Chapter 7 Bankruptcy information from Florida bankruptcy lawyers.
Chapter 7 bankruptcy is also commonly referred to as a liquidating bankruptcy (liquidation) or personal bankruptcy, although businesses can also file under Chapter 7. Eligibility to file Chapter 7 is partially determined by a means test by the IRS, which requires a comprehensive listing of all of the petitioner’s assets and debts.
Under Chapter 7, the amount that creditors will receive is determined by the value of the petitioner’s non-exempt assets. Some debts, including alimony and child support obligations, taxes less than three (3) years old, student loans and several others, are not dischargeable under a Chapter 7 bankruptcy.
Our bankruptcy attorneys are able to effectively counsel clients as to which chapter to file under. Contact our firm to schedule a complimentary consultation with one of our bankruptcy lawyers in Miami or other areas in South Florida.