy means test. For such cases, clauses of Chapter 13 bankruptcy might be applicable. Our bankruptcy attorneys can provide tailored and effective legal solutions to help you understand the complex legal requirements. 

Impact of Chapter 7 Bankruptcy on Creditworthiness 

Filing for bankruptcy will remain in your credit report for 7 to 10 years. However, it doesn’t impact your ability to obtain credit as long as you can pay your bills on time. The timeline of the Chapter 7 bankruptcy process typically spans several months, and many individuals obtain credit cards shortly after discharge. 

If you have already missed several payments, you might experience a foreclosure, repossession, or have one or more debts in collection. For such cases, your credit score might be in poor shape. In contrast, if your credit score is high and you have minimal marks on your credit report, declaring bankruptcy can have a significant impact on your score. 

Hiring a Chapter 7 Bankruptcy Practitioner in Orlando enhances your chances of maintaining your credit score and repaying defaulted loans through bankruptcy filing. Our legal experts will provide personalized legal services tailored to the specific needs of your case. 

Working Process of Chapter 7 Bankruptcy 

Documentation and hefty paperwork are a crucial component of the Chapter 7 Bankruptcy filing process. Our legal experts will assist you in meeting the eligibility criteria, provide the necessary documents, and facilitate the process of obtaining bankruptcy facilities. 

The steps of handling a bankruptcy process include: 

Credit Counseling

Before filing for bankruptcy, a detailed evaluation of the eligibility criteria is required. Acquire our Chapter 7 Bankruptcy services in Orlando, and we will review your financial situation and, if necessary, consult with a credit counselling agency. 

Credit Counselling is a mandatory course that must be completed before and after filing for bankruptcy. This process is necessary to help you understand your financial situation, explore alternatives to bankruptcy, and develop a budget plan. We will help you find an authentic credit counselling agency and assist with enrollment. 

Filing Bankruptcy Petition

Filing a bankruptcy petition is a formal application to the Bankruptcy Court. The different Chapter 7 bankruptcy forms include various documents, such as tax returns and pay stubs, that are considered. As part of your debt management, we will guide you through each step of the process. 

Your forms and schedules will be thoroughly evaluated and approved by a qualified professional. Based on the approval, your petition will be filed with the appropriate court. 

Meeting with Bankruptcy Trustee 

A bankruptcy trustee is appointed by the Bankruptcy Court to oversee the bankruptcy process. Most of the Chapter 7 Bankruptcy filers have no non-exempt assets and will retain their personal property, including their home and vehicle. 

Meeting with Creditors 

During a meeting with creditors, you may be asked questions about your current financial situation. Our experienced Orlando Chapter 7 bankruptcy lawyer will assist you in preparing for the creditor meeting. Additionally, they will be present at the meeting scene as your representative. 

Debt Discharge and Case Closure 

After completing the post-filing credit course, the court will discharge your debts. During this stage, most of your debts will likely be eliminated. Upon proper debt discharge, your case will be closed, and your creditors can no longer pursue collection efforts. 

Start Working with Orlando Chapter 7 Bankruptcy Lawyers 

Every bankruptcy case is unique, with its own specific needs and requirements. Filing Chapter 7 Bankruptcy in Florida will become easier with expert guidance and post-case disclosure. 

At Debt Assistance Law Firm,  we will review your financial situation and provide a relevant Chapter 7 Bankruptcy solution. We take the time to advise our clients on the necessary steps involved in a Chapter 7 bankruptcy. Our legal experts will help you qualify through a Chapter 7 bankruptcy means test, receive a credit counseling briefing, file a voluntary petition, and attend a creditors’ meeting.