Law Offices of Steve Bartlett, P.A.

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Chapter 7

Bankruptcy Attorney

Under a Chapter 7 bankruptcy, most debt is simply wiped out. With the exception of alimony, child support, student loans, and taxes, unsecured debt is discharged. Unsecured debt is debt which does not have a lien on the item purchased by the debt. For example, most credit card debt is unsecured. Secured debt is debt which has a lien on the item purchased by the debt, such as an auto loan. You have the option of keeping secured debt if you wish to keep making payments on the secured item. For instance, if you have a car payment and wish to keep your car, you have the option of reaffirming that debt and keeping your car, or surrendering the car and discharging that debt. An experienced bankruptcy attorney will help you discharge the maximum debt while protecting your assets. Typical debt discharged by a Chapter 7 Bankruptcy are medical bills and credit card debt.

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Most people are discouraged from filing a Chapter Seven bankruptcy because they are afraid that the government will sell everything that they have, leaving them destitute. Fortunately, this is not true. In Florida, there are many exemptions that protect certain types of assets. Because of homestead laws, as long as you continue to pay you mortgage, the government can't take your home. Annuity payments,

disability benefits, pensions, life insurance, wages for the head of household, and up to $2,000 in miscellaneous property for married couples are all assets that remain protected if you file bankruptcy. However, not everyone automatically qualifies for a Chapter 7 bankruptcy. Under the "new" bankruptcy code, ineligible citizens may be forced to file under Chapter 13 if you earn too much income.

An experienced bankruptcy lawyer will help you determine which chapter of the bankruptcy code would be most benefical for your needs.