Start Fresh With a Clean Slate From Debt

The Florida Debt Relief Center, LLC, has helped thousands of people start over from their excessive credit card debt and personal loans since we opened our doors in 1991. Our attorneys are ready to explain what Chapter 7 bankruptcy can do for you. Call us at 954-828-2763 or contact us by e-mail today to schedule a free consultation. It’s only debt, but imagine what your life will be like without it.

Keep Your House and Car

There are several different types of bankruptcy filings under the current U.S. Bankruptcy Code. The two most commonly used by individuals and families are Chapter 7, to eliminate consumer debt, and Chapter 13, to reorganize debt under a court-supervised repayment plan. Our firm has experience handling all types of bankruptcy filings.

Chapter 7 is the form of bankruptcy that allows you to liquidate your personal and consumer debt, including IRS taxes after certain conditions have been met. Under Chapter 7, you may typically keep your house and car if you reaffirm that you are willing to make timely payments on your mortgage and car loan. Typically, you will not be able to eliminate any loans backed by a government program, such as student loans.

Chapter 7 is the type of bankruptcy preferred by most filers, but not everyone qualifies. Under rules of the new bankruptcy laws passed in October of 2005, you will be subject to a means test, which calculates your ability to pay back your debt based upon your income. If your income ratio is too high, you may be required to file to reorganize and repay your debt under Chapter 13. Experienced bankruptcy lawyers can generally prove that most people still qualify for Chapter 7 under the new rules.

Exempt and Nonexempt Property

Usually in Chapter 7 filings, there is very little nonexempt property or assets to liquidate. These cases are referred to as no-asset cases. Creditors will receive assets from the filer only if they file a proof of claim with the bankruptcy court. This may be the case if you have large assets such as a boat or motor vehicle you do not wish to affirm payment on.

Typically in Chapter 7, the filer is an individual or couple seeking a discharge to release them from personal liability for all of their dischargeable debts. The process generally takes a few months unless the Trustee or your creditors need further time to confirm your eligibility for a discharge of your debts.

An experienced bankruptcy attorney will be able to tell you whether your debts can be eliminated or liquidated under Chapter 7 bankruptcy. Contact our offices in Fort Lauderdale or West Palm Beach to arrange an opportunity to meet with one of our lawyers. We represent clients throughout South Florida.

We are a debt relief agency. We proudly help people file for bankruptcy relief under the Bankruptcy Code.