Chapter 7 Bankruptcy Lawyer in Orlando

Helping Clients Gain Financial Independence

Chapter 7 bankruptcies can be filed by both individuals and businesses, and generally last three to six months. Not everyone qualifies for Chapter 7 bankruptcy, however. If you have the disposable income necessary to fund a Chapter 13 bankruptcy plan, you will be required to file under Chapter 13 instead.

Eligibility is determined through what is called the "means test" – in most cases, if your average income is equivalent to or less than the median income for your state, you will qualify under Chapter 7 bankruptcy. At the Law Offices of Jose E. Lopez, P.A., we can help you better understand your situation.

To learn is Chapter 7 is right for you, call (407) 410-3173 or contact our Orlando bankruptcy attorney online.

Chapter 7 Bankruptcy in Orlando

After someone successfully files for Chapter 7 bankruptcy, some of their property will be sold, or liquidated, to pay off some of their debt. In return, all of their dischargeable, unsecured debts will be forgiven. Only property designated as “non-exempt” can be taken and sold off by the trustee. Property considered to be “exempt” under state law, however, cannot be taken. Exempt property can include things like household furnishings, clothes, a family vehicle, and possible even your home.

In the case of money you owe on secured debt – such as a car loan for which the vehicle is pledged as collateral – you have three options. You may choose to allow the lender to repossess the property, you may pledge to continue making payments, or you can pay off the remainder of the loan. Should you choose to continue making payments, you will be asked to sign a “reaffirmation agreement” to which both you and your creditor must agree.

What Can & Cannot Be Discharged

Unfortunately, not all debts can be discharged in a bankruptcy. What can be discharged are unsecured debts such as credit card debt, medical bills, payday loans, and other unsecured loans.

In most cases, the following types of debt cannot be discharged:

• Debts due to unpaid child support
• Unpaid spousal support
• Unpaid taxes
• Criminal penalties
• Restitution
• Student loans

Let our Orlando bankruptcy attorney work with you and help you decide if Chapter 7 is right for you! Call us today at (407) 410-3173 to get more information during your free consultation.