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Bankruptcy Court
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United States Bankruptcy Court
Middle District of Florida

George C. Young Federal Bldg
400 West Washington Street
Orlando, FL 32801

Bankruptcy Court Website

US Bankruptcy Court Location, Orlando Florida
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Bankruptcy - Seven Reasons to File Chapter 7
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Seven Reasons to File Chapter 7

The US Bankruptcy Code offers several choices to one who is struggling with debt. A Chapter 7 bankruptcy is the most common form and preferred option for most debtors. Here are seven reasons why:

1. Time: A typical Chapter 7 bankruptcy takes about 150 days from beginning to end. Once the case is filed, a brief creditor’s meeting is held about 30 days into the process. Unless a creditor objects (rare), the case ends about three months later with little excitement. A Chapter 13 case will run from 36 to 60 months, 3 to 5 years.

2. Property: Most Chapter 7 filers do not lose any property. Federal and/or State exemption laws allow a debtor to protect fairly generous amounts of property. The bankruptcy trustee concludes most cases as being “no asset“ cases. This means that you have no property that you are required to forfeit. Exemptions vary from case to case and we will discuss all exemptions available to you at your initial consultation.

3. Cost: A Chapter 7 case is considerably less expensive than a Chapter 13 bankruptcy.

4. Repayment of Most Unsecured Creditors: NONE If the debt was incurred in good faith and no creditor objects to you filing bankruptcy, unsecured credit obligations (credit cards, medical bills, utility bills, car repossessions, mortgage foreclosure obligations) are completely wiped out in bankruptcy. Your debts will be discharged and you will not have to pay anything back.

5. Privacy: While a record of your bankruptcy is accessible in the court system, however, unlike State Court, unless you have a special account, you cannot access bankruptcy information on the internet. Usually bankruptcy filings are not published in the newspaper. Generally, the only people who know you filed are you, the court, your creditors, and anyone else you choose to tell. Your employer will not be notified by the Court.

6. Credit: Most Chapter 7 bankruptcy filers are able to reestablish credit within a short period after their bankruptcy. After the present debt is removed, your debt to income ratio improves. This is the beginning to rebuilding credit.

7. Stress: Other than a 3-5 minute hearing with the assigned trustee for your case, most Chapter 7 filers never have to go to court for a hearing and will never see a Bankruptcy Judge.


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 Additional Information

Look through the links below to additional information about your rights on filing Bankruptcy. Once you have looked through the information then call the Law Offices of Roy A. Praver to setup your free bankruptcy consultation to determine if filing Bankruptcy is the correct step for you.
 Contact Us

If you are considering filing for bankruptcy, you do not have to make this decision alone. The Law Offices of Roy A. Praver can provide you with the help and support you need to handle your financial situation. Contact the Law Offices of Roy A. Praver today at 321-383-3445 to schedule a free initial consultation.

Titusville, FL Office
O: 321-383-3445
F: 321-268-9564

Prior to your appointment, we ask that you send us an email and briefly describe or list any questions you have about bankruptcy. Most of your questions can be answered from information provided on our website, but please feel free to contacts us. We are always here to help you.

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