Chapter 7 Bankruptcy Filing Process Explained by Orlando Bankruptcy Law Firm Clark & Washington

For those overwhelmed by debt and in need of a new beginning, filing for bankruptcy under Chapter 7 could be the fresh start you've been looking for. If a lack of familiarity with the Chapter 7 filing process has prevented you from considering taking this step, let this overview from the Orlando bankruptcy attorneys at Clark & Washington serve as an introduction to this powerful financial tool.

Chapter 7 bankruptcy provides a means to eliminate unsecured debt, which can include medical bills, utility bills, credit card debt, and parking bills. If overwhelming debt is weighing you down and your income is not enough to repay it, and if you do not have much property to protect beyond your home, car, and some personal items, than you may be a good candidate for Chapter 7 bankruptcy.

Before you can file for bankruptcy, you will need to obtain credit counseling, complete a debtor education course, and take the means test, all of which can be completed with the assistnace of your Orlando bankruptcy lawyers at Clark & Washington. The means test will determine whether you qualify based on an assessment of your income, debts, assets, and state exemptions.

There are some restrictions as to when you can file for Chapter 7 bankruptcy; for example, a minimum of eight years must pass from the discharge of any previous Chapter 7 filing before you can file again. Furthermore, if you have had any failed attempts at filing for personal bankruptcy, or if you have unlawfully hidden information from creditors, you will need to wait for a year to pass. If you have had any bankruptcy cases dismissed within the last 180 days, either due to failure to obey court orders or due to your own request, you will have to wait before you can file again. Finally, for the 90 days before you file, you must be living in the state in which you intend to file, and you will not be able to file if you incur over $500 of new debt for "luxury goods or services" in that time. Do not be alarmed by these restrictions; an attorney at Clark & Washington can help you determine if you are eligible and when you should file.

Once the Chapter 7 petition has been filed, your case is officially begun, and the court will typically enter an automatic stay, which prohibits creditors from taking collection action towards you while the stay is in effect. The court will notify all creditors listed in your petition and will assign a bankruptcy trustee, a federal employee in charge of monitoring your case. A meeting with your creditors will be scheduled after the trustee reviews your petition.

Do not let the many steps involved in filing for Chapter 7 scare you away from a process that is meant to help you. The Orlando bankruptcy attorneys at Clark & Washington will guide you through the process, handling all your paperwork and attending your hearings, so that your case has the best chance of success. If you are ready to free yourself from debt, contact Clark & Washington today to schedule a free, no-obligation consultation. Learn more at http://www.orlando-bankruptcy-help.com.

About Clark & Washington

Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the southeast. They have locations in Georgia, Florida, and Tennessee. Clark & Washington specializes in personal chapter 7 and chapter 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.

For more information visit: http://www.orlando-bankruptcy-help.com.

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