Orlando Bankruptcy Attorney
Chapter 7 Bankruptcy
Searching for an attorney for your
bankruptcy case? At Richard A. Heller, P.A., our legal team has nearly 75 years of
combined experience. We take our jobs seriously and are committed to delivering
outstanding results and ensuring that our clients are satisfied with their
experience with us. As a result of our focus on client satisfaction, we
are accredited by the
Better Business Bureau (BBB) with an A + Rating, and attorney Richard A. Heller is BV® Distinguished™
Rated by Martindale-Hubbell®, for our ethical standards and legal ability.
Do you want to become debt-free? If you are currently struggling with crushing
debt, you are not alone. All across the country millions of Americans
are in financial distress. Whether your financial problems were caused
by an unexpected job loss, a
divorce, an accident or an illness, or simply tough economic times, we want you
to know that there is help and relief available.
Chapter 7 Basics
Chapter 7 is known as the "liquidation bankruptcy" because debtors
liquidate their non-exempt assets in order to pay off creditors. However,
due to the bankruptcy exemptions, many Chapter 7 cases are no-asset cases
and the debtor doesn't have to liquidate anything.
In order to qualify for a Chapter 7, you must first pass the "bankruptcy
means test," which will compare your income and household size to
the median income of the state. If your income is too high and you don't
qualify under a Chapter 7, you will need to consider filing a
Chapter 13 instead.
A Chapter 7 discharges or "wipes out" certain unsecured debts.
Once these debts have been discharged in bankruptcy, the creditors are
legally prohibited from contacting you and pursuing any type of debt collection
activity. You will no longer be responsible for paying any debts that
are discharged in your Chapter 7. The types of debts that can be discharged
in a Chapter 7 include: credit card debt, personal loans, certain taxes,
medical debt, and utility bills etc.
What types of debt cannot be discharged in a bankruptcy?
While many unsecured debts can be included in a Chapter 7, the following
types of debt cannot be included in a Chapter 7:
- Government Student Loans
- Child Support
- Alimony/Spousal Support
- Recent Taxes
- Court Ordered Fines
- Victim Restitution
Is Chapter 7 bankruptcy right for you?
If you are considering filing for bankruptcy, your monthly income and the
types of debts you carry will determine which Chapter is right for you.
If you're worried about how bankruptcy will affect your credit, the
good news is that we can explain how to start rebuilding your credit right
away. Believe it or not, with discipline and applying a few credit rebuilding
strategies, you can significantly improve your credit score long before
the bankruptcy falls off your credit!
To learn more about your bankruptcy options,
contact our office to arrange a free consultation with an Orlando bankruptcy attorney!