Toll Free
Book Appointment now
Located in Plant City

Chapter 7 Attorney in Plant City

Liquidation Bankruptcy

Chapter 7 is the type of bankruptcy that often defines the concept that others have of bankruptcy. Under this chapter, most of an individual or business' debt is cancelled. As compensation for the discharge of debts, the debtor will have to surrender property. After a debtor files for bankruptcy, his or her estate is protected under an "automatic stay." An automatic stay forces creditors to cease making debt collection attempts without permission from the court. A stay can prevent foreclosure and other debt collection actions.

Bankruptcy Process

Chapter 7 bankruptcies begin with the means test. By measuring your annual median income against the average in your region, you can determine whether you qualify to file under this chapter. If you are filing a Chapter 7 bankruptcy, a trustee will be appointed by the bankruptcy court. Your case will be reviewed to determine what assets are exempt or non-exempt according to the legal definition of assets. All non-exempt property will have to be collected and sold to pay off the unsecured creditors. After your assets are liquidated, the remaining unsecured debts will be discharged.

If you are struggling to pay your bills, a Chapter 7 bankruptcy can benefit you in many ways. It cancels a substantial amount of your individual debt and gives you the ability to obtain a fresh financial start. People who are hopelessly burdened with debt can protect some of their property from creditors by filing for this type of bankruptcy. Chapter 7 can also stop creditor harassment, cancel bank levies, and cease lawsuits. At the Law Office of Keith Will Wynne, Esq., I can discuss the many benefits of personal bankruptcy. I also can give you the tools to help you rebuild your credit after the bankruptcy. Contact my firm today to learn more about the affirmative steps to take before, during and after your Chapter 7 bankruptcy!

Facebook Twitter Google+
Law Office of Keith Will Wynne, Esq. - Plant City Bankruptcy Lawyer

Plant City Office - 1001 E. Baker Street, Suite 101, Plant City, FL 33563. Phone: (813) 567-5894| Local Phone: (813) 752-3100.

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.

© 2015 All Rights Reserved.