Filing Chapter 7 Bankruptcy in Hernando County
Misinformation: I will lose all of my property if I file Chapter 7 bankruptcy.
The truth: Certain property is "exempt," meaning that you get to keep it when you file bankruptcy. Exempt property includes all equity in your home, pension plan and 401(k) accounts, up $1,000 of equity in your car, and up to $1,000 in personal property. Any person residing in the U.S. or who owns real estate in the U.S., and who files the required tax returns for the past four years is eligible to file for bankruptcy.
Chapter 7 bankruptcy is the most common filing. From start to finish, a Chapter 7 bankruptcy usually takes about 90 days in Florida.
At The Day Law Office in Spring Hill, Florida, our bankruptcy attorneys offer a free initial consultation to discuss your financial situation and determine if you are eligible to file Chapter 7 bankruptcy and whether it is the best solution to your debt problems. Contact our Hernando County Chapter 7 bankruptcy lawyers.
What Types of Debt Are Discharged by Filing Chapter 7 Bankruptcy?
Credit card bills, hospital bills, certain tax debts and other types of unsecured debt are completely discharged by filing Chapter 7 bankruptcy. Unsecured debt is debt that isn't secured by property such as your home or a car.
Student loans, past due child support, mortgage arrearages and past-due car payments can't be discharged by filing Chapter 7 bankruptcy. You may be able to put secured debts in a Chapter 13 payment plan.
A Shield of Protection for Debtors
Filing bankruptcy provides a shield against adverse creditor actions such as harassment and garnishments. Filing Chapter 7 bankruptcy will temporarily stop a home foreclosure or car repossession. However, you will need to become current on your payments or file Chapter 13 bankruptcy if you want to keep these assets.
Learn more about the effect of filing bankruptcy on your credit.
Free Florida Debt Lawyers Consultation
To schedule a free initial consultation about Chapter 7 bankruptcy, call us toll free at 888-326-9553 or contact our Florida debt attorneys online. Our law office is located in Spring Hill, Florida, in the center of Hernando County.
"We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code."
