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Chapter 7 Bankruptcy

Our Mission Statement: William M. Reed was admitted to practice law in the United States Federal Courts in the summer of 1990 and he has represented thousands of persons seeking financial relief from unexpected or overwhelming debt. Mr. Reed's mission statement on debt relief is simple: The first step is to face the problem. After you have faced the problem, Bankruptcy should be seriously considered when you and your family are suffering emotionally from unanticipated financial hardship. Never apologize for protecting your dignity and your dreams for the future. 

Liquidation Bankruptcy:

"Chapter 7 Bankruptcy" (named after the chapter of the Federal Bankruptcy Code that governs its use) is often referred to as a “liquidation” or “straight” bankruptcy. In Chapter 7, a debtor retains all of his or her exempt assets while discharging his or her unsecured debts. All of the debtor’s nonexempt assets may be converted to cash by the trustee in the bankruptcy court and distributed to creditors in accordance to bankruptcy rules. At the conclusion of the bankruptcy proceeding, the debtor receives an order of discharge, which wipes out his or her obligation to repay most, if not all, of his or her unsecured debts.

Florida residents that file Chapter 7 debtors benefit from exemptions covering their property. If debtors have non-exempt property because of Florida's liberal exemption laws. In cases where there is little or no nonexempt assets, the bankruptcy is considered to be a "no asset" case, which means the debtor doesn't lose any of his or her assets. In cases where the debtor has some assets that are not exempt, the debtor's attorney may be able to negotiate with the trustee for the benefit of the creditors to have the debtor enter into a payment arrangement to "buy back" the non-exempt property to avoid having any of the debtor's nonexempt assets liquidated.

Chapter 7 bankruptcy is used to eliminate, or discharge, primarily unsecured debts such as credit cards, medical bills and deficiency judgments foreclosure or repossession of a secured home or car. Chapter 7 does not eliminate secured debts, such as vehicles and real property (unless the secured item is surrendered). Chapter 7 bankruptcy can also stop a wage garnishment by a creditor, and one can discharge certain income taxes that are old enough (due to the complexity involved, one should carefully discuss possible tax discharge with your bankruptcy attorney.)

Chapter 7 will not save a house from foreclosure nor a car from repossession if you are permanently behind in your payments. People who pass the "means test" may file a Chapter 7 bankruptcy. People who do not may consider Chapter 13 bankruptcy provided they do not have too much debt. Your bankruptcy attorney can help with the means test after he collects the necessary information.


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Email: TheFirm@WMRlegal.com
Call Us: (352) 394-1178
Text Atty: (352) 250-8611
Send mail: PO Box 120280, Clermont, FL 34712
Visit Us: 300 E. Highway 50, Clermont, FL 34711
(Other locations by appt.)
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