Filing bankruptcy in any situation can be difficult. Even though bankruptcy can help to relieve most of the debt that you may have accrued over the years, that doesn’t mean it’s without its consequences. Before deciding whether or not bankruptcy, specifically Chapter 7 bankruptcy, is the right option for you, you should discuss your options with an accredited bankruptcy attorney in Fort Myers. Contact us today, to set up a free consultation with a bankruptcy attorney at Miller, Hollander & Jeda. We will help you make the right decision in order for you to gain financial wellness, even if that means choosing an alternate route other than bankruptcy to find debt relief.
With this in mind, below you’ll find basic information about Chapter 7 bankruptcy in Florida for individuals as well as, both the advantages and disadvantages of filing Chapter 7 bankruptcy.
Chapter 7 bankruptcy is one of the most common forms of bankruptcy across the United States. When you file Chapter 7 bankruptcy or liquidation bankruptcy for individuals, you are given the chance to wipe the slate clean and become debt free by discharging your debts. The main advantage of this form of bankruptcy is that once the process is over you are free from future obligations to your discharged debts. Unlike Chapter 13 bankruptcy, in Chapter 7 bankruptcy the debtor is not obligated to pay back debts. Instead, the debtor may be expected to sell their property and/or assets in order to “pay off” debt that is owed.
Any business, corporation or individual is eligible to apply for Chapter 7 bankruptcy. However, being able to file Chapter 7 bankruptcy in Florida means you must qualify by your income and/or pass the means test. Even if your income is too high to meet the eligibility requirements of Florida, contact a Fort Myers bankruptcy attorney before deciding Chapter 7 is out of the question. You may still be eligible if you’re able to pass the means test. The means test records your income, expenses, financial records, in addition to your secured and unsecured debt. If you do not qualify, one of our attorneys may direct you to file another type of bankruptcy (Chapter 11 or Chapter 13) or discuss alternative debt relief strategies.
Generally speaking, the entire process of filing for Chapter 7 bankruptcy in Florida will take anywhere from three to six months.
In some cases filing bankruptcy isn’t always the best option. An example of when bankruptcy is not a good option for you is if most or all of your debt is in the form of student loans. As mentioned above some types of debt cannot be erased. If student loans or tax obligations are the largest forms of your debt you may want to look into other avenues of debt relief. Some other disadvantages that stem from filing Chapter 7 bankruptcy in Florida include:
If you are facing financial instability and are not sure where to turn, your best chance for choosing the best debt relief option for your situation is to speak with a Fort Myers bankruptcy attorney as soon as you are able. The quicker you can start designing a plan to get you on the road to financial wellness the better. Contact Miller, Hollander & Jeda today to schedule a free, no-obligation consultation.