Myths About Chapter 7 Bankruptcies
Do you have questions about chapter 7 bankruptcy? What are the myths about bankruptcies, especially chapter 7. What is the difference between chapter 7 and chapter 13 bankrupticy? Listen as Tampa Lawyer Shawn Yesner dispels the myths surrounding Chapter 7 bankruptcy, and how you can schedule a free consultation to discuss your options at Yesner Law.
Is foreclosure the reason you want to file bankruptcy? Listen to this presentation to the Greater Tampa Association of Realtors to learn more about your options:
Transcripts of Chapter 7
Hi I’m Shawn Yesner with Yesner Law. Many times when we’re consulting with clients they have myths about chapter 7 bankruptcy. So what I’d like to do is take this time to dispel some of those myths. First is that the trustee is going to take everything that the debtor owns. This is not true. Florida law has certain exemptions, and federal law has certain exemptions that protect the borrows assets. Now certainly the value of those assets can be greater than the exemption. But that’s something the bankruptcy attorney will have to review and can plan around in preparing the chapter 7 petition. The second myth is that bankruptcies are harder to file. That also is not true. Again, with the proper planning and with given the proper information to your bankruptcy attorney, bankruptcies are no more difficult to file than they have ever been. Third is that there is a minimum debt amount that is required to file bankruptcy. This is also false. There is no minimum debt amount in order to file bankruptcy. Now sometimes, it might be worth it to choose a route other than bankruptcy, if the debt is so low that it can easily be paid or an arrangement made with the creditor. But there is simply no minimum amount necessary to file a chapter 7 bankruptcy. And then the last myth, the fourth myth, is that both spouses must file bankruptcy. Again, this is false, either spouse may file bankruptcy. However, if both spouses have joint debt, it’s a good idea for both spouses to file bankruptcy so that they both get the relief of the bankruptcy stay and the bankruptcy discharge. If one spouse is shouldering the burden of all of the debt, then it’s fine for that spouse to file alone. I hope this has answered your questions and dispelled some myths about bankruptcy. Please visit our website yesnerlaw.com You can also schedule a free consultation through the contact us page on the website. Thank you for listening, I’m Shawn Yesner with Yesner Law, There’s always options.