Can You File Chapter 7 Bankruptcy?

Roddy Lanigan Bankruptcy AttorneyAttorney Roddy Lanigan of Lanigan and Lanigan attorneys in Winter Park Florida talks about filing Chapter 7 bankruptcy. Watch the video called “Can You File Chapter 7 Bankruptcy” on our YouTube channel.

Can File for Chapter 7 Bankruptcy?

People often ask what is a Chapter 7 bankruptcy? A Chapter 7 Bankruptcy is a certain kind of bankruptcy generally used by consumers to discharge all of their debts.

Do You Qualify for Chapter 7 Bankruptcy?

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.

File in 90 to 120 Days

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.

What is the Trustee 341 Meeting?

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.

How Often Can You File Bankruptcy?

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 debts.

You Can Keep Some Debts You Want

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.