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BANKRUPTCY COURT
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United States Bankruptcy Court
Middle District of Florida
135 West Central Blvd.
Orlando, FL 32801-2443
Website
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Bankruptcy - Seven Reasons to File Chapter 7
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Seven Reasons to File Chapter 7
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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 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.
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| 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. We have two convenient locations to serve you:
Titusville, FL Office
Melbourne, FL Office
O: 321-383-3445
O: 321-255-5453
F: 321-268-9564
Prior to your appointment, we ask that you go to our online
Bankruptcy Evaluation Form, fill it out to the
best of your ability, and bring any of the following information with you to your meeting.
- Any creditors (including collections agencies) from corresponding with you at all, including phone calls, letters, etc.
- Collection efforts from most entities you owe money too.
- Any creditor from starting or continuing a law suit against you.
- Repossessions.
- Foreclosure proceedings and Trustee Sales.
- Wage Garnishments or levies, even if garnishment orders are already in effect.
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