Chapter 7 Bankruptcy in Jacksonville
Florida Bankruptcy Attorneys
The Quickest Way to Regain Control of Your Financial Situation
For some debtors, Chapter 7 bankruptcy often is the quickest way to regain control of their financial situations. Chapter 7 bankruptcy is most helpful for a person with a lot of unsecured debt:
- Credit cards
- Medical bills
- Previous repossessions
- Past due accounts
- Judgments
- Deficiencies from foreclosures
The decision to file for bankruptcy in Jacksonville, FL is not one that should be taken lightly. King & Dolaghan, P.A. helps debtors decide if Chapter 7 bankruptcy is right for them in Jacksonville, FL. Speak with our Jacksonville Chapter 7 bankruptcy attorneys to learn more about personal bankruptcy in Jacksonville.
Filing for Jacksonville Chapter 7 Bankruptcy
In a Chapter 7 bankruptcy, your assets are liquidated to pay off your creditors and your debts are discharged. Florida law exempts certain assets from liquidation. You may seek a homestead exemption and keep the property on which you live, depending on its size. You also may keep these assets:
- Unemployment, disability, veterans and Social Security benefits
- Alimony
- Retirement plan and life insurance proceeds
- Business partnership property
- Any personal property up to $1,000 in value
- Any professionally prescribed health aids
- Crime victim and workers compensation
The bankruptcy then takes control of any property that is not exempt. The trustee uses the proceeds from the sale of that property to pay for administration expenses and the creditors’ claims.
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 limits individual access to the bankruptcy courts. Among other things, the Act sets forth a means test to determine whether a debtor is eligible to file under Chapter 7.
The Act also requires that a debtor obtain approved credit counseling before filing for bankruptcy and file any overdue tax returns within weeks of filing under Chapter 7.
Contact us for a consultation with our experienced Jacksonville bankruptcy attorneys about your Chapter 7 bankruptcy.
Call our Jacksonville bankruptcy Law Firm at 1-904-387-9886 for more information on Chapter 7, Chapter 11, Chapter 13, personal bankruptcy, business bankruptcy, foreclosure prevention and creditor law in Jacksonville.
