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Filing for Chapter 7 Bankruptcy in Miami, FL

Financial Relief for Individual and Corporate Debtors

As an individual or business owner, there is nothing quite as distressing as being unable to pay your debts. Constant calls from creditors, lawsuits, evictions or foreclosures looming in the future, or the thought of closing your company’s doors can be devastating.

Chapter 7 may provide a much needed fresh start. However, it is important to fully understand how a Chapter 7 case may affect you or your business. Our Chapter 7 attorneys in Miami can offer insight based upon decades of legal experience to help you make the right choice for your unique circumstances. We represent individual and corporate debtors in Chapter 7 proceedings, protecting our clients’ rights to help them experience all of the benefits offered through bankruptcy.

Get started on your path to debt relief today. Contact Edelboim Lieberman Revah Oshinsky PLLC in Miami today at (305) 712-6097 for a free initial consultation.

Chapter 7 Bankruptcy for Individuals

For an individual debtor, Chapter 7 involves the liquidation of assets. Filing a Chapter 7 case does not necessarily mean that you will lose your property. In fact, if the proper strategy is in place, most debtors find their assets are protected through the generous exemptions provided by the state of Florida.

Our Chapter 7 bankruptcy lawyers can talk to you about the specific repercussions you may face, so you know exactly what to expect. We can also work to protect your assets and legal rights every step of the way.

In Florida, the following property may be exempt from liquidation:

  • Your house, condominium, or mobile home
  • Certain prepaid accounts, such as prepaid medical or health savings accounts
  • Your motor vehicle
  • Prescribed health aids
  • Tax-exempt retirement accounts
  • IRAs and Roth IRAs
  • Wages
  • Certain personal property
  • Workers’ compensation
  • Alimony and child support
  • Life insurance and Annuities

There are some limits to the value of the exempt property, so we recommend reviewing your finances with your attorney.

Chapter 7 for Corporations

When a Florida company files for bankruptcy under Chapter 7 of the United States Bankruptcy Code, this will mean that the business will likely cease operations. However, Chapter 11 can offer a reorganization of your business debts while allowing your company to remain in business and operating. It is therefore important to consider all options and their particular advantages and disadvantages based on your goals and desired outcome.

Automatic Stay in Chapter 7 Bankruptcy

In filing either a Chapter 7 or Chapter 13 bankruptcy, an automatic stay will immediately go into effect.

An automatic stay in Florida can stop:

  • Wage garnishments
  • Foreclosures and pending evictions
  • Utility disconnections for 20 days
  • Other collection efforts from creditors

There are exceptions to what an automatic stay can stop in Chapter 7 bankruptcy depending on your types of debts and whether you've filed before. In addition, creditors can ask the courts to remove the stay. For these reasons, it is important to consult with our knowledgeable bankruptcy attorneys to understand your options and rights under Chapter 7.

Find out if Chapter 7 is the right next step for you. Call our Miami-Dade County Chapter 7 lawyer at (305) 712-6097 or contact us online.

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