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Chapter 7 bankruptcy basics

On Behalf of | Jan 7, 2021 | Chapter 7 Bankruptcy

Millions of Americans have had a pretty rough time over the last several months. Miami area residents weren’t exempt from the challenges our country has faced. For some people, financial problems that might have been bad to begin with only got worse. In some situations, escalating debt was the primary concern. This type of situation can leave many people searching for answers.

Chapter 7 bankruptcy for debt discharge

Fortunately, for those who are facing mounting debt burdens, Chapter 7 bankruptcy may be a good option in a tough situation. The basics of Chapter 7 bankruptcy are fairly straightforward. For starters, many people will qualify to file under this type of bankruptcy due to income parameters. Secondly, if qualified, filers will usually list all of their assets and debts, and then a bankruptcy court will “liquidate” those assets which are not exempt from the bankruptcy process. In essence, assets are sold off to satisfy outstanding debt. In general, most debts that cannot be satisfied by the sell-off of assets are discharged.

Of course, the bankruptcy process can be slightly different, depending on the circumstances of any given case. There are nuances to the law and how it is applied that could, potentially, make the bankruptcy process go more smoothly for our readers in Miami.

How guidance can prove helpful in the bankruptcy process

At our law firm, we work with those who are facing debt challenges to attempt to find a way forward to financial stability. While the basics of Chapter 7 bankruptcy are usually easy to grasp, the details of your own potential filing are what matter to you. At our law firm, we do our best to attempt to make sure that our clients have the information they need to make good decisions when it comes to their overall financial situation.



Kingcade & Garcia | A Miami Law Firm