Pasco County Chapter 7 Bankruptcy Lawyer

If you are struggling with overwhelming debt and looking for a way to get a fresh start, you may be wondering if Chapter 7 bankruptcy is right for you. Chapter 7 bankruptcy is a legal process that allows you to discharge most of your unsecured debts, such as credit cards, medical bills, personal loans, and more. Contact a knowledgeable and dedicated Pasco County Chapter 7 bankruptcy lawyer from The Law Offices of Matthew J. Jowanna today.

Chapter 7 Bankruptcy Lawyer: Here to Help You Get a Fresh Start

Filing for Chapter 7 bankruptcy can be a complex process, but a competent team of Pasco County lawyers can effectively guide you through it. Our team is here to explain the pros and cons of Chapter 7, prepare and file all required paperwork on your behalf, and protect your rights and interests, every step of the way.

What is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is also known as liquidation bankruptcy, because it involves selling some of your non-exempt assets to pay back your creditors. However, most people who file for Chapter 7 bankruptcy do not lose any of their property, because they can protect it with exemptions.

Exemptions are laws that allow you to keep a certain amount of equity in your home, car, household goods, retirement accounts, and other assets. The amount and type of exemptions vary by state, so it is important to consult with a bankruptcy lawyer to determine what you can keep.

When you file for Chapter 7 bankruptcy, you will need to complete a means test, which compares your income and expenses to the median income and expenses of your state. If your income is below the median, you qualify for Chapter 7 bankruptcy. If your income is above the median, you may still qualify if you can show that you do not have enough disposable income to pay back your debts over a five-year period.

How Do I Know if Chapter 7 Bankruptcy is Right for Me?

Importantly, Chapter 7 bankruptcy isn’t the best option for everyone. That said, Chapter 7 bankruptcy may be right for you if:

You have mostly unsecured debts that can be discharged in bankruptcy
You do not have enough income or assets to repay your debts
You are willing to give up some of your non-exempt property if necessary
You want to get rid of your debts quickly and start over

Chapter 7 bankruptcy may not be the best option for you if:

You have mostly secured debts that cannot be discharged in bankruptcy, such as mortgages, car loans, student loans, taxes, child support, alimony, etc.
You have enough income or assets to repay your debts through a Chapter 13 repayment plan
You want to keep all of your property and avoid foreclosure or repossession
You have filed for Chapter 7 bankruptcy in the past eight years or Chapter 13 bankruptcy in the past six years

What is the Chapter 7 Bankruptcy Process?

The Chapter 7 bankruptcy process typically takes about four to six months from start to finish. The main steps are:

Consult with a bankruptcy lawyer to evaluate your situation and determine if Chapter 7 bankruptcy is right for you
Gather all the necessary documents and information, such as income statements, tax returns, bank statements, credit reports, creditor information, etc.
Complete a credit counseling course from an approved agency within 180 days before filing
File a petition and schedule with the bankruptcy court, along with a filing fee or a fee waiver request
Attend a meeting of creditors (also known as a 341 meeting), where a trustee will review your case and ask you questions about your finances and assets
Complete a financial management course from an approved agency before receiving a discharge
Receive a discharge order from the court, which wipes out most of your debts

Contact Our Florida Bankruptcy Team Today

Don’t go through the Chapter 7 bankruptcy process on your own. Contact a knowledgeable and skilled Pasco County Chapter 7 bankruptcy lawyer from The Law Offices of Matthew J. Jowanna today. Our team stands ready to effectively represent you through each step of the process.