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Chapter 7 Bankruptcy

“Straight bankruptcy” is the common name for the process under chapter 7 of § 11 of the U.S. Code, also known as the “Bankruptcy Code.” In a chapter 7 case, a bankruptcy lawyer files a petition to have the court discharge your debts. This petition must contain a number of detailed attachments, including: a “creditor matrix” (a complete list of all creditors and their addresses), a certificate showing completion of a credit counseling briefing within 180 days before filing, a statement of financial affairs, and detailed “schedules” that separately show all real property, personal property, secured and unsecured claims, and all “executory” contracts and leases. You are also required to provide statements that show your current monthly income along with a number of other forms, notices, and documents.

The fundamental purpose of chapter 7 bankruptcy is to eliminate or discharge your debts in exchange for giving up property that is not “exempt” from the bankruptcy “estate.” Under certain circumstances, all of your property will be protected. But any property that is not “exempt” or protected will be sold by the bankruptcy trustee. The money from the sale of that non-exempt property goes to pay unsecured creditors. The proceeds first go to pay off “priority” debts and any remaining funds are applied to unsecured, un-prioritized debts. Regardless of how much money is received from the sale of non-exempt property, any remaining unpaid and unsecured debts will then be discharged at the conclusion of a chapter 7 case.

How much money you make has a big impact on a chapter 7 bankruptcy case. In most situations, if you make less than Florida’s median family income for a family of your size, you will automatically have the right to a discharge of your unsecured debts under chapter 7. Even if your income is greater than the state median, it is still possible to qualify for a chapter 7 bankruptcy if you pass a “means test.” You must fill out a detailed form that asks information about your income and expenses. There are standards in the Bankruptcy Code, and if the results of the means test show that your “disposable income” is below a certain level or percentage of your non-priority, unsecured debt, then you can still obtain a chapter 7 discharge. To find out more about the median income levels, please view this link:

https://www.justice.gov/ust/eo/bapcpa/20181101/bci_data/median_income_table.htm.

Chapter 13 bankruptcy might be a better option if you have a steady income and want to hold onto some types of property that are not usually protected in a chapter 7. For more information on bankruptcy or how we can help you with all of the above and more, please call us today at (754) 400-5150 or contact us online. Our country’s history is filled with examples of people who have struggled financially but have gone on to become famously wealthy. They all reclaimed their part of the American Dream and we want to help you reclaim yours! Let the lawyers and staff at the Law Offices of Evan M. Rosen serve you!

Under federal law, we are a "debt relief agency." In addition to other legal services, we help people file for bankruptcy relief under the Bankruptcy Code.

Client Reviews
★★★★★
Mr. Rosen was recommended to us by our friends and we highly recommend him for his excellent service. He represented us in the matter of foreclosure defense. His comprehensive and detailed knowledge of Florida law, federal law, and ongoing relevant cases was key to building a robust and winning strategy for our case. He presented us with several options and the risks associated with each, but ultimately, we picked the one that worked best for us. Mr. Rosen and his legal team are highly professional and always easily approachable via phone or e-mail. Once again, highly recommended. Jadwiga M.
★★★★★
In a few words, Evan Rosen saved my house. He got a final judgment in my favor. The judge gave the bank many opportunities (continuance of the trial even a mistrial) to solve all the issues that Evan Rosen will bring up to the judge (issues that were wrong with my case). In the end, his arguments could not be overlooked by the judge and Evan won the judgment in favor of the defendant (me) and an involuntary dismissal of the case. If you want to have the best chances to win your foreclosure case, you need Evan Rosen on your side. He is the Super Lawyer. I have seen him flying out of the courthouse. Oscar D.
★★★★★
I am so grateful first to god and for the blessing of putting attorney Evan Rosen and his team of professional, in our lives. If you are going through a foreclosure and don't know what to do, I can honestly tell you that attorney Evan Rosen is the person to talk (855-55-Rosen) he takes his time to hear your situation and never sugar coats anything and he does not give you false hope. He is an attorney that you can be sure will fight the fight for you. I know nowadays it's hard to find an attorney that you can trust, but know this, you will not regret the day you choose him. Julie D.