Important Information on Filing Chapter 7 Bankruptcy in Wellington FL

by | Nov 21, 2019 | Lawyers

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When a person’s debts have risen too high, it is important they realize their rights for getting help from an attorney. Individuals and couples have the legal right to file Chapter 7. Getting help Filing Chapter 7 Bankruptcy in Wellington FL can give a person peace of mind in the process. With this information, individuals will know what they can expect from the process.

Helpful Information on Chapter 7

Before a person starts the process of Filing Chapter 7 Bankruptcy in Wellington FL, they need to be aware of the steps involved so they will be fully prepared. The following offers insight into what people can expect.

The first step in the process will involve scheduling a consultation appointment. This appointment allows the individual to discuss their options for bankruptcy. The individual will need to bring in their financial records so the lawyer will be able to determine if Chapter 7 is the right type of bankruptcy.

Individuals will need to go through mean’s testing before they are approved for Chapter 7. Mean’s testing measures the income of the individual against the median income in their state. As long as the individual’s income does not rise higher than the median, they can be approved for bankruptcy.

What Should Individuals Know?

There are a few things individuals should know before starting the process. Chapter 7 is primarily for those who have mostly unsecured debts. Secured debts, especially those involving mortgages are best handled with Chapter 13.

The process can typically be conducted within six months. The individual may be required to submit some of their non-essential property for liquidation. The liquidation process raises money to pay off the debts the individual owes. If there are no non-essential assets, the third-party trustee over the case has the right to absolve some of the debts.

If you would like to learn more about Chapter 7, now is the time to get started. Contact us right away to schedule a consultation with the lawyer. This appointment will allow you to bring in your financial records and discover your legal options for overcoming the debts you owe.