The
purpose of a Chapter 7 bankruptcy is to wipe out
your debts, allowing you to get a "Fresh Financial
Start".
In a Chapter 7 bankruptcy
a trustee will be appointed by the court to liquidate
(sell) all assets which do not fall under the
bankruptcy exemption guidelines. The net proceeds
collected in the liquidation of the non-exempt assets
are then distributed to your creditors.
Debts which cannot be
included for discharge in a Chapter 7 bankruptcy
may include, but not limited to:
Cohen & Best, P.A., provides
aggressive and knowledgeable Chapter 7
Bankruptcy legal representation for clients
who have are facing a potential bankruptcy.
Cohen & Best, P.A., has the experience and the resources to
professionally guide you through your personal Chapter
7 Bankruptcy
proceedings.
Typically an individual who
files for a Chapter 7 bankruptcy has a large
credit card debt which may include multiple credit
cards, various unsecured bills with may be associated
with various assets which the payment status may or may
not be delinquent.
In many Chapter 7
bankruptcy situations you may be able to keep
specific secured debts such as your car, furniture, or
home, as long as you reaffirm your commitment to
continue paying these debts. In order to keep these
items in a successful Chapter 7 bankruptcy you
must voluntary sign a "reaffirmation agreement", which
stipulates that you cannot file bankruptcy to discharge
the debt of these items for 6 years.
The purpose of the
"Reaffirmation Agreement" is to protect "reaffirmed"
debtors, as well as ensuring an individual does not try
to abuse the bankruptcy process.
If you are wondering how a
Chapter 7 Bankruptcy might affect you, or if filing for
bankruptcy will help you in the short or long term
in repairing your financial and credit standing, we
strongly recommend contacting an experienced Lakeland
Chapter 7 Bankruptcy lawyer - attorney, at
Cohen & Best, P.A., by calling
(863)
646-7636 or use our
online
case submission form
to schedule a confidential consultation.
Cohen & Best, P.A.,
is well versed in the laws regarding bankruptcy law, and is ready to provide you with
important information relating to a possible Chapter
7 Bankruptcy legal claim.
