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Fort Lauderdale Chapter 7 Bankruptcy Lawyer

Use Liquidation Bankruptcy to Your Advantage

Have your credit card, loan, or mortgage payments become unmanageable? You may have fallen on hard times because of an illness, the need to take care of elderly parents, a stock market crash, or even a natural disaster. Alternatively, poor financial decisions you made in the past might have wreaked devastating consequences on your current circumstances. Whether you are struggling because of misfortune or mistakes, LSS Law are here to provide dedicated and compassionate legal counsel.

Our bankruptcy attorneys support clients and businesses in Fort Lauderdale and Miami who need a powerful solution to their crushing debt. If you have very few assets and an income that is too low to keep up with payments, Chapter 7 may be the right path for you.

Benefits of Chapter 7 Bankruptcy

If you are fighting severe debt, filing Chapter 7 is an option. If you are eligible, below are some of the common reasons why people file. If you are interested, reach out to LSAS Law to see if you qualify. Then, our experienced Fort Lauderdale Chapter 7 lawyers can assist you in filing.

Reasons to file for Chapter 7:

  • Filing will lead you to a "fresh start" -- certain debts may be eliminated completely.
  • Ability to keep future income or property after filing for Chapter 7. Not all income or property is protected -- speak with a bankruptcy attorney for more information.
  • No limit to the amount of debt you have.
  • Involves no repayment plan. After the debt is discharged, you no longer have responsibility of it.
  • Debt may be discharged in as little as 3 months.

How Does Chapter 7 Work?

Chapter 7 is the most common type of bankruptcy in the United States and typically takes 3-5 months. It is also called liquidation bankruptcy because the court-appointed trustee uses the filer’s assets to pay creditors. However, not all of your possessions will qualify for liquidation.

Non-exempt assets will be liquidated. These typically include:

  • Cash
  • Stocks and bonds
  • Valuable possessions (e.g. heirlooms, expensive instruments, etc.)
  • Second vehicles/luxury cars
  • Vacation homes

Exempt assetswill not be liquidated. Your exempt assets may include:

  • Vehicles (unless they exceed a certain value)
  • Clothing, household appliances, and furniture
  • Pensions and public benefits
  • Tools for your professional trade
  • Certain portions of your equity (although the court may place a lien on your home)

During this process, you will likely need to complete bankruptcy counseling and a financial management course. You will also need to attend the Meeting of Creditors, at which you will explain your situation and why you need to file.

Who Can File Chapter 7 Bankruptcy?

To qualify for Chapter 7, you will need to pass the means test. The means test determines whether you are eligible for Chapter 7 by assessing your monthly income, expenses, and level of debt. If your income is too high, the court will decide you are capable of paying your debt in full or, if necessary, reorganizing it through Chapter 13. Generally, you will pass the means test if your income is less than the median income of your state.

Chapter 7, therefore, may be best for you if you have a very low income. Furthermore, you should either have few non-exempt assets or be willing to lose them through liquidation.

Other requirements for Chapter 7:

  • You must be an individual, a married couple, or a small business owner.
  • You have not had a bankruptcy discharge via Chapter 7 in the last 8 years.
  • You have not had a recent bankruptcy discharge via Chapter 13 in the last 6 years.
  • You have not had a bankruptcy dismissal in the last 180 days.
  • You must attend a credit counseling course 180 days before your discharge.

Call Our Fort Lauderdale Chp. 7 Lawyer at (954) 932-5377

Deciding whether Chapter 7 is right for you will be a challenge without years of experience and training. At LSAS Law, our team is armed with the knowledge and resources needed to assist you during this trying time. If you are unsure whether bankruptcy is the best option, or you need a dedicated advocate by your side, we are the team for you.

Specialized Experts The Small Business Reorganization Act Chapter 11

The often times difficult Chapter 11 bankruptcy that traditionally favored larger companies is now available for small businesses through The Small Business Reorganization Act. Allows us to help you build a comprehensive strategy to navigate the process with the help our recognized team.

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Real Client Experiences

  • “Excellent company to work with providing timely advice and guidance.”

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  • “.... very attentive, patient and knowledgeable”

    - Tavy B.

  • “Well prepared, great attention to detail, and very empathetic to my needs.”

    - Walter L.

  • “I felt extremely well represented [by LSAS Attorneys] during the whole process.”

    - Philippe K.

  • “[A]n amazing attorney to work with, extremely thorough, hands on and always available for any questions or concerns that you have.”

    - Katherine S.

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