Jacksonville Chapter 7 Bankruptcy Attorney

Filing Chapter 7: Discharge of Debt

The most commonly filed form of bankruptcy is chapter 7, often called "straight bankruptcy", "liquidation bankruptcy" or "discharge of debt". This form of bankruptcy requires that the individual filing turns over all non-exempt property to the bankruptcy Trustee. Most people in the Jacksonville area who file for bankruptcy actually do not lose any of their property, but those with many assets may have some of them liquidated. In such cases, the bankruptcy Trustee then converts any assets that are not exempt into cash to pay off the creditors that you have. In most cases we deal with, the debtor has no assets to lose, making this choice an excellent one that really allows you to get a fresh financial start. Those who don't qualify can file for chapter 13.

The Means Test in Chapter 7: Determining Eligibility

The law requires that ever person filing for bankruptcy take the means test. This test is a two part test; it first determines whether you are eligible to file by finding if you are under the median income for the state. If you are above this median income, then a more extensive means test must be undertaken. This is a comprehensive testing of your income for the last 6 months prior to filing, minus your living expenses. If it sounds simple, it isn't. It is not advised that you attempt any of this process without the help of a Jacksonville bankruptcy lawyer from The Law Offices of Robert Peters P.A. Errors, omissions, and other issues can lead to being denied the opportunity to file, or you could even face legal action if it is believed you fraudulently transferred assets prior to filing bankruptcy.

We offer a free initial consultation to assist you to find out if you could qualify to discharge your debt, or if another debt resolution action would better serve you. We offer a wide range of services, and have helped thousands of individuals and couples get a fresh start after they have suffered a severe financial setback.

Contact a Jacksonville chapter 7 bankruptcy attorney from our firm for more information and to schedule a free initial consultation.