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Chapter 7 bankruptcy is also known as liquidation. It differs from other forms of bankruptcy in that it does not require any sort of plan of repayment that extends over a period of time. Rather, in Chapter 7 bankruptcy, an individual’s assets are liquidated to offset any debts that are due. Residents of Wellington, FL can consult with a Chapter 7 bankruptcy lawyer to determine if Chapter 7 is the appropriate action for them. A Chapter 7 bankruptcy will remain on an individual’s credit report for a period of 10 years from the date of filing the petition. It can affect the ability to obtain future credit, so it is important to take that into consideration when discerning whether to file for this or for another form of bankruptcy or to utilize another form of debt relief altogether. By the same token, the removal of massive debt from the credit report will actually have a beneficial effect on an individual’s credit score. Again, this is why it is important to consult with a lawyer to ascertain that Chapter 7 is, indeed, the best course of action. In Chapter 7 bankruptcy, some property is exempt from liquidation; however, what can be exempted is limited. Unsecured debts will be discharged when the bankruptcy case is accepted. There are, however, some debts that cannot be discharged by Chapter 7 bankruptcy. The most common exceptions, and the ones that often prove the most burdensome to those attempting to discharge their debt by filing for bankruptcy, are student loans, child support, income taxes less than three years old, property taxes, and legal fines. Student loans can be discharged if the individual can prove excessive hardship, but it is a standard that is almost impossible to demonstrate. Alimony is also not covered by bankruptcy filings. Regardless of whether a debt is considered as dischargeable, it still should be listed on all bankruptcy schedules and documented by the required paperwork. The courts will make the determination as to whether or not particular debts are dischargeable. Your Chapter 7 bankruptcy lawyer in Wellington, FL will be able to make sure that all of the appropriate paperwork is filed in your case. If you think that bankruptcy could benefit you, consult with a Chapter 7 bankruptcy lawyer in Wellington, FL to determine if you qualify to file for Chapter 7. If you qualify, and your lawyer deems that it would be beneficial, you can be debt-free in a short period of time and have a fresh start for your future. Chapter 7 Bankruptcy Lawyer Wellington FL - Sean I. Koplow, P.A. is a Chapter 7 bankruptcy lawyer in Wellington, FL who provides smart, experienced legal counsel to residents of Florida who are considering Chapter 7 bankruptcy. Lawyer Koplow will advise you as to the best course of action, and if Chapter 7 bankruptcy is an option, he will prepare and file your case for your best results in court. Call today at 561.642.3000 or contact Sean I. Koplow on the web at www.koplowbankruptcy.com.
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