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 dischargewithout 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.
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.
Our team 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.