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Chapter 7 Bankruptcy Archives

Retaining assets through a Chapter 7 bankruptcy

Bankruptcy is often seen in popular culture as a last-resort option for people who have been careless with their money. In reality, as some Florida residents can attest, insurmountable debt can come from a variety of sources, including unexpected costs like medical bills. Regardless where the debt comes from, Chapter 7 bankruptcy is a viable solution for those who cannot carry debt further. However, many people wonder whether it is possible to weather a bankruptcy without losing certain assets. It is.

Those looking to file Chapter 7 bankruptcy must pass a means test

Chapter 7 bankruptcy is called the liquidation chapter in Florida and elsewhere. The name is deceptive because filers generally keep their personal belongings and furnishings due to state exemptions. With respect to real estate, the state has one of the more liberal exemption laws, which allows for an unlimited homestead exemption under certain circumstances. The best way to determine whether one qualifies for the unlimited homestead exemption is to obtain a consultation with an experienced Chapter 7 bankruptcy attorney.

Cost of filing for Chapter 7 bankruptcy may be worth results

Financial concerns can make struggling Florida residents question every use of their money. Even when it comes to finding debt relief, they may wonder whether they should put funds toward a particular method. These worries are valid as some companies claiming to offer relief may only make matters worse. However, utilizing a proven method such as Chapter 7 bankruptcy may be worthwhile.

What you should know about Chapter 7 debt relief and divorce

Most Florida residents understand that changes in life often include those having to do with finances. Any number of issues can impact one's financial status but a particular instance with a potentially substantial impact is divorce. Some people mistakenly think they can accept debt in settlement, then try to discharge the debt through a Chapter 7 bankruptcy debt relief process. 

Consumers waiting on tax refund to file Chapter 7 bankruptcy

Many Florida residents and others around the country are excited to learn that they will be receiving a refund after they submit their tax returns. Financial experts have a litany of suggestions about how people should put their tax returns to good use. However, many consumers are still struggling financially. Research shows that some families are waiting for their tax returns so that they will be able to afford filing for Chapter 7 bankruptcy.

Determine whether or not to file for Chapter 7 bankruptcy

Health insurance costs in Florida and around the country are skyrocketing. In fact, many consumers are forced to be uninsured now because it is difficult to afford the monthly premiums. While premiums are often priced out of reach for many, the alternative is equally frightening. A serious accident or illness could quickly deplete the assets of an uninsured person and create a financial disaster. In fact, many people who file either Chapter 13 or Chapter 7 bankruptcy do so as a result of staggering medical bills.

Rebuilding credit after Chapter 7 bankruptcy is possible

Many Florida residents struggle for a considerable amount of time when it comes to finding the best way to handle their substantial debt. In the end, many people may choose to utilize Chapter 7 bankruptcy in hopes of getting their financial affairs under control. Though this process may prove exceedingly useful, it can also cause some setbacks in regard to credit scores.

Students seek debt relief from fraudulent loans

College students in Florida and elsewhere around the country often incur a large amount of debt while working toward their degrees. Unfortunately, some students obtained loans from schools that acted fraudulently. Recently, it was reported that more than 87,000 debt relief applications are pending at the nation's Department of Education.

Debt relief in the face of national crisis

According to some analysts, the time may be approaching when the financial bubble will burst. In other words, the financial stability many are feeling may disappear. Some may already be experiencing it locally as major retailers close their doors. If a nationwide event occurs, it may result in widespread job losses, stock market crashes and a slowdown in the housing market. Many in Florida who already struggle to pay their debts may be looking for debt relief when their own efforts at reducing their debt fall short.

Chapter 7 bankruptcy discharge violated by wage garnishment

Florida residents may seek bankruptcy relief to regain control of their finances. Many see it as an opportunity to have a fresh start. In fact, in a typical a Chapter 7 bankruptcy, the borrower's debts are discharged after assets have been liquidated and funds are paid to the creditors. However, a couple in another state recently fought attempts to have wages garnished after their discharge.

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Paul Urich
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Law Office of Paul L. Urich, P.A.
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Orlando, FL 32803
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