Chapter 7 – What to Expect

Chapter 7 offers immediate relief from the burden of unmanageable debt. It is available to debtors who are unable to reorganize their debts through a Chapter 13 Debt Reorganization. The main benefit of Chapter 7 is that you will emerge from bankruptcy without any further future obligations on your discharged debts.

Chapter 7 Bankruptcy Miami Broward Fort Lauderdale Florida Lawyer Attorney The bankruptcy petition that we prepare will be examined and analyzed by a Bankruptcy Trustee to determine the possibility of liquidating your assets to pay the claims of your creditors. The ultimate decision will be made by the U.S. Bankruptcy Judge as to the dischargeability of your debts.

To prepare your Chapter 7 case we will review your financial affairs including, but not limited to your debts, your property interests, your current and past income, your current and future living expenses, and transfers of property within the past year.

Your debts will be determined according to the U.S. Bankruptcy Code as secured, priority or Unsecured. Generally, non-priority unsecured debts will be discharged, except that there are instances when discharge is not allowed or denied, as for example debts associated with some type of taxes, fraud, misconduct, support, fines, student loans. We will inform you as to which of your debts are dischargeable.

Your property interests will also be categorized for scheduling pursuant to the U.S. Bankruptcy Code and analyzed for claims of exemption. This refers to removing property you own from the bankruptcy estate, and eliminating the Trustee from seizing that property for liquidation.

We advise you of problems you might experience before we file your bankruptcy petition. Once we file your case, you will have to attend a Creditors Meeting. This Meeting will occur approximately 30 days after the filing of your case. We will attend this Meeting with you and assist you in preparing for the Meeting.

Upon completion of the Creditors Meeting, we will be available to advise you until your case is concluded 60 days later. Generally absent any complications, you will not be required to appear at any other meeting, depositions or hearings. Your case will then be closed by the Bankruptcy Court with the issuance of an Order discharging all your debts. “Discharge of Debtor.”

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