Chapter 7 Bankruptcy North Palm Beach

With increases in the cost of living comes the burden of trying balance your financial livelihood. Sometimes we are in over our heads and we must make a very crucial decision: whether or not file for bankruptcy. Chapter 7 bankruptcy absolves outstanding debt by liquidating unsecured private property, particular those that still have liens on them.

How Chapter 7 Works

You have to file a chapter 7 bankruptcy petition at your local court in order be considered. Along with your petition, you must include a list of all assets, liabilities, income, expenditures, and contracts involving co-debtors, along with any other forms of financial obligation. Schedule an advisory meeting from your personal bankruptcy lawyer if you are unsure of how to prepare the documents or exactly which documents are appropriate for submission. Married couple who file jointly must submit information for both parties.

Stopping creditors from collecting on their debts, an “automatic stay” goes immediately into effect. The court then assigns a clerk to your case, who schedules a “meeting of creditors.” All interested parties are required to be at this meeting. Once the meeting has commenced, the debtor’s financial situation is discussed at length. Judges do not attend.

Discharge Legal Overview

Florida Chapter 7 bankruptcy law is complicated. A competent legal advisor will be able to assist you in interpreting the laws. Usually after 12 weeks, the discharge is granted.

Declinations are infrequent, however they do occur. For several different reasons, depending on each case, a judge may decline or dismiss a case. Examples include debtors who fail to adequately provide evidence of financial crisis; commit perjury; disobey court orders; or conceal pertinent information.

The information provided on Federal Bankruptcy law is accurate up to the date of publishing. It should not be taken as legal counsel or authority. It should not be used as a substitute for the United States Bankruptcy Code and the Federal Rules of Bankruptcy Procedure. Please visit your local library for a more in-depth and authoritative source of information.

At the Eric N. Klein & Associates, P.A. firm, the North Palm Beach bankruptcy law specialists are waiting patiently to hear from you. Contact them at today 561-353-2800.

Portions reprinted from the office of the US Department of Justice.