Chapter 7 Bankruptcy in Fort Lauderdale, FL
Do you have outstanding debt bringing you down? Are you struggling with bills that just keep piling on? Have you been threatened by creditors with wage garnishments or foreclosure? If your debt is starting to surpass your income, Chapter 7 bankruptcy can help you get back on your feet.
Chapter 7 bankruptcy, often referred to as liquidation bankruptcy, is the most commonly petition filed in the entire United States. Chapter 7 is a popular for many reasons. For one, both consumers and businesses can file. Chapter 7 also gets you fast results and is the only bankruptcy petition that can completely wipe out debt. Think about it, in as little as four months, you financial worries can cease for good.
With Chapter 7 bankruptcy, you can say goodbye to:
- Credit card bills
- Medical bills
- Business debt
- Lawsuit payments
- Wage garnishments
Steve Glerum is an experienced Chapter 7 bankruptcy attorney in Fort Lauderdale, FL who can get you out of debt quickly and successfully. Though Chapter 7 works by liquidating exchange for the elimination of debt, there are several exemptions you may qualify for, including exemptions for property and personal belongings. Attorney Glerum will make sure you keep your most valuable assets and will protect your rights under the fullest extent of the law.
So is Chapter 7 the solution to your debt? Let’s find out.
Is Chapter 7 Right for You?
In order to qualify for Chapter 7 bankruptcy, you must first take what is known as the Means Test. The Means Test compares your income with the average income for a family of your size in Florida. If your income falls below that figure, then you qualify for Chapter 7. But don’t be discouraged if your income exceeds the average. You may still be able to apply for liquidation bankruptcy, especially when you have an experienced bankruptcy lawyer on your case. Attorney Glerum will thoroughly review all your assets and income against your liabilities to determine whether or not you are eligible. If so, then he’ll spearhead your case and help you get discharged as quickly as possible.
Once you actually qualify to apply, then you can expect your debt to be eradicated around four to six months later. You can also expect all creditor harassment to cease immediately. During proceedings, creditors will not be able to garnish your wages, go after your bank funds or property, or threaten to foreclose your home.
But while Chapter 7 offers several benefits to debtors, the idea of liquidation can be frightening. Worry is normal and expected, but those worries may soon go out the door once you find out that you can also qualify for certain exemptions that will protect many of your assets from being seized.
In Florida, debtors may qualify for the following exemptions:
Florida’s Homestead Exemption – Florida has one of the most generous homestead exemptions in the country. You can bet Attorney Glerum will wield its full power to your benefit. As your Chapter 7 bankruptcy lawyer, Steve Glerum reviews your finances and explore your options in order to obtain the largest exemption possible.
Property Exemptions – Much of your personal property is exempt from creditor seizure during a Chapter 7 bankruptcy case, including your furniture, art and electronics. But did you know you can also exempt your health and education savings? And, did you know that if you do not use your Homestead Exemption, you can claim even more property? Attorney Glerum will go through the entire array of options to help you retain the maximum amount of property possible.
Motor Vehicle Exemptions – Up to $1,000 in motor vehicle equity can be exempted in Florida, but if you are married, you can double that amount. Attorney Glerum will go over all the details and help you get the most out of your auto exemption rights.
You may also qualify for a number of other exemptions, including alimony and child support, social security, pensions, and wages. Glerum Law is on your side and will see to it you obtain the maximum number of extensions. Give us a call to see how Chapter 7 bankruptcy can eliminate your financial burdens.