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Bankruptcy Court
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United States Bankruptcy Court
Middle District of Florida
George C. Young Federal Bldg
400 West Washington Street
Orlando, FL 32801
Bankruptcy Court Website
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SSL Secured
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Our site is 256 bit SSL SECURED. SSL (Secure Socket Layer) is the industry standard for viewing and sending sensitive information on an internet browser.
Click on the SSL image below see our site report.
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Bankruptcy - Seven Reasons to File Chapter 7
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Seven Reasons to File Chapter 7
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The US Bankruptcy Code offers several choices to one who is struggling with debt. A Chapter 7 bankruptcy is
the most common form and preferred option for most debtors. Here are seven reasons why:
1. Time: A typical Chapter 7 bankruptcy takes about 150 days from
beginning to end. Once the case is filed, a brief creditor’s meeting is held about 30 days into the process.
Unless a creditor objects (rare), the case ends about three months later with little excitement. A Chapter 13
case will run from 36 to 60 months, 3 to 5 years.
2. Property: Most Chapter 7 filers do not lose any property. Federal
and/or State exemption laws allow a debtor to protect fairly generous amounts of property. The bankruptcy trustee
concludes most cases as being “no asset“ cases. This means that you have no property that you are required to forfeit.
Exemptions vary from case to case and we will discuss all exemptions available to you at your initial consultation.
3. Cost: A Chapter 7 case is considerably less expensive than a Chapter 13 bankruptcy.
4. Repayment of Most Unsecured Creditors: NONE
If the debt was incurred in good faith and no creditor objects to you filing bankruptcy, unsecured credit obligations
(credit cards, medical bills, utility bills, car repossessions, mortgage foreclosure obligations) are completely wiped
out in bankruptcy. Your debts will be discharged and you will not have to pay anything back.
5. Privacy: While a record of your bankruptcy is accessible in the court system,
however, unlike State Court, unless you have a special account, you cannot access bankruptcy information on the internet.
Usually bankruptcy filings are not published in the newspaper. Generally, the only people who know you filed are you, the
court, your creditors, and anyone else you choose to tell. Your employer will not be notified by the Court.
6. Credit: Most Chapter 7 bankruptcy filers are able to reestablish credit within
a short period after their bankruptcy. After the present debt is removed, your debt to income ratio improves. This is the
beginning to rebuilding credit.
7. Stress: Other than a 3-5 minute hearing with the assigned trustee for your case,
most Chapter 7 filers never have to go to court for a hearing and will never see a Bankruptcy Judge.
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The Law Offices of Roy A. Praver has provided this information in a PDF format for your
convenience.
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You need Adobe Acrobat Reader X or greater installed to view and print the documents. If you do not have Adobe Acrobat Reader
X or later installed, you can upgrade to the latest version FREE
by clicking on the Adobe image to the right.
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| Additional Information |
Look through the links below to additional information about your rights on filing Bankruptcy. Once you have looked through the
information then call the Law Offices of Roy A. Praver to setup your
free bankruptcy consultation to determine if filing Bankruptcy is the correct
step for you.
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| Contact Us |
If you are considering filing for bankruptcy, you do not have to make this decision alone.
The Law Offices of Roy A. Praver can provide you with the help
and support you need to handle your financial situation. Contact the
Law Offices of Roy A. Praver today at
321-383-3445 to schedule a FREE
initial consultation.
Titusville, FL Office
O: 321-383-3445
F: 321-268-9564
Prior to your appointment, we ask that you send us an
email
and briefly describe or list any questions you have about bankruptcy. Most of your questions can be answered from information provided on our website, but please feel free to
contacts us.
We are always here to help you.
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