Liquidation in a Nutshell
Living beyond your means is a cultural norm in America. Although balancing five credit cards and three properties is fairly common, it can also be extremely exhausting and stressful. If you have recently found yourself unable to keep up with your finances and are considering filing for bankruptcy, there are several options for you and your family. One such option is Chapter 7, or liquidation, bankruptcy.
If you are considering filing for bankruptcy, it is important that you know your rights and entitlements. The West Palm Beach bankruptcy attorneys of Eric N. Klein & Associates, P.A. can help you understand the bankruptcy process and get back on your feet financially. Call 561-353-2800 to schedule your free consultation today.
Filing for Chapter 7 Bankruptcy
After determining that you want to file for Chapter 7 bankruptcy, whether private or commercial, your finances and possessions will be transferred to a trustee who will sell your nonexempt property in an effort to pay off your creditors. The steps for filing involve:
- A meeting between the trustee and your creditors to discuss your debt
- The trustee investigating your finances and possession, then determining what is exempt and what is nonexempt
- The trustee selling all possessions that are nonexempt and transferring the money to your creditors
- After all nonexempt property is sold any further debts will be erased
The liquidation process typically takes about six months to complete. Nonexempt possessions often include: extra real estate, such as vacation homes or rental properties, investments, money in separate bank accounts, vehicles, and other such valuable items.
Contact Us
The West Palm Beach bankruptcy lawyers of Eric N. Klein & Associates, P.A. understand how difficult it is to file for bankruptcy. Contact us at 561-353-2800 today and our team of legal professionals will help you make the best financial decisions for you and your family
