ORLANDO CHAPTER 7 BANKRUPTCY LAWYER
UNDERSTANDING LIQUIDATION BANKRUPTCY
Consumers who are struggling with excessive debt may be able to find relief by filing for bankruptcy. The bankruptcy process was designed to be a way out for those who are unable to repay their debts and, for consumers, there are two options. The first is Chapter 7 liquidation bankruptcy and the second is Chapter 13 reorganization bankruptcy. Chapter 7 is the option for consumers who have little to no income and are therefore unable to repay even a portion of their debts.
Under Chapter 7 of the U.S. Bankruptcy Code, a consumer must hand over all nonexempt property and assets to a trustee to be liquidated and used as repayment on their debt. The remainder of their debt is then discharged. Consumers must first pass the means test to prove that their income and assets are insufficient to repay their debts or to file for Chapter 13 bankruptcy. By filing under Chapter 7, a consumer will be able to eliminate their overwhelming debts and rebuild their credit from the ground up.
CHAPTER 7 FOR BUSINESSES
Businesses can also file for Chapter 7 bankruptcy if they pass the means test and are not eligible for Chapter 11 reorganization bankruptcy. Businesses that file under Chapter 7 must close their doors, but the debts will be eliminated so that there is no more stress or worry about the financial future. Whether you are a consumer or business owner, it is in your best interest to speak with an Orlando bankruptcy attorney about your case.
RETAIN AN ATTORNEY FROM OUR FIRM
Do not hesitate to speak with a lawyer from Fisher Legal Group if you are under a mountain of debt and cannot see a way out. We can explain all of your options to you, including alternatives to bankruptcy that may be available, so that you can make an educated decision. Our goal is to bring you comfort and peace of mind about your financial future. Contact us today!
Get your questions answered - Call for a free consultation or assessment of your needs (407) 792-6970.