Hi I’m Roddy Lanigan of Lanigan and Lanigan
Winter Park. Today I’m going to talk to you briefly about
Chapter 7 bankruptcy. People often ask what is a Chapter 7 bankruptcy? A Chapter 7 Bankruptcy is a certain type of
bankruptcy generally used by consumers to discharge all of their debts. Generally speaking qualification for a Chapter
7 bankruptcy depends on your income and the size of your family. Generally speaking all debts are dischargeable
in a Chapter 7 bankruptcy. However there are a few particular areas that the courts say
you cannot discharge the debt. That would be areas like student loans, taxes, child
support, any judgments you may have against you where you were guilty for fraudulent conduct. However even in those instances based on your
particular circumstances you may be able to discharge those debts. So it’s always good to get a consultation
and apply your specific problem with the law to determine whether you can discharge those
types of debts. Generally speaking a bankruptcy should take
no longer than 90 to 120 days. From the point you file, you’ll have a creditors meeting.
Thirty days after and generally speaking it takes about 60 days after the creditor’s
meeting to get your discharge. Once you get your discharge you’re no longer obligated
on any of the debts discharged. A creditor’s meeting is a simple procedure
whereby the debtor, yourself, would meet with the bankruptcy trustee to answer questions
he may have about your assets. Don’t be alarmed. 90% of the bankruptcies
are no asset and there’s no assets turned over to the trustee. So it’s just a procedure
more often than not just a formality. The 341 meeting is a simple procedure where
you just meet with the trustee, your lawyer’s there, you’re there, there is no judge or
jury or any other type of process. You can only file a Chapter 7 bankruptcy once
every eight years. You will not lose your house if you file bankruptcy.
You can do what we call a reaffirmation of your secured debt. That’s where you elect under the bankruptcy
code to keep those debts that are secured debts. You enter into what we call a reaffirmation
agreement with the bank that holds your loan on your home and you keep your home and continue
paying as if the bankruptcy never happened. Once again my name is Roddy Lanigan of Lanigan
and Lanigan in Winter Park Florida.