Do I Qualify for Chapter 7 Bankruptcy?

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 Chapter 7 Bankruptcy Qualifications

The Basic Facts about Filing a Chapter 7 Bankruptcy

Clermont Chapter 7 Bankruptcy Lawyer

For most people, filing bankruptcy is the last resort after their financial picture has gotten out of control. While the process can seem daunting, a skilled Clermont bankruptcy lawyer can help you understand when the time is right and what to expect from the process if you qualify for Chapter 7 Bankruptcy protection.

Who Qualifies for Chapter 7 Bankruptcy?

A Chapter 7 is reserved for debtors who have primarily consumer debt and meet certain income limits. The great appeal to most debtors is that once a Chapter 7 is completed, the debtor has a fresh start and can begin to rebuild their financial life. A Bankruptcy attorney can review your circumstances and help you determine if a Chapter 7 filing is right for you.

How to File

Once you’ve determined if you qualify for Chapter 7, you’ll have to complete a series of documents to file with the Bankruptcy court. A Chapter 7 Bankruptcy case is started by filing a Petition. While the form itself is fairly simple to complete, you’ll need to be prepared to provide the complete picture of your debts and assets. You’ll prepare a series of Bankruptcy schedules disclosing the identity and character of all of your debts and assets. These forms and schedules must be completed thoroughly, accurately, and timely to prevent dismissal of your case. You will also need to complete credit counseling.

What Happens After You File

After you’ve completed your credit counseling and the appropriate paperwork, your attorney will walk you through the next steps. Eventually, you’ll attend a meeting of creditors. If everything goes smoothly, the bankruptcy judge will order a discharge of your debts and your case will conclude. An attorney can help ensure you’ve completed your forms properly and can help you address any problems if and when they arise.

If you’re feeling overwhelmed by debt or have already received collections or foreclosure notices, contact an experienced Clermont bankruptcy attorney as soon as possible. Call Merideth Nagel, P.A., Attorney at Law to set up a consultation at 352-394-7408 or toll free 877-580-6868. Serving Lake, Sumter, Orange and Marion Counties.

Serving West Orange County, Lake County, Sumter County & Marion County

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