What it means:
A chapter 7 is a liquidating bankruptcy, the most common bankruptcy case. In return for having debt discharged, the debtor must turn over to the Chapter 7 Bankruptcy Trustee all property except for certain assets which Florida law allows the debtor to keep as exempt so that the debtor can make a fresh start. In most Chapter 7 cases all property is exempt and so the debtor keeps all of the property. Those cases are sometimes called no asset cases. However, when a debtor's assets exceed what is allowed to be exempted the Trustee sells the property and distributes the proceeds to the creditors according to priorities as established by law. Debtors may also negotiate with the Trustee to repurchase the non-exempt assets. Very often there is not enough money to pay anything more than the cost administration and the creditors will receive nothing. The principal advantage of Chapter 7 is that the debtor emerges from bankruptcy without any future obligations on his or her discharged debt except for certain debt that public policy dictates should not be wiped away. For example, debts incurred through fraud or debts for child support and alimony.
In Clearwater, Tampa, St. Petersburg or neighboring communities, contact the Law Office of Cox & Sanchez, at 727-896-2691.
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Law Office of Cox & Sanchez
4488 Star Street North
St Petersburg, FL 33709-4120
Phone: 727-896-2691
Fax: 727-541-7900
E-mail
Lawyers at the Law Office of Cox and Sanchez represent bankruptcy, personal injury and real estate clients in St. Petersburg, Clearwater, Tampa, Lakeland, Largo, Port Richey, New Port Richey, Palmetto, Bradenton, Seminole, Safety Harbor, Bradenton, Palm Harbor, St. Petersburg, St. Petersburg Beach, Treasure Island, Madeira beach, Tarpon Springs, Holiday, Dunedin, Brooksville, Sarasota, Hernando County, Hillsborough County, Manatee County, Pasco County and Pinellas County, Florida.
