Chapter 7 Bankruptcy Lawyers in Jacksonville

Unmanageable debt can wreak havoc on your personal or entrepreneurial plans, goals, and general wellbeing. If you aren’t able to address the situation right away, you might find yourself at the mercy of relentless creditors. You could be considering selling your property to make ends meet. Alternatively, you might be looking for a debt-relief strategy that will protect your business and other assets.

For many, Chapter 7 bankruptcy is the best way to substantially reduce debt in a matter of months. At Edwards & Edwards, P.A., we have more than 50 years of combined experience, which is why we are fully equipped to determine whether Chapter 7 bankruptcy is the solution you need. While both consumers and businesses can file, not everyone will qualify, and it might not be right for your particular situation. That said, Chapter 7 provides invaluable relief for hundreds of thousands of filers each year. If we believe Chapter 7 is the most appropriate strategy for you, we can help you navigate this process with ease.

Don’t wait to begin your debt-relief process. Call (904) 478-9255 or contact us online to schedule your initial consultation today.

Chapter 7 for Consumers

When you file Chapter 7 as an individual, you will immediately benefit from the protection of a court order called the automatic stay, which stops creditors from pursuing your debt in any way. The court then begins a liquidation process, in which the trustee sells your nonexempt assets to repay creditors. After this process, the court can discharge any unsecured debt that wasn’t covered by the proceeds from the liquidation process.

Dischargeable debts generally include:

• Medical bills
• Credit card debt
• Unpaid utility bills
• Unsecured personal loans

While Chapter 7 is often called “liquidation bankruptcy,” the truth is that most people who file Chapter 7 can obtain a debt discharge without losing anything they own. This is because the trustee can only sell your nonexempt assets, which refer to any property you cannot protect with state or federal bankruptcy exemptions. When you claim an exemption, you are shielding a designated asset or possession from the liquidation process.

How to Qualify for Chapter 7

To qualify for Chapter 7 as an individual, you must pass the means test. As a general rule of thumb, you must make less than your state’s median income for a household the same size as yours. However, the means test also considers your property and expenses, so you might qualify even if you make more than the median income.

How We Can Help

Our Jacksonville bankruptcy lawyers at Edwards & Edwards, P.A. can help you perform these calculations to determine your eligibility. If you qualify, you will need to complete credit counseling and financial management courses through an accredited agency. If you don’t qualify (or if Chapter 7 won’t provide the relief you need), you might consider Chapter 13 instead.