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Get a Fresh Start with Chapter 7 Bankruptcy

Chapter 7 bankruptcy, also known as straight bankruptcy, offers the most complete relief for people who are struggling to make ends meet and simply do not have the means to keep up with or pay off their debts. At the Law Offices of Stephen Orchard in Boca Raton, we help individuals and families in West Palm Beach and Broward County obtain a complete discharge of all applicable debts so they can emerge from a Chapter 7 virtually debt-free and ready to make a fresh start.

How Chapter 7 works

When you file for Chapter 7, the court puts in place what is known as an “automatic stay,” which stops all collection activity on the part of the bill collectors, including any attempts to repossess your property, garnish your wages, or put a lien on your property. You may have heard that Chapter 7 requires you to sell or “liquidate” all of your non-exempt assets and use that money to pay your creditors before any debts are discharged. However, Florida bankruptcy law allows you to exempt much of your assets from sale, such as the value of your home, certain personal property and savings accounts. Bankruptcy attorney Stephen Orchard can guide you through the Florida bankruptcy exemptions. In many cases, our clients obtain a “no-asset” bankruptcy, where they are not required to sell any assets in order to get a discharge of their debts from the court.

Is Chapter 7 right for me?

Not all debts are dischargeable in Chapter 7. For instance, most tax debt and student loan debt cannot be forgiven, and a bankruptcy will not remove child support or other court-ordered obligations. Also, if your debt is secured by collateral (such as a home or car loan), then a discharge of the debt may still leave the collateral vulnerable to foreclosure or repossession by the holder of the note.

Chapter 7 is an excellent tool for people with high amounts of unsecured debt, such as medical bills or credit card debt. If most of your debts are secured, or if you are not eligible to file for Chapter 7 because of your income levels, we may still be able to help you find effective relief through a Chapter 13 debt adjustment.

Call Today for an Evaluation of Your Chapter 7 Bankruptcy Eligibility

To determine whether a Chapter 7 bankruptcy is right for you and whether you are eligible to file for Chapter 7, contact the Law Offices of Stephen Orchard at 561-455-7961. We offer a free consultation to evaluate your situation and advise you on your best options.

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