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Chapter 7 Bankruptcy

A Chapter 7 Bankruptcy, also called a “straight bankruptcy”, is a form of a personal bankruptcy which involves the liquidation of as much of the debtor’s assets and property (unsecured debt), which does not fall under the bankruptcy exemption guidelines, essentially reserving him or her sufficient assets to start on a clean slate. In short, the purpose of a chapter 7 bankruptcy is to wipe out your debts, allowing you to get a “Fresh Financial Start”.

In a Chapter 7 Bankruptcy, a trustee will be appointed by the court to liquidate (sell) all assets which do not fall under the bankruptcy exemption guidelines. The net proceeds collected in the liquidation of the non-exempt assets are then distributed to your creditors.

Debts which cannot be included for discharge in a Chapter 7 bankruptcy may include, but not limited to:

Alimony spousal support
Child support
Fraudulent debts
Certain taxes
Student loans
And certain items which have been charged

As a law firm providing experienced Chapter 7 Bankruptcy Attorney РLawyer legal services, we have proudly assisted many residents in Cape Coral, Fort Myers, Naples, Bonita Springs, Punta Gorda, Port Charlotte, Immokalee, Lee County, Collier County, and those throughout the entire State of Florida with Chapter 7 Bankruptcy issues. We are committed to protecting the legal rights of each and every client, while always striving to provide the highest standard of legal representation. Contact Berke Law Firm, P.A., by calling 239.549.6689 or by using our online submission form.

Typically an individual who files for a Chapter 7 bankruptcy has a large credit card debt which may include multiple credit cards, various unsecured bills with may be associated with various assets which the payment status may or may not be delinquent.

In many Chapter 7 bankruptcy situations you may be able to keep specific secured debts such as your car, furniture, or home, as long as you reaffirm¬† your commitment to continue paying these debts. In order to keep these items in a successful Chapter 7 bankruptcy you must voluntary sign a “reaffirmation agreement”, which stipulates that you cannot file bankruptcy to discharge the debt of these items for 6 years.

The purpose of the “Reaffirmation Agreement” is to protect “reaffirmed” debtors, as well as ensuring an individual does not try to abuse the bankruptcy process.

Once you have filed for chapter 7 bankruptcy, any pending lawsuits against you by creditors will be halted immediately. This also stops the harassing and threatening phone calls which creditors and collection agencies often rain down upon you. After you have filed for a bankruptcy, creditors and collection agencies can no longer attempt to contact you. If they do, they may face potential fines and/or penalties themselves.

We are extremely detailed in our preparation regarding your chapter 7 bankruptcy, provide a comprehensive approach in seeking a successful chapter 7 bankruptcy, and guide you though this difficult process with the dignity and respect you deserve.