Port St. Lucie Chapter 7 Bankruptcy Attorney
Filing for Chapter 7 bankruptcy can quickly discharge certain debts while letting you keep certain property you need for living and working. It is a huge step, so it’s usually the last resort for many people struggling financially. If you’re unsure whether you qualify for bankruptcy, reach out to our Port St. Lucie Chapter 7 bankruptcy attorney, Brian McMahon, to understand how bankruptcy works and if it’s the best option for you.
Essential Things to Know About Chapter 7 Bankruptcy
Learning more about Chapter 7 bankruptcy can help you decide whether it’s right for your specific situation:
- Your income must meet certain qualifications – It must be below the state’s median income to qualify for Chapter 7 bankruptcy. The easiest way to determine whether your income qualifies is to take the means test, which assesses your income after letting you subtract specific deductions.
- You are still broke after paying off your monthly expenses – You may not qualify for Chapter 7 if you have disposable income left over after paying off your monthly living expenses, even if you have passed the means test.
- You can keep up with your vehicle or house payments – As long as you are keeping up with your vehicle or house payments, or other secured debts, and you can continue with the payments after filing for bankruptcy, you get to keep your property.
- You do not own much property – You may exempt or keep property that you need to maintain your job and live modestly. The bankruptcy trustee must then sell nonexempt or additional property and distribute the sale proceeds to all your creditors.
- Your debts are eligible for discharge – In a Chapter 7 bankruptcy, most debts qualify for discharge under Chapter 7 including medical bills, repossessions, unsecured judgments, personal loans, outstanding credit card bills, and collection accounts.
What Our Port St. Lucie Chapter 7 Bankruptcy Attorney Can Do For Your Case
Bankruptcy law is complicated and involves various considerations, such as whether to file, the use of exemptions, which chapter is most appropriate, and understanding your rights under the law. The best decision for you will depend on careful evaluation of your debts, assets, overall financial status, and other relevant factors.
Filing for Chapter 7 bankruptcy can be a challenging task that could impact your finances forever. If done improperly, you could end up losing all your assets and still have debts. Our Port St. Lucie Chapter 7 bankruptcy attorney, Brian McMahon, can review your assets and debts and ensure that you protect what needs to be protected before filing for bankruptcy.
Seek Legal Advice From a Seasoned Port St. Lucie Chapter 7 Bankruptcy Attorney Now
The law firm of Brian McMahon is a proven and trusted resource for individuals and businesses considering bankruptcy. Our Port St. Lucie Chapter 7 bankruptcy attorney has helped many people navigate the tricky bankruptcy process and used it successfully to get their lives back on track. Call 772-228-6701 or reach us online to schedule your complimentary consultation with our Port St. Lucie Chapter 7 bankruptcy attorney today.