Vero Beach Chapter 7 Bankruptcy Attorney
Filing Chapter 7 bankruptcy can provide a fresh financial start, as it allows you to discharge most or all of your debt. Although Chapter 7 is the most common type of bankruptcy filed in Vero Beach, and throughout Florida, there are certain requirements you must meet, and certain types of debt are considered non-dischargeable. Below, our Vero Beach Chapter 7 bankruptcy attorney explains further, so you are fully prepared for the process.
How to File Chapter 7 Bankruptcy
If you currently have high levels of debt that you can no longer manage, you may qualify to have it discharged through a Chapter 7 bankruptcy. To have your debt successfully discharged, you are sometimes required to relinquish certain property. A bankruptcy trustee will be assigned to your case shortly after you file the petition and the trustee will oversee the entire case. The trustee is also responsible for selling non-exempt property and distributing the proceeds among the creditors to cover some or all of the debt owed.
When you file your bankruptcy petition, you will also have to submit the means test. This is simply a form that proves your income is below the median income of the state. If you do not pass the means test, you are not eligible to file Chapter 7 and will have to consider other options, such as filing Chapter 13 bankruptcy.
It is important to remember that even if you are successful with your Chapter 7 bankruptcy case and get your debt discharged, this does not actually eliminate the debt. It can still show on your credit report and continue to hurt your credit score. If your debt is discharged, it simply means that you are no longer legally responsible for paying it. Creditors and debt collectors also cannot try to collect on the debt, nor can they take legal action against you, such as filing a debt lawsuit against you.
Chapter 7 Bankruptcy and the Automatic Stay
If you are considering filing bankruptcy, one of the main reasons may be to stop the threatening or harassing calls from creditors and debt collectors. Fortunately, these will stop as soon as you file your bankruptcy petition.
Immediately after you file your petition, a bankruptcy judge will issue an automatic stay. The automatic stay prohibits creditors and debt collection companies from contacting you in an attempt to collect on the debt. The automatic stay will also stay in effect until your bankruptcy case is finalized, so you do not have to worry about calls and letters while your case is proceeding.
Call Our Chapter 7 Bankruptcy Attorney in Vero Beach Now
At Kelley, Fulton, Kaplan & Eller, our Vero Beach Chapter 7 bankruptcy attorney will offer personalized advice and strong legal representation to make sure that you have the best chance of discharging your debt. Call us now at 561-264-6850 or reach out to us online to schedule a consultation with one of our experienced attorneys and to learn more about how we can help with your case.