Bankruptcy Attorney Jacksonville
Chapter 7 bankruptcy is the most commonly known form of bankruptcy. It basically consists of liquidating all of you non-exempt assets and using the proceeds to pay your creditors. Any unsecured debts remaining after the payment to your creditors are discharged and you are no longer legally responsible for repaying them. A Chapter 7 bankruptcy may eliminate debts such as credit cards, medical bills, judgments and deficiencies. Because a Chapter 7 bankruptcy involves only the liquidation of non-exempt assets, many people seeking relief under this chapter are able to keep their home, their car, retirement funds in a 401k or IRA, pensions, annuities and other exempt personal property. Often, we re able to negotiate a "buy back" of your non-exempt personal property from the Trustee. Generally a Chapter 7 bankruptcy can be discharged and completed in 4-6 months.
As a requirement, you must take two credit counseling classes. The first must be completed prior to the filing of the bankruptcy petition and the second after the filing, before you receive your discharge. Both of these can be completed inexpensively either over the phone or online. You will also be required to appear in court for the 341 Meeting of Creditors. This is a brief 5-10 minute hearing with the Trustee assigned to your case. One of our experienced attorneys will attend this with you. You will generally have 4-6 weeks advance notice of the date and time of this meeting to make necessary arrangements to attend. In most cases, once you have attended the 341 Meeting of Creditors, you will not need to go back to court again.
Since the passage of the new bankruptcy laws in 2005, individuals filing for bankruptcy must have analysis conducted of their household income for the 6 month period before filing. This analysis is called a Means Test. At the Law Office of Nancy Akel Draughon, P.A., we have represented many individuals and married couples in the filing of Chapter 7 bankruptcies. We have the knowledge and experience to apply the specific Chapter 7 laws to your particular situation and advise you of your options.
For further information regarding a Chapter 7 bankruptcy, please contact us directly at 904-394-3205. You can also take advantage of our Free Bankruptcy Evaluation tool or email us at info@NorthFloridaBankruptcy.com.
The Law Office of Nancy Akel Draughon, P.A. is a debt relief agency. We help people file for bankruptcy relief under the United States Bankruptcy Code.
