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Chapter 7 Bankruptcy

Why should I file a Chapter 7 Bankruptcy?

You can eliminate a good deal of your debts or get what is called a “fresh start”. Then after you’ve got this “fresh start” by obtaining a discharge, you can start rehabilitating your credit score.

You can put a freeze on a creditor who is looking:

  • to levy (take away) your truck or car
  • foreclose you out of your property (your home)
  • to garnish your wages (take money out of your account or straight from your employer)

Note: Certain creditors, such as the Internal Revenue Service may still proceed against you, and for other creditors this stay may only be temporary lull in the proceedings.

You short sale’d your property or settlement a credit card debt a while back, but didn’t know at the time that the IRS would get a 1099 for the amount written off by your creditor. You may be able to avoid paying that debt!

There is no possible way for you to pay back your debts bar by winning the lottery.

You don’t want to spend your IRA, 401k or life insurance money, or even your kids tuition money, paying off debts.

Note: Your retirement and prepaid college plan accounts, including cash values in life insurance policies, are often times out of reach of your creditors and are treated as exempt in the Bankruptcy Court! So, you don’t spend that money paying off debts!

You owe the IRS for income taxes from long ago, and you don’t the ability to pay them. You may be able to avoid paying that debt!

The creditors will stop lighting up your phone.

You just need some breathing room.

Our experienced Jacksonville bankruptcy attorneys will guide you through the process of filing for Chapter 7 Bankruptcy to relieve you from your debts.

If you feel like you agree with some of these points, I suggest you consider talking immediately to a bankruptcy attorney. Any delay on your part could cause you to lose income, a vehicle or your home. These circumstances are often times avoidable, if appropriate action is taken at the appropriate time.

But am I eligible to file a Chapter 7 bankruptcy? Yes!

If your income falls below a certain threshold. Please go here to determine if you qualify on the basis of your income: www.justice.gov/ust/eo/bapcpa/meanstesting.htm

Even if you don’t qualify on the basis of income, you can still be eligible if other factors are met.

But keep in mind, you may be forced to give up property in a Chapter 7 bankruptcy. This is an important consideration when making a decision on whether to file or not.