Chapter 7 in Florida
By Carmen Dellutri, Attorney at Law on Mar 8, 2007 in Bankruptcy Practice and Procedure, Chapter 7 Bankruptcy, Florida, General Bankruptcy Information
Florida is one of the States that is unique when it comes to filing for bankruptcy. In a bankruptcy case under chapter 7, you file a petition and schedules (fancy names for the documents filed with the Court) asking the court to discharge your debts. The basic idea in a chapter 7 bankruptcy is to discharge your debts in exchange for your giving up your non-exempt property. Which begs the question, what is non-exempt property? Imagine you put all of your possessions on the table in front of you, and you remove all of your exempt items, the remaining assets would be your non-exempt assets. An exhaustive list of exemptions is beyond the scope of this blog, but will be dealt with later in other posts. In most cases, all of your property will be exempt. But property which is not exempt is sold, with the money distributed to creditors. If you want to keep property like a home or a car and are behind on the payments on a mortgage or car loan, a chapter 7 case probably will not be the right choice for you.
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