The Berlinsky Law Firm, P.A.

Chapter 7 is the most common form of consumer bankruptcy.  In a Chapter 7 proceeding you are relieved from the responsibility to pay your debts, (or "discharged"), with certain exceptions.  In exchange for having your debts wiped out, you must give up any property that is not protected or “exempted” from the chapter 7 trustee.  The property that you exempt is free from the claims of all your pre-bankruptcy creditors.  If you have nonexempt assets that are worth more than any loans on the property, the trustee can sell them to pay on your debts.  In most of the Chapter 7 cases that are filed, all debtor's property is exempt, so the debtor gives up no property.  Such cases are called "no asset" cases because no assets are turned over to the trustee. 

Most consumer debt is either secured, such as a car loan or a mortgage on a home; or unsecured such as a credit card, signature loan or payday loan.  If you are not making payments on secured debt it is in jeopardy of being foreclosed or repossessed, in those situations Chapter 13 may be the choice for you.  If the bulk of your debt is unsecured, you can discharge or cancel most unsecured utilizing Chapter 7.  If you call for a free consultation, Mr. Berlinsky will explain the options available to you.

Most people who file chapter 7 bankruptcies are concerned about keeping their assets.  In a chapter 7 case your unsecured assets belong to the Chapter 7 Trustee, unless there is a statutory exemption available to you.  If you recently moved to Florida you may be eligible to utilize Federal Exemptions which are quite liberal.  If you have lived in Florida over two years you will be able to take Florida Exemptions.  Florida has an unlimited exemptions for personal residences what qualify as a "Homestead" .

Exempt property is simply property that you can keep when you file Chapter 7 bankruptcy.  The basic purpose of bankruptcy is to allow a person who has become overburdened with debt to free himself of that burden and get a " fresh start."  The law allows you to keep property.  The exemptions are broken down into categories    Mr. Berlinsky will be happy to explain your exemptions during your free consultation.


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​​Bankruptcy Attorney