Are you tired of dealing with collections agencies? Are you facing the possibility of having your wages garnished? Are you feeling stressed and beat down over an inability to pay your bills? Bankruptcy may provide the debt elimination you need. My name is Carolyn Secor, and we will help you through the process and will fight for your rights in court.
Understanding Chapter 7
To qualify for Chapter 7 bankruptcy, you must make less than the median income for the state of Florida. According to data provided by the United State Department of Justice website, the median income for a family of four in 2008 was $66,876. That means that the income for the entire family must be less than $66,876 per year.
Sometimes the courts will make an exception. If your income is more than the amount allowed, but your disposable income is not enough to cover unsecured debts like credit cards and medical bills, you may qualify for Chapter 7.
The Bankruptcy Court will also look over your assets and, if Chapter 7 is approved, it will examine your unprotected assets. Since most assets are not protected, it is important to go over everything with an experienced bankruptcy attorney before filing.
As your lawyer, we will listen to your situation and help you evaluate both debt and assets. We will discuss your bankruptcy options – including the advantages and the drawbacks of filing. Ultimately, the decision is yours, but you can rely on us to provide an honest recommendation based on your specific situation and our many years of experience as a Chapter 7 bankruptcy attorney.
The federal government passed new bankruptcy reform legislation in October 2005. However, don’t be discouraged! Most studies indicate that the new law affects less than 15% of individuals who could have filed previously. If you are feeling overwhelmed by your debts and considering filing bankruptcy, it is highly probable that you fall into the category of the 85 percent of people who are still eligible to file.