Chapter 7 Bankruptcy South Bay

If you are in an urgent financial situation, a Chapter 7 bankruptcy may be an option to get out you of debt. Chapter 7 bankruptcy is defined by federal law as a process where you are freed from all obligations to pay outstanding debts. If the court grants you a Chapter 7 bankruptcy, all debts aren’t under your responsibility anymore.

How It Works

The first step that you need to take is to fill out and submit a petition to your local courts asking for a Chapter 7 bankruptcy. You are also required to submit other documents including: an exhaustive list of assets, liabilities, income, expenditures, and all contracts and financial engagements with co-debtors.

Your local bankruptcy lawyer can help you in filing the correct Chapter 7 bankruptcy paperwork. Once the correct paperwork has been submitted, an “automatic stay” will be granted. This means that all types of collection actions against you will be forced to stop. Married couples are allowed in the state of Florida to file bankruptcy jointly if they wish to.

After the petition has been submitted, a meeting with your creditors will be arranged where a trustee will be assigned to your case. Your creditors, the trustee, your bankruptcy lawyer, and yourself must appear at the meeting where all of you will discuss your financial situation in depth.

Discharge Legal Overview

Florida’s Chapter 7 Bankruptcy law has become complicated and most of the time cannot be taken care of without the help of an experienced South Bay bankruptcy lawyer. It is highly recommended that you schedule a consultation with a South Bay bankruptcy attorney to ensure that the bankruptcy filing goes as effortlessly as possible.

Although it is rare, declinations of a chapter 7 bankruptcy can happen depending on the decision of the judge for your case. Usually, those who fail to obey court orders, fail to clearly explain their reason for filing bankruptcy, commit perjury, or conceal necessary information could possibly have their case dismissed.

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

The South Bay Bankruptcy Lawyers of Eric N. Klein & Associates are waiting to take on your case. Contact them at 561-353-2800.

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