CHAPTER 7 BANKRUPTCY QUESTIONS

Frequently Asked Questions: (F.A.Q.)

What is a Chapter 7 bankruptcy?
Can I keep my house or car in a Chapter 7 bankruptcy?
What debts does Chapter 7 eliminate?
What debts does Chapter 7 not eliminate?
Will Chapter 7 bankruptcy stop a garnishment?
Will Chapter 7 bankruptcy stop a utility shutoff?
Will Chapter 7 bankruptcy stop a foreclosure?
How often can I file a Chapter 7 bankruptcy?
Do I qualify for a Chapter 7 bankruptcy?

What is Chapter 7 bankruptcy?

Chapter 7 eliminates many debts almost immediately. In exchange, you offer your assets (such as money, real estate, or personal property) to the bankruptcy. The bankruptcy might use those assets to repay a portion of your debts.

At your free consultation, Attorney Todd Budgen will review your debts and your assets. He will tell you what debts will be eliminated by the bankruptcy, and what assets might be used to repay those debts.

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Can I keep my house or car in a Chapter 7 bankruptcy?

Many people are able to keep both their home and car, even in a Chapter 7 bankruptcy. At your free consultation, Attorney Todd Budgen will review your property and tell you how to use state laws to protect your property from sale by the bankruptcy.

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What debts does Chapter 7 eliminate?

Chapter 7 bankruptcy eliminates most unsecured debts, such as:

Chapter 7 bankruptcy will also eliminate secured debts, like car loans and mortgages, if you are willing to give the property back to the bank. At your free consultation, Attorney Todd Budgen will tell you which of your debts will be eliminated by a Chapter 7 bankruptcy.

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What debts does Chapter 7 not eliminate?

In most situations, Chapter 7 does not eliminate taxes, student loans, child support or alimony payments. At your free consultation, Attorney Todd Budgen will tell you which of your debts will survive a Chapter 7 bankruptcy.

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Will Chapter 7 bankruptcy stop a garnishment?

Yes. As soon as your bankruptcy is filed with the court, the garnishment will stop.

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Will Chapter 7 bankruptcy stop a utility shutoff?

Yes. As soon as your bankruptcy is filed with the court, the utility shutoff will be prevented. You are required to pay all new utility charges.

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Will Chapter 7 bankruptcy stop a foreclosure?

Yes, but only temporarily. Filing a Chapter 7 bankruptcy will stop a foreclosure, but it will not repay mortgage arrears. If you wish to catch up on your mortgage, you need a Chapter 13 bankruptcy. Schedule a free consultation with Attorney Todd Budgen to determine which option is best for you.

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How often can I file a Chapter 7 bankruptcy?

Chapter 7 bankruptcies can be filed once every 8 years. Even if you cannot file a Chapter 7 bankruptcy, you can still file a Chapter 13 bankruptcy. Schedule a free consultation with Attorney Todd Budgen to learn more.

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Do I qualify for a Chapter 7 bankruptcy?

People with lower incomes or larger households are most likely to qualify for Chapter 7 bankruptcies. At your free consultation, Attorney Todd Budgen will review your income and household size and discuss whether you qualify for a Chapter 7 bankruptcy. If you do not qualify for a Chapter 7 bankruptcy, Chapter 13 bankruptcy may be able to help you with your debts.

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There may be many other Chapter 7 Bankruptcy issues that may have to be addressed, depending upon your unique circumstances and how the bankruptcy laws apply to your current situation.

Contact an experienced Chapter 7 Bankruptcy Attorney (lawyer) at the Budgen Law today to schedule a free and confidential legal consultation.

Call Us Now 407.481.2888

Orlando Chapter 7 Bankruptcy Lawyer, Todd Budgen provides experienced Chapter 7 Bankruptcy Attorney legal Services in Orlando, Longwood, Maitland, Orange County, Seminole County and the surrounding Central Florida areas.

BUDGEN LAW
640 East State Road 434,
Suite 3000
Longwood, FL 32750
Phone: 407.481.2888
Fax: 407.313.1119

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