Chapter 7 Bankruptcy Attorney in Winter Park

Filing for bankruptcy can offer you comprehensive debt relief. Before you do so, it is essential to find skilled and experienced legal support. At Debt Assistance Law Firm, we offer expert consultancy services provided by an experienced Chapter 7 bankruptcy attorney in Winter Park. With thorough legal guidance, you will gain a comprehensive understanding of your options and learn how to move forward effectively.

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 Winter Park 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.

Types of Debts Discharged in Chapter 7 Bankruptcy 

Chapter 7 bankruptcy only discharges certain unsecured debts. Once the eligible unsecured debts are discharged, all creditors are legally prohibited from approaching the debtor. The debtor will no longer be responsible for paying any debts that are discharged under Chapter 7 of the Bankruptcy Code. The following are types of unsecured debts that can be discharged:

• Credit Card Bills
• Medical Bills
• Personal Loans
• Utility Bills
• Default Salary
• Certain Taxes

Types of Debts that Cannot be Discharged in Chapter 7 Bankruptcy

The following types of unsecured debts cannot be discharged through Chapter 7 bankruptcy:

• Child Support
• Alimony Support
• Government Student Loans
• Recent Taxes
• Court-Ordered Fines
• Victim Restitution

Expert guidance from a Chapter 7 bankruptcy practitioner in Winter Park will help you with the proper determination of the eligible unsecured debts. Legal assistance simultaneously reduces unnecessary documentation and confusion related to the eligibility of unsecured debt.

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.

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.

Other Disqualification Criteria in Chapter 7 Bankruptcy

You might be disqualified from filing Chapter 7 bankruptcy if you have experienced the following situations:

• Previously filed and received a bankruptcy discharge.
• The Court dismissed a bankruptcy within the previous 180 days.
• Corporations and Limited Liability Companies (LLCs) don’t qualify.
• Businesses, such as railroads, Insurance Companies, and Banks, cannot file.
• Stock brokers and Community Traders cannot file.

How Can Chapter 7 Bankruptcy Help

Filing for Chapter 7 bankruptcy in Florida can provide you with a discharge of certain unsecured debts and avoid harassment from creditors. Here’s how Chapter 7 bankruptcy can help:

Discharge Credit Card and Personal Loan Debt

Generally, credit card and personal loan debt involve high interest rates and harassment from creditors. With Chapter 7 bankruptcy, you can discharge default credit card bills and personal loans easily. Once the automatic stay stage is established under Chapter 7 bankruptcy, all creditors are legally prohibited from approaching or demanding payment from debtors.

Discharge Medical Bills

Filing for Chapter 7 bankruptcy can help to discharge default medical bills. This will relieve significant financial stress and allow indiviuals to recover.

Prevent Foreclosure

Consulting an experienced Chapter 7 bankruptcy attorney in Winter Park can prevent foreclosure actions. This allows personal defaults to avoid the possibility of losing their home and renegotiate unfavourable mortgage claims.

Stop Wage Garnishments

Chapter 7 bankruptcy can help debtors to remove any wage garnishments and enable them to preserve their hard-earned money.

Process of Filing for Chapter 7 Bankruptcy

Legal complications can pose significant barriers to filing for Chapter 7 Bankruptcy. With expert Chapter 7 bankruptcy legal services, we can streamline the filing process as follows:

Credit Counseling

The Credit Counselling process is necessary to help you understand your financial situation, explore alternatives to bankruptcy, and develop a budget plan.

Filing Bankruptcy Petition

Filing a bankruptcy petition is a formal application to the Bankruptcy Court. Our legal experts will help you accurately file Chapter 7 bankruptcy forms. 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.

Meeting with Creditors 

A bankruptcy trustee is appointed by the Bankruptcy Court to oversee the bankruptcy process. Our experienced Chapter 7 bankruptcy attorneys will help you prepare for the creditors’ meeting.

Debt Discharge and Case Closure 

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

Get a Fresh Start with the Help of Chapter 7 Bankruptcy Attorneys in Winter Park, FL

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. Get a Free Consultation from an experienced Chapter 7 bankruptcy attorney in Winter Park today and restore your financial health.