Chapter 7 Bankruptcy

Sarasota, Florida Chapter 7 Bankruptcy Attorneys

In order to file for Chapter 7 bankruptcy, your monthly income must be less or equal to the state of Florida's median monthly income for households of a similar size. If your monthly income exceeds this amount, you may still qualify for Chapter 7 bankruptcy if your disposal income is below a certain level after paying bills and expenses. At the Parker Law Group, we can evaluate your financial situation and determine if you qualify for Chapter 7. If you qualify for Chapter 7 bankruptcy, our lawyers will help prepare all necessary financial information and records necessary for filing. Depending on your situation, we may be able to help you modify a mortgage loan or prevent foreclosure on your home.

If you're behind on your mortgage and can no longer pay your credit card or utility bills, contact bankruptcy law attorneys at the Parker Law Group today to schedule an appointment and discuss your case.

Discharging Debt Under Chapter 7 Bankruptcy

Under the terms of Chapter 7, unsecured debt like credit cards, certain kinds of loans, and medical bills can be discharged. The court will evaluate your financial situation and may sell some of your property in order to pay your creditors all or a portion of what you owe them. Typically, the court will sell what it considers to be non-essential luxury items - expensive cars, plasma TVs, costly kitchen appliances, expensive clothing, etc. Retirement funds and Social Security benefits are exempt, however. While your unsecured debt will be wiped out, debt related to student loans, child support, and property liens are not discharged by declaring bankruptcy.

Will I Be Able to Keep My Home?

The homestead exemption and Ad Valorem property tax exemption may allow some people who declare Chapter 7 bankruptcy to keep their home. If you can't pay your monthly mortgage, however, it's unlikely that you can prevent the bank from foreclosing on your home. If you have a subprime mortgage rate, it may be possible to get a loan modification in order to reduce your monthly payment in exchange for a 30 year fixed rate mortgage. In today's economy, most banks are willing to work with borrowers in order to avoid foreclosure. Our attorneys can review your case and help you apply for a loan modification.

Will I Ever Be Able to Borrow or Get a Credit Card Again?

Under the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), people who file for Chapter 7 are required to participate in credit counseling and financial management programs. These programs, approved by the Office of the United States Trustee, help people plan and act in a financially responsible manner, taking steps to re-establish their credit or financial health.

Once you begin the process of living within your financial means, you can often qualify for a low debt credit card. Typically, these credit cards are capped at $500. If you pay off your monthly balance, your credit score will improve, making you less of a risk for lenders on car loans and other forms of credit.

Stop the Harassing Calls and Angry Letters - Contact the Parker Law Group

Once you declare bankruptcy, creditors and collection agencies have to leave you alone. We can help you gain peace of mind and get your financial footing again. To schedule an appointment and learn how we can help you, contact Chapter 7 bankruptcy attorneys at the Parker Law Group today.