Chapter 7 Bankruptcy In Orlando, FL

If you’re faced with owing a tremendous amount, filing for Chapter 7 bankruptcy may be a viable way for you to experience long-awaited debt relief. Alec Solomita from Solomita Law will walk you through the process of Chapter 7 bankruptcy proceedings in a compassionate, professional way.

Mr. Solomita is well-versed in handling the complicated paperwork and legal proceedings that go into a Chapter 7 filing. He will keep the process as painless as possible, making sure you’re aware of every proceeding and guiding you through things like how to liquidate your assets, what is exempt and what isn’t, and how you’ll end up repaying your outstanding debt.

What Is Chapter 7 Bankruptcy And Is It Right For Me?

If you are struggling to make regular monthly payments toward your debts, Chapter 7 Bankruptcy could be a viable option for you to experience debt relief. Both individuals and businesses can be eligible to file for Chapter 7 Bankruptcy, regardless of whether they are solvent or insolvent.

A bankruptcy trustee is assigned to liquidate nonexempt assets to pay your creditors. Once these assets are exhausted, the debt that remains is discharged.

The requirements for filing for Chapter 7 Bankruptcy are:

• You have not filed Chapter 7 Bankruptcy in the past 8 years
• You must pass a ‘means test’

What Is Considered A Nonexempt Asset?

Nonexempt assets are the assets that are liquidated when you file Chapter 7 Bankruptcy. These can include:

• A residential property that is not your primary residence
• Valuable collectibles
• Expensive musical instruments
• Expensive name-brand clothing
• Jewelry

Alec Solomita is an experienced Chapter 7 Bankruptcy attorney who can help you identify your nonexempt assets.

How Are My Debts Paid In Chapter 7 Bankruptcy?

The ‘Absolute Priority Rule’ stipulates which debtors are to be paid first in a Chapter 7 Bankruptcy. Under this rule, debts are categorized as priority unsecured debt, secured debt, and non-priority unsecured debt.

Examples of priority unsecured debt could include:

• Child support
• Personal injury claims
• Tax debts

Secured debt is any debt that is backed by collateral, such as…

• Auto loans
• Mortgages

How Long Does It Take To File Chapter 7 Bankruptcy In Florida?

From the time of filing for Chapter 7 Bankruptcy until you receive your final discharge could take from three to four months. Once you receive your final discharge, you no longer have to pay your debt. You are able to start over with a clean slate and work toward establishing your good credit once more.

Chapter 7 is the most common and quickest form of bankruptcy. With an experienced Chapter 7 Bankruptcy Attorney on your side, you could be just months away from debt relief.

If you are located in or near Orlando, FL… call Alec Solomita of Solomita Law, PLLC today at (407) 305-5599 for a consultation.

What Are The Exemptions Under Chapter 7 Bankruptcy Law?

Filing for Chapter 7 Bankruptcy can seem intimidating. One aspect of Bankruptcy 7 which might lead to hesitancy is the liquidation of your assets.

Some items which would be exempt from liquidation include, but are not limited to…

• Necessary clothing,
• Necessary household goods and furnishings,
• Jewelry under a certain value,
• Your primary mode of transportation,
• Your primary residence,
• Personal items,
• Retirement accounts and pensions,
• Burial plots,
• Health aids,
• And more…

Alec Solomita is an experienced Chapter 7 Bankruptcy attorney who will lend you his expertise and compassion throughout the process. He will work with you to ensure that you are comfortable with the asset liquidation process and that you can live debt free.