Chapter 7 Bankruptcy Lawyer in Miami
Chapter 7 is the most common type of bankruptcy and is generally referred to as a complete liquidation. Essentially, you file with the Bankruptcy Court a list of all of your assets and liabilities.
Timeline for a Chapter 7 Bankruptcy*
1) We will analyze your current financial position and apply the Means Test to see whether you qualify for a Chapter 7 Bankruptcy. Learn how the Means Test is applied.
2) Once we determine you qualify for a Chapter 7, we will prepare all necessary paperwork and file your case.
3) Upon filing, a Chapter 7 Trustee will be assigned by the Court for the purpose of overseeing the administration of your case and determining whether you have any assets that can be liquidated to pay your creditors. The trustee may also pursue certain actions against third parties to recover property that belongs to the debtor’s bankruptcy estate.
4) About 30 days after filing, all debtors must attend a Section 341, First Meeting of Creditors. This First Meeting of Creditors is a brief informal meeting with the Chapter 7 Trustee appointed to your case. At the meeting, the Chapter 7 Trustee will ask you several questions concerning your assets and liabilities and your reasons for filing bankruptcy.
5) The Trustee has 30 days after the 341 Meeting to object to any exemptions that have been claimed on the debtor’s assets. If the value of the debtor’s assets exceeds the value of the allowed exemptions, the trustee may seek to liquidate the non-exempt assets and distribute the proceeds to the creditors. In such an event, we will work with the trustee to negotiate a reasonable resolution for you to keep your non-exempt assets.
6) An Order discharging all of your unsecured obligations will be entered 60 days after the First Meeting of Creditors, assuming no objections to your bankruptcy discharge or dischargeability of any particular debt have been filed within that time.
*The above timeline is for illustration purposes only and not intended to apply to every case. While many cases can be concluded within 90 to 100 days from filing to discharge, each case is unique and timing of the case will depend on various factors effecting how rapidly the case will proceed.
Contact Our Experienced Chapter 7 Bankruptcy Lawyer Today!
Schatzman & Schatzman, P.A. is a respected bankruptcy law firm located in Miami, Florida. We have successfully helped many South Florida businesses and consumers obtain debt relief to strengthen their financial futures. With over 30 years of bankruptcy and litigation experience, we maintain a high standard of quality service provided to our clients.
You can trust that your case will be managed diligently by an experienced bankruptcy attorney with the expertise and knowledge to find the best solution for your specific needs.
