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Destin Chapter 7 Bankruptcy Lawyer

Destin Bankruptcy Lawyers – Call (800) 822-5170

Bankruptcy has an undeserved reputation for being a frightening process in which a debtor loses everything they own. The truth is Chapter 7 bankruptcy can be incredibly useful in eliminating debt without risking personal property. It all comes down to using bankruptcy properly.

Make certain you are creating a legally-sound and helpful bankruptcy filing by working with The Virga Law Firm, P.A. and our bankruptcy attorneys in Destin. We can help you refresh your financial situation and enjoy your day-to-day life again debt-free. Call (800) 822-5170 to arrange a no-cost, no-obligation case evaluation with our team.

Understanding the Basics of Chapter 7 Bankruptcy

Erasing an overwhelming amount of debt that simply cannot be repaid is the overall goal of Chapter 7 bankruptcy. How that process unfolds may vary slightly based on your unique circumstance. In general, though, you will have to pass a means test to prove your debt is insurmountable, file bankruptcy with the right court, meet with creditors to discuss debt discharges, and surrender nonexempt property. When the process is done, discharged debt will be gone, as if it never existed.

Key takeaways you should know about Chapter 7 bankruptcy:

  • You may not be able to file for Chapter 7 at all if you are making more than the average household of your size in Florida. The “means test” will determine your filing eligibility.
  • You may be able to keep much of your most valuable property, like your home or automobile, thanks to state exemptions. Note that you cannot use federal bankruptcy exemptions when filing in Florida.
  • Your credit score may be noticeably damaged by your Chapter 7 bankruptcy filing. With the right preparations, though, you can mitigate that damage and start to rebuild your credit score immediately after your bankruptcy concludes.
  • You may not be able to discharge secured debt. If it is dischargeable, it is more than likely you will need to surrender the attached collateral, which may include your home.

Not Sure If Bankruptcy is Right? Ask Our Professionals!

Due to the risk of property loss through bankruptcy, Chapter 7 is not for everyone. To figure out if it is the right choice, let a professional attorney evaluate your financial situation and debt. Our Destin bankruptcy lawyers would be happy to discuss your options during an initial consultation. Just dial (800) 822-5170 and we will schedule a case evaluation with a member from our team.