The Necessary Liquidation Process Under Chapter 7 Bankruptcy Law

Creditors May Have to Change Rules as Bankruptcy Numbers Rise
March 19, 2011
How To Choose Best Bankruptcy Attorney?
March 20, 2011
Show all

The Necessary Liquidation Process Under Chapter 7 Bankruptcy Law

If you are overwhelmed with debt and failing to keep paying your monthly financial obligations a chapter 7 bankruptcy can bring some help. One of the major aims of a Chapter 7 Bankruptcy is to discharge certain financial obligations in order to provide a borrower with a fresh start. The applicant will not be liable for debts which have been discharged under the bankruptcy and could start rebuilding their financial condition quickly after emerging from the bankruptcy. Bankruptcy applications will often be a traumatic and grueling process for most debtors; however, a qualified Tampa Bankruptcy Attorney may offer assistance. A Tampa bankruptcy lawyer may complete the bankruptcy documents and give expert legal advice.

Unlike a chapter 13 bankruptcy, a chapter 7 bankruptcy does not require the filing of a payment plan. Instead, the bankruptcy trustee collects and sells the debtor’s assets and uses the income of such assets to pay the debtor’s lenders. However, a few classifications of assets will be exempt from the bankruptcy and the trustee will not liquidate the exempt assets in order to pay the creditor’s claims. For instance, particular retirement accounts may be categorized as exempt and thus not subject to liquidation by the bankruptcy trustee. Most notably, a debtor’s pension account and social security will often be exempt from the chapter 7 liquidation. A qualified Tampa Bankruptcy Lawyer could assess your assets and help ascertain which assets may be exempt from the chapter 7 bankruptcy. Prior to filing for a chapter 7 bankruptcy a borrower should always speak with an experienced Tampa bankruptcy attorney to get a broad appreciation of the possible implications which could occur from the bankruptcy.

If you need relief from your overwhelming debt and are thinking about filing for bankruptcy call Florida Law Group for a free consultation. The Tampa Bankruptcy Attorneys at Florida Law Group can help determine if you are eligible for a chapter 7 bankruptcy and prepare all of the necessary documents on your behalf. If you don’t meet all of the requirements for a chapter 7 bankruptcy the Tampa Bankruptcy Lawyers will work closely with you to provide an alternative solution to your financial crisis.

Florida Law Group specializes in Bankruptcy Law, Florida Divorce Law, Immigration Law, Florida DUI Law, and Florida Foreclosure Law.Florida Law Group has served as a dependable source for information regarding a Tampa Bankruptcy Lawyer for many years. For dependable answers and advice on finding a reputable Tampa Bankruptcy Lawyer visit our website today.
Article Source