A chapter 7 bankruptcy, is a form of personal bankruptcy which involves the liquidation of as much of the debtor’s assets and property (unsecured debt), which does not fall under the bankruptcy exemption guidelines. In short, the purpose of a chapter 7 bankruptcy is to wipe out your debts, allowing you to get a “Fresh Financial Start”.

In a chapter 7 bankruptcy a trustee will be appointed by the court to liquidate (sell) all assets which do not fall under the bankruptcy exemption guidelines. The net proceeds collected in the liquidation of the non-exempt assets are then distributed to your creditors.

Debts which cannot be included for discharge in a Chapter 7 bankruptcy may include, but not limited to:

Alimony spousal support;
Child support;
Fraudulent debts;
Certain taxes;
Student loans;
And certain items which have been charged.

As a law firm providing chapter 7 bankruptcy legal services, we are prepared to represent you in even the most difficult of legal challenges you may be facing. Our law firm knows how to apply the law to your specific legal needs and goals. When you are involved in, or contemplating filing for chapter 7 bankruptcy… we are here to help you. Call 407.344.3400 to schedule a confidential consultation to discuss your bankruptcy options.

The embarrassment of declaring bankruptcy has disappeared in this economy. Whether you used to be independently wealthy and have bad investments, or debts resulting from gambling addiction, a marriage gone bad, or medical bills, the court remains completely neutral and everyone is treated with courtesy and respect. You will find that you will be treated with the same dignity at Brown Law, P.L.

Typically an individual who files for a Chapter 7 bankruptcy has large credit card debt which may include multiple credit cards, or various unsecured debt which may be delinquent.

In many Chapter 7 bankruptcy situations you may be able to keep specific secured debts such as your car, furniture, or home, as long as you reaffirm your commitment to continue paying these debts. In order to keep these items you must voluntarily sign a “reaffirmation agreement”, which stipulates that you cannot file bankruptcy to discharge the debt of these items for 6 years.

The purpose of the “Reaffirmation Agreement” is to protect “reaffirmed” debtors, as well as ensuring an individual does not try to abuse the bankruptcy process.

Once you have filed for chapter 7 bankruptcy, any pending lawsuits against you by creditors will be halted. This also stops the harassing and threatening phone calls from creditors and collection agencies. After you have filed for a bankruptcy, creditors and collection agencies can no longer attempt to contact you. If they do, they may face potential fines and/or penalties themselves.