Get the Fresh Start You Need With Our Bankruptcy Lawyers
If you are struggling with overwhelming debt, you may be considering filing for bankruptcy. At The Bone Law Firm, we understand that this is a difficult decision, but we are here to help guide you through the process and find the best solution for your financial situation in The Villages, Leesburg, Lady Lake, or the surrounding areas
What Is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is also commonly referred to as "liquidation" bankruptcy because it involves selling some of your assets to pay off your creditors. However, many people are able to keep their homes, cars, and other important assets by using exemptions provided by the law.
However, not everyone is eligible for Chapter 7 bankruptcy. To qualify, you must pass a means test, which compares your income to the median income in your state. If your income is above the median, you may still be able to file for Chapter 7 bankruptcy, but you will need to pass a second means test that looks at your disposable income.
Is Chapter 7 Bankruptcy Right for You?
It is important to note that Chapter 7 bankruptcy does not discharge all types of debt, including child support, alimony, certain taxes, and student loans. Additionally, some assets may be exempt from liquidation, such as your primary residence and personal property.
If you are considering Chapter 7 bankruptcy, it is crucial to work with an experienced bankruptcy attorney who can guide you through the process and ensure that your rights are protected.
Our team will work with you to evaluate your unique financial situation and determine the best course of action. We may recommend other alternatives, such as Chapter 13 bankruptcy or debt settlement negotiations.
Don't let debt control your life. Our experienced bankruptcy attorneys can help you find a fresh start. Contact us at 352-315-0051 to schedule a consultation.