Chapter 7
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Reset Your Life Through Chapter 7 Bankruptcy

Living with unmanageable debt is a nightmare, sometimes literally. If you have debt problems that are invading your dreams and haunting you during your waking hours as well, it’s time to have a conversation with the knowledgeable bankruptcy attorneys at Lacayo Law Firm, P.A..

We get it – you are hesitant to file bankruptcy because it carries a stigma and will lower your credit rating. If you’re at the point where creditors are harassing you about missed payments, your credit rating may have already taken a hit. You can discharge a lot of debt through Chapter 7 bankruptcy and begin resetting your financial life.

The Relief You’re Looking For

Imagine putting an end to creditor harassment through the automatic stay that is part of the bankruptcy process, and then eliminating unsecured debts such as credit card balances, medical bills and unsecured personal loans. (Debts such as child support, spousal maintenance, some unpaid taxes and some student loans cannot be discharged in bankruptcy.)

You may be able to keep a car that is not completely paid for even after filing Chapter 7 bankruptcy. And Chapter 7 bankruptcy filers are able to retain necessary clothing, household appliances, most jewelry and other exempt assets.

Perhaps most importantly, you will not forfeit retirement savings or a pension once you file bankruptcy. Too often, we see individuals or married couples spend down their retirement savings in an effort to pay off debt, then end up filing bankruptcy anyway. This is a critical mistake that is difficult to rebound from. Contact us before you dip into retirement accounts to pay off your debt.

Qualifying For Chapter 7

It is necessary to qualify for the right to file Chapter 7 based on your income. If your income is higher than the median income for your household size in Florida, you may not be able to file a chapter 7 bankruptcy. In 2019, this income level ranged from $4,097 per month for a single individual and $5,033 per month for a household with two members, to $11,069 per month for a household with 10 members.

If your income exceeds the median amount for your household size, you will need to perform the financial means test to see if Chapter 7 bankruptcy is an option. The means test takes a debtor’s secured and unsecured debts into consideration in addition to their income. Expenses such as a mortgage payment, child support, spousal maintenance and certain taxes are also taken into account. If you do not have enough income to make payments on unsecured debt after these expenses are factored in, you may still qualify for Chapter 7 bankruptcy.

Let Us Help You Navigate The Process

As you can see, filing for Chapter 7 bankruptcy is complex. We are ready to guide you through the process, help you protect your exempt assets and get you back on solid financial footing. Call 786-671-4878 or use our online contact form to schedule a free consultation.

We will review the unique facts of your situation, answer your questions and recommend an effective course of action. We understand that debt problems can happen to anyone. We assist our clients without making judgments. Our goal is to rebuild your financial life as quickly as possible.

We are a debt relief agency. We help people file for relief under the Bankruptcy Code.