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chapter 7 bankruptcy Gainesville

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Chapter 7 Bankruptcy Lawyer Gainesville

What is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy in Gainesville is the liquidation kind of bankruptcy, which means that your non-exempt property will be sold and the proceeds will be used to pay off all or some of your debt.  You get to keep any exempt items identified by the state of Florida; exempt property includes one car, tools and equipment needed for work, clothing, and other household furnishings.  You can expect your home, boats, and extra vehicles to be sold under .  Any money that is owed on secured debt, which is debt with an asset pledged as a guaranteed payment, can be paid off in a lump sum, continue to make payments, or hand over the asset pledged to the lender to settle the debt.  Filing for chapter 7 bankruptcy typically lasts between three and six months.

Your eligibility for chapter 7 is based largely in part to your income.  If your income is below the median household income in your state or is not high enough to cover a repayment plan, than you qualify for chapter 7.  (You can take the Means Test to determine your eligibility) If your income is too high to qualify for a chapter 7, then you may qualify to file chapter 13.

To schedule your free consultation with a chapter 7 bankruptcy Lawyer in Gainesville call (352) 519-4299 or fill out the form on the right side of the page.


 

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Gainesville Bankruptcy Office:

Law Offices of Justin McMurray, P.A.
2135 NW 40th Terrace, Suite C
Gainesville, FL 32605
Phone (352) 519-4299 Fax (866) 796-2242

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