Chapter 7 Bankruptcy

What is Chapter 7 Bankruptcy?

Chapter 7 Bankruptcy allows people who are struggling with debt or foreclosure to have an opportunity for a new beginning by wiping out unsecured debts (debts that aren’t tied to any specific item of property) such as credit cards or medical bills. Chapter 7 is designed for people or married couples who cannot afford to pay a significant portion of their debt back to lenders. Chapter 7 is available to individuals, married and businesses. A Chapter 7 bankruptcy is commonly called a "liquidation." Essentially, you are surrendering your assets to the court in exchange for a discharge (elimination) from all of your debts. However, individuals and married couples are allowed to keep certain "exempt" property that varies by category and value.

Why Do People File for Chapter 7?

Many people seek Chapter 7 bankruptcy protection when they are overwhelmed with debt and cannot afford to repay their creditors.

The Steps of Chapter 7 Bankruptcy

Step 1: Before You Can File Schedule an initial telephone consultation with The Forrest Law Firm. During or after the initial consultation, we will give you a list of documents that you need in order to prepare your bankruptcy petition and schedules. We will also provide you with an intake form to complete. We do not require office visits to represent you in bankruptcy. We are always available to meet with you in person, but the majority of our clients prefer to avoid office visits when possible. At The Forrest Law Firm, we utilize digital technology and internet, email and fax communications to speed the process and minimize the burdens on our clients. Attorney Christopher Forrest will personally handle your bankruptcy case.

Step 2: Credit Counseling Begins After the required documents and information have been assembled, you are required to attend credit counseling and obtain a credit counseling certificate. This is a requirement of the U.S. Bankruptcy Code. All bankruptcy filers in the State of Florida must complete this step. Fortunately, credit counseling can be completed over the internet for a small fee. While you go through credit counseling, The Forrest Law Firm will prepare your bankruptcy filing. You will then review the bankruptcy petition and schedules and sign them.

Step 3: Bankruptcy Papers are Filed The Forrest Law Firm will file your bankruptcy petition with the court electronically. This allows us to file instantaneously without the time delay of mailing your petition to the court. You will immediately receive legal protection from harassing creditors. Immediately after filing, we will provide you with your bankruptcy case number. If you continue to receive phone calls from bill collectors, you can give the creditor your case number and our telephone number. If you have creditors who are garnishing wages or foreclosing or repossessing property, we will notify that creditor immediately a bankruptcy has been filed and you are protected from any type of creditor harassment.

Step 4: Financial Management Course After your case is filed, you will need to complete the "Financial Management Course" approved by the United States Trustee's office. This is a requirement of the U.S. Bankruptcy Code. All bankruptcy filers in the State of Florida must complete this step. After completion, you will provide your certificate of completion to The Forrest Law Firm.

Step 5: Attend Meeting of Creditors After your bankruptcy case has been filed, you will attend a meeting with Attorney Christopher Forrest called a 341 Meeting of Creditors. At this meeting, a U.S. Trustee who is appointed to your case will interview you for short time and ask you some basic questions about your case. This meeting is mandatory, and you must appear with proper identification (current picture identification and Social Security Card). You must also bring a copy of your most recent statements for all financial accounts and the pay stub(s) that you receive after your case is filed. The meeting is called the Meeting of Creditors because this is also an opportunity for the creditors to come and ask you questions. However, in most cases creditors do not appear. Generally, creditors meetings are very short. The creditors meeting is generally the only time you must make any type of appearance relating to your bankruptcy filing.

Step 6: 60 Days Later In each bankruptcy case, the Trustee and creditors are given time to object to various aspects of the filer’s petition and schedules. Although objections are rare, in some cases they do occur. All objections are due within 60 days after the Meeting of Creditors. Quality preparation of your petition, schedules, and statements will help prevent most objections.

Step 7: Receive Discharge If no party files an objection in your case, you should receive a discharge shortly after the 60-day waiting period expires.

Step 8: Post-Discharge Asset Administration In some cases, where non-exempt assets are turned over to the bankruptcy estate, your case may remain open until all of the assets are received and distributed.

Hiring a Chapter 7 Bankruptcy Lawyer

If you are considering filing for Chapter 7 bankruptcy in the State of Florida, it is important that you obtain representation from an experienced bankruptcy lawyer such as Attorney Christopher Forrest. Christopher Forrest is an aggressive litigator and skilled attorney. If you are thinking about filing for bankruptcy in the state of Florida, contact the Forrest Law Firm today! We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.

Florida bankruptcy attorney Christopher Forrest represents clients in Sarasota County, Manatee County, Pinellas County, Hillsborough County, Venice, North Port, Sarasota, Bradenton, Tampa and St. Petersburg, and surrounding areas.