Jacksonville Chapter 7 Bankruptcy Attorney

If you are struggling with overwhelming debt, you may be wondering what your options are. While many people are hesitant to pursue bankruptcy, it may be the best way to get a fresh start. Chapter 7 bankruptcy, also known as liquidation, can help you eliminate most of your debt and get your finances back on track. At The Law Office of David C. Meltzer, PLLC, we have the knowledge and experience to guide you through the Chapter 7 process. We can help you get the fresh start you deserve.

If you are interested in learning more about how Chapter 7 bankruptcy can help you, contact our Jacksonville Chapter 7 bankruptcy lawyer at (904) 418-7454 to schedule a free initial consultation.

Chapter 7 Eligibility

To qualify for Chapter 7, you must pass the "means test" to prove that you do not have the ability to repay your debts. If you pass the means test, you will not have to repay your unsecured creditors.

If you do not pass the means test, you may still qualify for Chapter 7 if:

• You have little disposable income
• Your debts are primarily consumer debts
• You have few assets

If you have significant assets or debts, you may be better off filing for Chapter 13 bankruptcy. We can help you determine if you are eligible for Chapter 7, and if not, what your other debt relief options are.

What Is the Means Test?

The means test determines your ability to repay your debts. This “test” is based on your income and expenses. You must pass to qualify for Chapter 7 bankruptcy.

The means test requires you to:

• Calculate your current monthly income
• Subtract your allowable living expenses
• Compare your current monthly income to the median income for a similar household in the state

If your income is less than the median income, you automatically pass the means test. If your income is higher than the median, you must calculate a certain percentage of your disposable income to determine what percentage of your debt you can afford to repay.

You may be able to pass the means test if your disposable income is far below the median. If your disposable income is close to the median, you may be better off filing for Chapter 13 bankruptcy.

Understanding the Chapter 7 Bankruptcy Process

The process of filing for Chapter 7 can be challenging and overwhelming, but with the support of our professional Jacksonville Chapter 7 bankruptcy lawyer, you can go through it with confidence. Our staff is committed to providing you with individualized advice in order to help you make a fresh start financially.

Here is a brief overview of the Chapter 7 process:

1. Consultation: Schedule a consultation with our seasoned Chapter 7 bankruptcy attorney to discuss your financial situation and determine if filing is the right option for you.
2. Filing: Our lawyer will help you prepare and file the proper documents with the bankruptcy court, such as a petition, schedules, and statements that show your assets, debts, income, and expenses.
3. Automatic Stay: Once your bankruptcy petition is filed, an automatic stay goes into effect, which stops all collection actions by creditors, including foreclosure, repossession, and wage garnishment.
4. Meeting of Creditors: You will be required to attend a 341 Meeting of Creditors, where a bankruptcy trustee will ask you questions regarding your finances. Our seasoned bankruptcy attorney will prepare you for this meeting and provide support.
5. Discharge: If your case is successful, you will receive a discharge, which eliminates your personal liability for most of your debts. This allows you to make a fresh financial start.

At The Law Office of David C. Meltzer, PLLC, we understand the stress and uncertainty that comes with financial difficulties. Our compassionate and knowledgeable team is here to guide you through the Chapter 7 bankruptcy process and help you regain control of your financial future. Contact us to schedule a consultation.

What Are the Differences Between Chapter 7 and Chapter 13 Bankruptcy?

The differences between Chapter 7 and Chapter 13 bankruptcy include:

• Chapter 7 bankruptcy is designed for individuals or businesses without the means to repay their debts, while Chapter 13 bankruptcy is available to individuals with a regular income.
• In Chapter 7 bankruptcy, debts are often discharged, meaning they are eliminated and no longer owed. In Chapter 13 bankruptcy, a repayment plan is created to partially or fully repay creditors over a specific period of time.
• Chapter 7 bankruptcy may involve the liquidation of non-exempt assets to repay creditors, while Chapter 13 bankruptcy allows individuals to keep their property and repay debts through a structured plan.
• The repayment period differs between the two types of bankruptcy. Chapter 7 bankruptcy is typically a quicker process, often completed within a few months. Chapter 13 bankruptcy involves a repayment plan lasting three to five years.
• Chapter 7 bankruptcy does not require a minimum income level, while Chapter 13 bankruptcy requires a steady income to create a repayment plan.
• Both types of bankruptcy will have a negative impact on credit scores, but Chapter 7 bankruptcy remains on a credit record for 10 years, while Chapter 13 bankruptcy stays for seven years.

Is Chapter 7 Right for You?

Deciding whether to file for Chapter 7 bankruptcy is a major financial decision that should not be taken lightly. It is important to understand the implications and benefits of Chapter 7 before making a decision. At The Law Office of David C. Meltzer, PLLC, our experienced Chapter 7 lawyers in Jacksonville  can guide you through the process and help you determine if this is the right choice based on your particular circumstances.

Here are some key factors to consider:

• Debt Relief: Chapter 7 provides a fresh start by eliminating most unsecured debts, such as credit card debt and medical bills.
• Asset Protection: While Chapter 7 involves liquidating non-exempt assets to repay creditors, many assets are exempt under state and federal laws, allowing you to keep your home, car, and other essential possessions.
• Eligibility: To qualify, you must pass the means test, which compares your income to the median income in your state. Our skilled attorneys can help you determine if you meet the eligibility requirements.
• Automatic Stay: Filing for Chapter 7 triggers an automatic stay, which halts all collection activities, including foreclosure, repossession, and wage garnishment.
• Discharge of Debts: Upon successful completion of the Chapter 7 process, most of your debts will be discharged, providing you with a fresh financial start.

If you are considering Chapter 7 bankruptcy, it is crucial to consult with a knowledgeable attorney who can provide personalized advice based on your unique circumstances. Contact our team at The Law Office of David C. Meltzer, PLLC to request a consultation with our skillfully Jacksonville bankruptcy attorneys to explore your options.

Our Jacksonville Chapter 7 Bankruptcy Attorney Can Help

Attorney David Meltzer can help you determine if you qualify for Chapter 7 bankruptcy and then guide you through every step of the bankruptcy process, from the initial consultation to filing, court hearings, and beyond. Our firm's goal is to help get you back on your feet, including defending your home from foreclosure, ending creditor harassment, and protecting your financial future. 

At The Law Office of David C. Meltzer, PLLC, we have nearly a decade of experience helping clients get the fresh start they need. We are committed to providing personalized attention to each of our clients in order to help you get the debt relief you deserve.

To learn more about how Chapter 7 bankruptcy can help you, contact our Jacksonville Chapter 7 bankruptcy lawyer at (904) 418-7454.

Helpful Resources

• Florida Courts - Chapter 7 Bankruptcy