5 Reasons To Consider A Chapter 7 Bankruptcy

Debt is a part of our everyday lives. Whether it be a mortgage, a car loan, or a credit card, all of us likely have some debt. Sometimes, though, possibly through no fault of your own, your debt can become overwhelming; it can make you feel like you’re drowning; struggling to keep your financial head above water. Should this be the case, a Chapter 7 bankruptcy could be the financial lifesaver you and your family need. So why should you consider filing a Chapter 7 Bankruptcy?

1. Bankruptcy can give you a fresh start and help you walk away from your debt. A Chapter 7 bankruptcy eliminates your debt and allows you to start over with a clean slate.

2. You can keep your home. Even with a bankruptcy, homeowners in the State of Florida have a generous homestead exemption that generally allows them to keep their home.

3. If you don’t have a home, you can likely keep your belongings. In the State of Florida, those not claiming a homestead exemption can claim a $4,000 super-exemption. This super-exemption places Debtors in an excellent position to keep their assets.

4. With a bankruptcy, you can potentially keep your car. In the State of Florida, there is a $1,000 exemption on any equity in your car. If you have a lien on the car and you want to keep it, you can keep paying for the car and keep possession. If you don’t have a lien on the car, with a bankruptcy, you can still keep the car with a $1,000 exemption on any equity.

5. It is your constitutional right to declare bankruptcy (Article I, Section 8) and the banks like to try and ‘hide the ball’ from you. They use clever words such as ‘obligation’, ‘promise’, and ‘reliable’ to try and convince you that you have no options. What they don’t want you to know is that in the same courthouse where you are entitled to file bankruptcy, they are doing the same thing. Don’t let banks bully you out of your fresh start. The US Constitution declares that Congress shall have the powers to establish uniform laws on the subject of bankruptcy throughout the United States. You wouldn’t let a bank tell you where you can worship; why would you allow them to tell you who you have to pay?

If your financial situation is overwhelming, and you feel like you are drowning in debt, call me for a free initial consultation. As an experienced Central Florida bankruptcy attorney, I can evaluate your financial situation and determine your eligibility for Chapter 7 bankruptcy. We’ll discuss what property and assets you can expect to keep and explain what you should expect to turn over to creditors. Call me, John Russo, a Central Florida Bankruptcy Attorney, to discuss whether a Chapter 7 Bankruptcy is right for you.