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West Palm Beach Chapter 7 Bankruptcy

A Chapter 7 bankruptcy is often the simplest form of bankruptcy. It is typically quick and easy lasting only 90-100 days and most, if not all, of the client’s debts are discharged once the case is complete. However, as a result of the bankruptcy amendments in 2005 there are now income requirements that must be met. In many cases, a Chapter 7 bankruptcy is still a viable option because most individuals qualify as a result of a loss or decrease in income. Although a Chapter 7 bankruptcy is referred to as a “liquidation” the majority of individuals that file Chapter 7 are not required to turn over any property because the property is often exempt under state law.

A Chapter 7 bankruptcy can often wipe out
  • medical bills;
  • personal loans including car loans
  • notes/loans secured by mortgages in foreclosure;
  • credit card debt;
  • wage garnishments;
  • judgments
  • deficiencies on repossessed vehicles
  • deficiencies resulting from mortgage foreclosure
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