The old stigma of shame that used to encompass filing for bankruptcy is no longer a problem in today’s society. Bankruptcy is finally something positive for people and lets them start over again without all the debt they were unable to pay. Chapter 7 is a common form of bankruptcy used for individuals.
Chapter 7 is also called a liquidation bankruptcy. This is because Chapter 7 allows a person to become debt-free, but allow them to keep their home and vehicles in most cases. Bankruptcy Attorneys in Fort Lauderdale can help you determine if you are eligible for this type of bankruptcy. The following will cover the basics of Chapter 7 bankruptcy.
How long does it take?
Most cases of Chapter 7 are completed within three to four months after filing. It’s a very quick way to discharge bad debts and start over again. The goal is to not get into the same bad debt situation after your debts are discharged.
How much does it cost?
Your Bankruptcy Attorneys in Fort Lauderdale will be able to give you an estimate on how much your Chapter 7 will cost. It is a lot less expensive than other forms of bankruptcy and definitely less expensive than trying to pay your bad debt. You may lose some of your assets depending on the type of debt you owe.
How does it work?
Bankruptcy Attorneys in Fort Lauderdale help you file your paperwork and then a meeting is setup between you and your creditors from the list you provided. You will answer a few questions asked by your trustee regarding the data you provided in your paperwork to validate its correctness.
Depending on whether the creditors show up or any concerns they have, the meeting may last a short time and the process can be done in one day. Sometimes it takes several days to conclude the meeting. When your Chapter 7 is completed, your debt will be discharged. You will be free from your unsecured debts like medical bills, business debts, personal loans, and credit cards.
Things that may be exempt from being taken from you include your home, vehicles, appliances, tools, and furniture. Another benefit of Chapter 7 is that you will no longer receive creditor or collection phone calls or correspondence. Bankruptcy Attorneys in Fort Lauderdale can save you the hassle and time of trying to do this on your own. Click here!
