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What IS CHAPTER 7 BANKRUPTCY?

According to the United States Bankruptcy Code, Chapter 7 is formally entitled “Liquidation.” Liquidation, in this case, applies only to those assets or items belonging to you that are not deemed “exempt” by the State of Florida. In a Chapter 7 bankruptcy, an appointed trustee will liquidate certain non-exempt assets in your estate and then distribute the cash to creditors.

In the State of Florida, exempt assets/property (stuff you can keep) may include:

  • Your vehicle (up to a certain amount)
  • Your pension or wages
  • Your home (dependant on circumstances)
  • Personal property up to $1,000

However, in some cases there will be no non-exempt assets to liquidate. In these cases, nothing will be liquidated, and you will receive a discharge of debt. The turn around for receiving such a discharge is usually a few months, depending on individual case complexities.

We encourage you to contact the Law Office of Frank P. Remsen, P.A., located in Lake, Seminole, and Orange counties, in order to discuss your particular circumstance. You can reach our main office in Tavares, Florida at 352-243-1247 or 407-898-8822.

 

What if I “hide” my non-exempt assets?

It is not advisable that you deliberately conceal assets or property while filing for bankruptcy. It is also not advisable that you make last minute “giveaways” of cash assets or otherwise during this time. Your trustee can and will recover these assets, and the resolution of your bankruptcy may be delayed.

 

What is a Bankruptcy Discharge?

A bankruptcy discharge releases you from certain unsecured debts. Not only will you no longer be required to pay back these discharged debts, but the creditor will also no longer be allowed to employ any methods meant to collect on the debt, e.g. telephone contact, letters. This cessation from debt collecting activity is called the “automatic stay.” You should understand that not all debts can be discharged. Certain non-dischargeable debts may include child support or alimony owed, most student loans, government fines, etc.

Some examples of unsecured debts are:

  • Credit cards (incl. department store cards)
  • Payday loans
  • Medical bills
  • Utility bills

It is important to note that discharges of debt may be denied and/or revoked by the court at any time. Choosing good legal representation can prevent problems like this. Attorney Frank P. Remsen is here to guide you through the bankruptcy maze. Please contact our law office as soon as possible so that we can put you on the right track. You can reach our main office in Tavares, Florida at 352-243-1247 or 407-898-8822. We have convenient Central Florida locations in Lake, Seminole, and Orange counties.

 

Who can file for Chapter 7?

In order to be eligible for Chapter 7 bankruptcy, you must first pass what is called a “means test.” This ensures that the Chapter 7 bankruptcy option is available only to those who need it most. If you have an income that exceeds the set median income in Florida, you may not be able to file under Chapter 7. However, you should note that additional calculations of your disposable income might help qualify you.

Means testing can be especially complicated because of the required calculations and classification of debts. We encourage you to contact Attorney Frank P. Remsen as soon as possible in order to discuss your options. You can reach our main office in Tavares, Florida at 352-243-1247 or 407-898-8822.

Please note that if you are an individual who does not qualify for the Chapter 7 option, or if you have nonexempt property (such as a vacation home or a second vehicle) or outstanding tax or child support debts, filing under Chapter 13 may be a better alternative.

 

What should I do now?

If you have already contacted bankruptcy attorney Frank P. Remsen, you are already on your way to a resolution! If you have not, you should do so soon. Because of the complexities that can arise while traveling through the bankruptcy process, the Law Office of Frank P. Remsen, P.A. does not recommend you attempt to file on your own.

Attorney Frank P. Remsen is available days or evenings to answer questions and to provide guidance during this emotional time. The Law Office of Frank P. Remsen, P.A. -- located in Lake, Seminole, and Orange counties -- is here to represent you and your interests during this process. Please do not hesitate to schedule an initial consultation via our online form or by calling 352-243-1247 or 407-898-8822.

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Call 352-243-1247 or 407-898-8822 or use the form below for a free initial consultation.

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Law Office of Frank P. Remsen, PA Tavares Office
214 N. Disston Avenue
Tavares, Florida 32778
Phone: (352) 243-1247
Fax: (352) 243-4762
Tavares Law Office

Law Office of Frank P. Remsen, PA Lake County Office
1200 Oakley Seaver Drive, Suite 206
Clermont, FL 34711

(Directly Above Gator's Dockside)
Phone: 352-243-1247
Fax: 352-243-4762
Clermont Law Office

Law Office of Frank P. Remsen, PA Seminole County Office
801 International Pkwy.
5th Floor
Lake Mary, FL 32746

Phone: 407-898-8822
Fax: 407-898-8855
Lake Mary Law Office

Law Office of Frank P. Remsen, PA Orange County Office
1800 Pembrook Drive, Suite 300
Orlando, FL 32810

Phone: 352-243-1247
Phone: 407-898-8822
Fax: 407-898-8855
Maitland Law Office