Chapter 7

Jacksonville Chapter 7 Bankruptcy Attorneys

We Can Help You Attempt to Retain Your Assets

A Chapter 7 bankruptcy is what most people think of when they hear the word bankruptcy. A Chapter 7 is basically a liquidation of your non-exempt assets. Your property is sold and the proceeds are used to pay creditors. All debts remaining after your assets are sold are then completely discharged, leaving you debt-free.

Many people assume this means they will lose everything they own. These fears are often exaggerated, as liquidation applies only to what is non-exempt property. You may be able to keep your house, your car, and other exempt personal property. We will explain what exemptions are available to you and how to properly claim them. It is also possible to negotiate a “buy back” of your non-exempt property from the Chapter 7 trustee.

For more information, contact us by calling (904) 574-5499 or sending us a message through our secure online form.

How Your Bankruptcy Status Is Determined

Under the bankruptcy laws that went into effect in October 2005, petitioners for Chapter 7 bankruptcy are now subject to a two-part means test to determine if they qualify. First, your income is compared to the state’s median income for your family size. If your income is below the median income, you qualify for Chapter 7. If your income is above the median income, you will need to continue to the second part of the means test.

The second part of the means test involves deducting expenses, some of which are provided by the living standards set forth by the Internal Revenue Service, to determine whether you have sufficient disposable income to pay a portion of your debts. If your disposable income is too high, you will not qualify for Chapter 7. However, a Chapter 13 case will still be an option.

Credit Counseling Is Required

Another provision of the new law is the requirement to complete a credit counseling course, often completed online. The credit counseling course must be completed within six months of filing your case. Also, you are required to attend money management classes before final discharge of your debts is allowed. Both of these sessions can be done online or by telephone.

Contact Our Offices Now

Lansing Roy, P.A. represents individuals and businesses filing for Chapter 7 bankruptcy who live in Georgia or the Middle District of Florida, Jacksonville Division. Our bankruptcy lawyers have the skill and experience to asses your individual financial situation, examine all of your options, and help you take control of your financial life. Please call us at (904) 574-5499 or contact us online to schedule a free initial consultation.

For additional information on Chapter 7 bankruptcy and answers to frequently asked questions, click here.

Reviews

From Our Clients
  • “We had great experiences with Mr. Roy. And all the folks here. Kevin and Chris and all the people were very kind and thorough in looking after our situation many years ago.”

    - Kathryn D.
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  • “Filing for bankruptcy is, obviously, not a pleasant experience. The process, from making the decision, through the final disposition, is emotional and stressful. Our situation was complicated and took ...”

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How We're Different

  • Free In-Office Bankruptcy Workshop
  • Well-Versed in Bankruptcy Law
  • Solid Reputation in the Industry
  • Caring & Personable Service
  • Non-judgmental Approach to Each Case