Chapter 7 Bankruptcy Palm Beach Gardens

The cost of living has risen sharply in recent years. As a result, the number of bankruptcy filings has increase as well. Sometimes the bills get out of control; we lose our jobs, and have trouble keeping our finances in line. Chapter 7 bankruptcy gets rid of the obligation to pay debts through private property liquidation. For many people, it is a viable path to restarting your financial life.

How Chapter 7 Works

In order to be considered for Chapter 7, you must submit a petition to your local court that includes a list of all assets, liabilities, income, expenditures, and contracts involving co-debtors, along with any other forms of financial obligation. The number of documents, coupled with their extremely formal nature can make the process quite overwhelming. It is important to schedule a meeting with your personal bankruptcy lawyer so that he may advice you on the proper preparation of documents. Married couples who file jointly must submit all the information for both individuals.

Once the petition is filed and accepted, the court assigns an independent adjudicator to your case. This person is also known as the trustee. The first job of the trustee is to initiate an “automatic stay” and notify creditors of the filing. Within thirty days, a “meeting of creditors” is scheduled between all interested parties. During the mandatory meeting, the debtor’s financial status and ability to pay debt is discussed at length. Judges do not attend in order to maintain objectivity.

Discharge Legal Overview

Chapter 7 bankruptcy law in Florida can be complicated. With the help of a good, competent legal advisor, interpreting the law will be easier. It usually takes about 90 days to grant the discharge.

Though infrequent, declinations do occur. A judge might dismiss a case for one of many different reasons; debtors who fail to adequately provide evidence of a financial crisis; commit perjury; disobey court orders; or conceal pertinent information all run the risk of having their claim declined.

The information provided on Federal Bankruptcy law is accurate up to the date that it was published. It should not be taken as complete 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 Palm Beach Gardens 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.