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Chapter 7 Bankruptcy Attorney in Lee County, Florida

Helping You a Seek Fresh Financial Start

Once you have decided that filing for bankruptcy may be the best option for you, it is important to talk with an attorney about which type of bankruptcy is the right way to reach your goals. Many individuals and couples file for Chapter 7 bankruptcy protection. This is a way to have your debts discharged so you can regain control of your finances with a fresh start.

At Lampley Law Office, in Fort Myers, we are dedicated to helping people in Lee, Collier and Charlotte counties understand bankruptcy and how Chapter 7 can make their lives better. We focus on helping you navigate the process and protecting your rights in order to protect your future as well.

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The Chapter 7 Bankruptcy Process

Chapter 7 of the Bankruptcy Code is a liquidation chapter. This means that personal property is sold (liquidated) to pay off creditors and the remaining debt is dismissed. Some important things to note about Chapter 7:

  • In a Chapter 7 bankruptcy case, a trustee is appointed to administer your nonexempt assets (things you were not allowed to keep) for the benefit of your creditors. Essentially, the trustee sells your nonexempt assets to pay creditors. This is an important step even though we understand that it can be difficult to let go of your items and assets.

  • In terms of the length of the process, Chapter 7 usually is the shortest of the chapters. This is due to the fact that there is no repayment plan in place. The case is done once the nonexempt property is sold, creditors are paid and the debts are discharged. However, a Chapter 7 filing does stay on your credit report for 10 years.

The Means Test

The means test is a crucial step in the process of determining whether or not you qualify to file for Chapter 7. This is a step where a judge examines your debts and income to determine if you have enough money coming in to effectively pay some of your debts. Once a decision has been made, you will face one of two scenarios:

  • If your situation passes the means test, you will be allowed to proceed with the Chapter 7 filing.

  • If you do not pass the means test, the judge will not allow you to continue with Chapter 7 filing. However, filing Chapter 13 bankruptcy may still be an option for you, so all hope is not lost.

Get Answers to Your Chapter 7 Questions

We are here to help you understand all of your bankruptcy options, including the aspects of Chapter 7 that will directly impact your life and financial future. To learn more, contact our office.