If you require a fresh start with your finances, Chapter 7 Bankruptcy may be a viable option. The process of filing for bankruptcy can be overwhelming, however, so it’s prudent to work with a knowledgeable Miami Chapter 7 Bankruptcy lawyer. From mortgage modification to adversary proceedings, the Law Offices of Samir Masri provides an extensive range of legal services related to Chapter 7 Bankruptcy, which is often the best solution for those with crippling debt.
What Is Chapter 7 Bankruptcy?
Often referred to as complete liquidation, Bankruptcy Chapter 7 involves the elimination, or discharge, of most consumer and business debts with the few exceptions of student loans, alimony and child support. There are certain IRS income tax related debts which may also be eliminated in certain circumstances. The Bankruptcy process typically takes between four to six months, although this can vary based on the individual’s situation. Once a Chapter 7 Bankruptcy Petition has been filed, the Automatic Stay provision of the Bankruptcy Code is triggered, affording debtors protection from creditors and lawsuits. This ensures that creditors cannot legally garnish wages or otherwise attempt to continue to collect on the debt.
Who Is Eligible For Chapter 7 Bankruptcy?
To qualify for a Chapter 7 Bankruptcy, individuals must successfully pass a means test which places strict limits on income to ensure that those individuals with sufficient means or income to pay off their debts do not take advantage of the Chapter 7 Bankruptcy provisions. However, those ineligible for Chapter 7 typically turn to Chapter 13 Bankruptcy instead.
The Role of a Miami / Fort Lauderdale Chapter 7 Bankruptcy Lawyer
Attorney Samir Masri is an experienced Chapter 7 Bankruptcy lawyer who can help you determine your eligibility for a Chapter 7 Bankruptcy. Our Office will guide you through the entire Bankruptcy process from pre filing to Discharge, including representation during adversary proceedings, if necessary. If ineligible for a Chapter 7, our Office will evaluate your situation and seek an alternative solution.
Miami / Fort Lauderdale Chapter 7 Bankruptcy lawyer Samir Masri is happy to assist your with both Chapter 7 and Chapter 13 Bankruptcies. Call the Law Offices of Samir Masri today to learn more about a Chapter 7 Bankruptcy and whether it is a viable option for your situation.