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Get started with your Chapter 7 bankruptcy

Chapter 7 bankruptcy is a good way to get out of debt when you can't see any other way out. If trying to work more, getting a consolidation loan or taking other steps to manage your debt doesn't work, then bankruptcy may be the right choice moving forward.

When you file a Chapter 7 bankruptcy, you will start by filing a petition with the bankruptcy court in your area. You will need to provide the court with:

  • A statement of your financial affairs
  • A schedule of your current expenses and income
  • A list of your liabilities (debts) and assets
  • A list of unexpired leases and contracts
  • A certificate of credit counseling

Before you will be able to enter into Chapter 7 bankruptcy, the court will need to decide if you are eligible. You will need to pass a means test to determine if you make too much money to qualify for this form of bankruptcy. For instance, if your income is more than the median family income in Florida, then you will have to fill out forms with a complex formula to see if you can still qualify. If you don't, you may need to try for Chapter 13 bankruptcy instead.

On the other hand, if you earn less than the average median household in Florida, then you won't need to be concerned about further testing or paperwork.

With Chapter 7 bankruptcy, the goal is to get you into a better financial position. You may lose some unnecessary assets but will have some exemptions that you can apply to your case. Your attorney can help you apply and discuss the different kinds of bankruptcy that may work for you.

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Kingcade Garcia McMaken
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Miami, FL 33145

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