08 Mar Chapter 7 in Florida
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 many 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.
Latest posts by Carmen Dellutri, Esq. (see all)
- Chapter 13 Bankruptcy And Home Owners Associations - December 2, 2013
- 5 Reasons Every Small Business Owner Needs To Consult With A Bankruptcy Attorney - October 28, 2013
- Spouses Do Not Need To File Bankruptcy Together - August 28, 2013
- Is Your Homestead Exemption Bulletproof under 11 USC 522(o)? - July 31, 2013
- Can My Chapter 7 Bankruptcy Be Dismissed? - June 28, 2013