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Chapter 7 Bankruptcy

Hire a Bankruptcy Attorney in Panama City

As Panama City Chapter 7 bankruptcy lawyers, our team at The Virga Law Firm, P.A. is well-versed in all the minute details involved in filing for bankruptcy. We understand that this is a complicated process, and that starting over is never easy. However, with legal assistance from our bankruptcy lawyers, you will be able to file quicker and return to your life sooner.

Call (800) 822-5170 for skilled bankruptcy representation from The Virga Law Firm, P.A.

Hitting the “Reset” Button with Chapter 7

Just as the circumstances that cause someone to file for Chapter 7 vary, the qualifications for filing are not always the same from person to person.

In the state of Florida, you may be able to file for Chapter 7 bankruptcy if you:

  • Are a United States property-owning citizen;
  • Are a United States property-owning business entity;
  • Are a United States property-owning permanent resident;
  • Are not an incorporated entity;
  • Have an average income lower or equal to the median of your region;
  • Cannot meet Chapter 13 repayment plan requirements; or
  • Do not have enough disposable income to repay the majority of your debts within the 5-year Chapter 13 repayment period.

Facing the Court

One major factor everyone filing for Chapter 7 bankruptcy must consider is what the action will look like in a court of law. If one of your creditors refutes the information provided, the court may suspect you are filing for bankruptcy as a way of defrauding your creditors, and that will be the end of the process.

Reasons the court may suspect foul play in a bankruptcy case include:

  • You lied about personal information;
  • You lied about financial information;
  • You sold off assets to family or friends at an unfair price;
  • You hid money from business associates; or
  • You engaged in other suspicious behavior.

To ensure the court will not suspect you of any of these offenses, enlist the knowledge of an attorney before filing for Chapter 7 bankruptcy.

Filing for Bankruptcy? Call (800) 822-5170 Today.

Although it often takes a good while for a Chapter 7 bankruptcy case to come to fruition, the process is easier to navigate with the assistance of an experienced bankruptcy lawyer. The right attorney will direct you to the proper court to petition to, guide you through the many forms you have to fill out regarding property, assets, income, and debt, and assist you in filing the necessary paperwork. After this is done, the court will call a meeting of your creditors to evaluate the information you have provided. If everything is filed correctly, you will only have to go to court once -- which is why it’s so important to hire the right attorney as you are gathering information. After your court appearance, the trustee in your case may ask you to surrender any non-exempt property, or the cash value of said property in your possession. At this point, the court will discharge your debts and your bankruptcy will be legally valid.

The Chapter 7 bankruptcy process usually takes between 4-6 months, although the court may require you to complete credit counseling before or after your bankruptcy discharge is official, depending on the particulars of our case. While this may all sound overwhelming right now, it does not have to be. If you are filing for Chapter 7 bankruptcy in Panama City, hire a Chapter 7 bankruptcy expert from The Virga Law Firm, P.A. today, and start getting back to your life tomorrow.

Don’t enter into the bankruptcy process alone. Call The Virga Law Firm, P.A. at (800) 822-5170, or contact us online for a free and confidential consultation.

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