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
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.