Orlando Chapter 7 Bankruptcy Help

Melbourne, Titusville & Cocoa Chapter 7 Bankruptcy Filing

Chapter 7 bankruptcy is for those with no practical ability to pay their debts.  Filing Chapter 7 bankruptcy liquidates their property—although some property is exempt—for money.  A case trustee then distributes the money amongst creditors.  This provides relief from all debt, allowing the former debtor to start with a clean slate.  Chapter 7 bankruptcy is often the best solution for a recession victim who has no source of significant income in the foreseeable future and is unable to pay off remaining debts.

While bankruptcy can be embarrassing, the cost of living here versus the median income makes bankruptcy a common occurrence throughout the Orlando area.  The Law Office of Paul L. Urich provides residents throughout Florida with experienced legal representatives who can guide them safely through their financial crisis.

Eligibility

There are a few requirements that must be met in order to file Chapter 7 bankruptcy.  These can be found on the official web site for the United States Courts.  Here, we highlight and simplify some of the important qualifications and restrictions:

• The official web site states "...the debtor may be an individual, a partnership, or a corporation or other business entity."  However, only individual debtors qualify for the discharge of qualifying debts.
• Failure to appear in court or comply with court orders may result in dismissal of a bankruptcy petition.  If this happens, an individual may not file for bankruptcy for at least 180 days following dismissal.
• Debtors must receive credit counseling from an approved credit counseling agency within the 180 days prior to when they file for bankruptcy.  See this list of approved agencies.
• Debtors must wait eight years to file another Chapter 7 bankruptcy, or six years following a Chapter 13 filing.
• Ability to pay the following fees: "...a $245 case filing fee, a $39 miscellaneous administrative fee, and a $15 trustee surcharge.  Normally, the fees must be paid to the clerk of the court upon filing.  With the court's permission, however, individual debtors may pay in installments."

A qualified Orlando bankruptcy lawyer can go over your case and double-check your qualifications and possible exemptions.

Explanation of key terms

There are a number of common bankruptcy terms which you may hear from court officials, your lawyer, and government web sites:

• Debtor—This is the individual who files for bankruptcy and owes a debt to any number of creditors.
• Liquidation—This refers to the sale of the debtor's assets so that the creditors can recover as much of the loan as possible.
• Wage garnishment—A court may order an employer to pay money directly to creditors which would otherwise go to the debtor.
• Discharge—To discharge a debt is to relieve the debtor of all responsibility to pay that debt, whether or not the debtor has paid the full sum.  This is typically the reason that someone files a chapter 7 bankruptcy.

Chapter 7 bankruptcy in Orlando, Melbourne, Cocoa & Titusville

The Law Office of Paul L. Urich focuses on bankruptcy and debt reorganization 100 percent of the time.  We offer low fees and a free initial consultation. Call us at 888-341-6149 or contact us online today.