Well you are considering filing bankruptcy
and you have heard of Chapter 7. What is a Chapter 7 bankruptcy? My name is Andy Forman
and I’m a Business and Consumer Bankruptcy lawyer in Tampa, Florida and I help people
understand what a Chapter 7 is. Chapter 7 is typically looked at as a liquidation bankruptcy.
After filing the paperwork with the court a trustee looks at your income, your expenses,
your assets and liabilities. The trustee determines which of your assets are exempt. The end result
of a Chapter 7 is the discharge of debt, the wiping clean of your credit report essentially
and the end of all the civil claims and lawsuits against you. A Chapter 7 serves a very specific
purpose. There are other types of bankruptcies for saving your house, saving your car, repaying
your student loans and your tax liabilities. Chapter 7 is used typically where all of your
assets are exempt and that means you get to keep them and your debts are dischargable,
credit cards, medical bills and the like. You’ll want to consult with a competent bankruptcy
lawyer, choose the right Chapter bankruptcy for you. My name is Andy Forman. Good luck
with your bankruptcy.