Orlando Chapter 7 Bankruptcy Lawyers
Are you struggling with debt? Filing for bankruptcy may be a way to alleviate the anxiety and frustration associated with expensive monthly payments you cannot afford. For many Orlando residents, Chapter 7 bankruptcy can help you to wipe your financial slate clean, so to speak, and to begin rebuilding your life. When you make the decision to file for personal bankruptcy, you will be providing yourself with the opportunity to get back on your feet by discharging your debts.
The reliable Orlando Chapter 7 bankruptcy lawyers at Goodblatt · Leo, we have years of experience advocating for Orlando consumers and businesses in personal bankruptcy cases. It’s important to understand that bankruptcy law is complicated, and you will need experienced counsel on your side. If you have questions about how consumer bankruptcy could help your current financial situation, don’t hesitate to contact an experienced Orlando Chapter 7 bankruptcy lawyer.
Chapter 7 Bankruptcy Lawyers in Orlando
What do you need to know about filing for Chapter 7 bankruptcy? First, it’s important to understand that different types of bankruptcy exist. Each Chapter of the Bankruptcy Code has different requirements and provides a better solution for some than for others. Unlike Chapter 13, Chapter 7 bankruptcy gives debtors a fresh financial start by discharging many types of unsecured debt without ongoing obligations to pay.
In a Chapter 7 bankruptcy, in return for the discharge of debts, a trustee will be appointed to determine if there are any assets to pay creditors. The Bankruptcy Code allows debtors to retain certain assets even when they file for Chapter 7 bankruptcy. In Florida, parties who file for consumer bankruptcy must use Florida’s bankruptcy exemptions. These exemptions are broad and ordinarily permit a debtor to keep most of his property. Some examples of Florida bankruptcy exemptions include:
- Homestead exemption: as long as your property falls within a certain size, you may exempt all of the value of your home (in most cases). This means that, when you file for bankruptcy in Orlando, none of the value that you have in your home will be liquidated to pay your creditors. In other words, almost all Floridians who file for consumer bankruptcy get to keep their homes.
- Pension exemptions: all ERISA qualified pensions and IRA and 401(k) retirement accounts are fully or largely exempt from creditors.
- Personal property exemptions: in Florida, you can retain personal property up to $1,000 in value, plus $5,000 additional if you do not own a home.
- Support exemptions: generally speaking, alimony and child support are exempt when you file for personal bankruptcy.
- Motor vehicle exemption: Florida allows a debtor to exempt $1,000 of value in a motor vehicle.
Many other exemptions exist when you file for Chapter 7 bankruptcy in Florida, and it’s important to discuss your case with an experienced Orlando bankruptcy lawyer. At the law office of Goodblatt · Leo, we can take a close look at your case and help you to understand the exemptions for which you may be eligible.
Contact the Orlando Chapter 7 Bankruptcy Lawyers
Unlike other kinds of bankruptcy, you must qualify for relief through Chapter 7. In addition to other requirements, you must pass a “means test” in order to file for Chapter 7 bankruptcy in Florida. The “means test” helps to determine whether you’re truly unable to repay your debts and thus need this form of bankruptcy protection. The experienced Orlando Chapter 7 bankruptcy lawyers at Goodblatt · Leo are highly experienced and successful in assisting our clients in passing the “means test.”
Although most debts are canceled when you file for Chapter 7 bankruptcy, it’s important to keep in mind that certain debts are not dischargeable. An experienced Orlando Chapter 7 bankruptcy lawyer can discuss your options with you and can answer your questions today. Contact the law office of Goodblatt · Leo for a free consultation to learn more about how we can help with your case.