Chapter 7 Bankruptcy

Answer:

I met with a client earlier this week who was asking me about the different chapters in bankruptcy, and he was particularly interested in Chapter 7. The idea in Chapter 7 is that a person surrenders certain assets to discharge certain debt. Some assets are exempt, which means that the person gets to keep those assets, and sometimes certain debts are not dischargeable, like student loans or certain IRS claims. The main idea of Chapter 7 is it’s a liquidation in which the client gives up certain assets to discharge certain debts.

We’ve been representing clients in bankruptcy, including Chapter 7, for the last approximately 30 years, and I’ve represented clients throughout the state of Florida. We provide a free consultation and are happy to help.