It can be confusing to try and sort out all of the different forms of bankruptcy on your own. However, if you’re suffering from undue financial hardships, then you’re probably eager to learn as much as you can about the various Florida bankruptcy options that might be available to you.
Chapter 7 In a Nutshell
Chapter 7 is one of the most popular forms of bankruptcy, and it’s also talked about frequently in the news. This type of bankruptcy is known as a form of liquidation bankruptcy. Essentially, in liquidation bankruptcy, a court-appointed financial professional will help you sell your non-essential and non-exempt assets in order to come up with cash that is distributed amongst your creditors.
However, before you get too uneasy about this idea, you should know that most all of your truly important possessions will not be seized and sold. Laws vary from state to state, but most are fairly generous in what they allow Chapter 7 filers to keep during and after the case. All states (and the Federal laws) make sure you keep your basic household goods.
Chapter 7 is a great bankruptcy option for many people who are facing serious debt because it’s a process that ends with the debtor being completely solvent. If you’re looking to get a fresh start by erasing your debts, Chapter 7 might be right for you!