Personal Bankruptcy in Hollywood Florida And South Florida

The most common form of personal bankruptcy is Chapter 7 bankruptcy which refers to a chapter of the federal Bankruptcy Code.  Chapter 7 bankruptcy, otherwise known as "liquidation" bankruptcy, cancels debts. Under this section of the Code, the bankruptcy trustee may sell off some of your property for the benefit of your creditors.

Most chapter 7 cases are "no-asset" cases, which simply means that you do not have any non-exempt property for the trustee to sell.  If your income is below the median income for families in Florida, based on Census Bureau statistics, you will be eligible to file for Chapter 7 bankruptcy.

In order to file for Chapter 7 bankruptcy the debtor must provide the following information:

1. A list of all creditors and the amount and type of their claims
2. The source, amount, and frequency of the debtor's income
3. A list of the debtor's property
4. A complete list of the debtor's monthly living expenses ( food, clothing, shelter, utilities, taxes, transportation, medicine)

If you don't qualify for a Chapter 7 bankruptcy, your may want to consider a Chapter 13 bankruptcy.  For bankruptcy advice in Hollywood Florida or South Florida then Contact Attorney Kevin Gleason.