Bankruptcy Chapter 7 Liquidation

Clients do not normally understand the differences between Bankruptcy Chapter 7 and Chapter 13 Bankruptcy.  Normally most clients think Bankruptcy is Bankruptcy.  Chapter 7 Bankruptcy is a liquidation Bankruptcy versus a Chapter 13 Bankruptcy which is a debt restructure.  Chapter 7 Bankruptcy requires clients to have income below the median income set forth by the U.S. census for the State of Florida or to qualify under the means test.  Chapter 7 Bankruptcy may require the client to turn unprotected assets over to the Bankruptcy Trustee to satisfy creditors.  This video is a brief explanation of Chapter 7 Bankruptcy.   If you have any questions or are facing financial difficulty, please call my office.  Bankruptcy may not be the right solution and the only way to find out is to call for a free confidential consultation.