What Do You Lose When You File Chapter 7?

When you file for Chapter 7 bankruptcy, you may be surprised to know that sometimes you can keep your property. A professional bankruptcy attorney can help explain each bankruptcy type to you, and help you to make the most informed decision for your financial future.

Understanding Chapter 7

If you file for Chapter 7, you don’t have to repay debt. You usually give up your property that you own that isn’t exempt. This is sold off to distribute proceeds to creditors. Once the property is dealt with, you will receive a bankruptcy discharge which lasts for a period of time after filing your case. Many people who file for this bankruptcy type don’t have nonexempt property, which means they will lose their belongings after filing.

If your nonexempt property is worth more, you may be able to negotiate with the trustee to keep it. If you have exempt property that you may not need, you may be able to trade it to keep other property. A professional bankruptcy attorney will be able to facilitate this negotiation process effectively. You may even want to buy back the nonexempt property if you can come up with cash to pay what your creditors would have received. An attorney versed in these procedures is the best person to offer advice to you in these situations.

Schedule a Consultation to Discuss Bankruptcy in Florida Today

When you’re considering bankruptcy in Florida, Mancuso Law, P.A. can help you. We serve the Boca Raton, FL area. We provide legal consultations where you can learn about our experience, our services and answer any questions you have about the upcoming process. To learn more about your bankruptcy options and to schedule a consultation with our professional attorney, call 561-245-4705 our law office today.

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