Chapter 7 Bankruptcy
A fresh start, made easy
Becoming debt free is easier than you’d think…
At S&M Law, we make debt elimination as smooth and pain-free as possible with our comprehensive Chapter 7 Bankruptcy filing services, so you can alleviate the burden of your debt, and take control of your financial future
Contact us for a free evaluation to determine if Chapter 7 Bankruptcy can help you
What is Chapter 7 Bankruptcy:
Chapter 7, also known as “Liquidation Bankruptcy” is one of the most common types of bankruptcies
It’s a process that’s used to help you eliminate most of your unsecured debt
Chapter 7 bankruptcies involve the sale of non-exempt assets by a court-appointed trustee, with the proceeds then used to pay off your creditors
How to Qualify for Chapter 7 Bankruptcy:
You must have been residing in Florida for at least 180 days prior to filing your bankruptcy petition
You must pass the Means Test-
In simplified terms, this means that you or your household’s gross income must be lower than the median income for the same size family in Florida.
Contact us to learn more about the Means Test and help determine if you qualify for a Chapter 7 bankruptcy filing
Important!
Important to note, there is no minimum or maximum debt amount required to file a Chapter 7 Bankruptcy. You only need to reside in Florida 180 days prior to filing, and pass the Means Test
Chapter 7 Bankruptcy Process
The course is required by the Bankruptcy Court and must be completed up to 6 months before filing for bankruptcy
The course explains the bankruptcy process and strategies for managing finances after
The course can be taken online, over the phone, or in person
Duration: About 2 hours to complete
Cost: Between $10-$50
1st
Attend a Credit Counseling Course
2nd
File your Chapter 7 Bankruptcy Petition
Once the Petition is processed, you receive your bankruptcy Case Number
You can provide your Case Number to the courts if there is any pending litigation, so that they can stop any ongoing litigation
After you file your Petition, a Notice is sent out to all the creditors that you listed (this Notice is generally sent by the court system
3rd
A Bankruptcy Trustee is Appointed to your Case
You will receive a Notice from the court informing you who your Trustee is and when your 341 Meeting of Creditors has been scheduled for
The bankruptcy Trustee will manage your dets and assets, and ensures that your creditors are paid
Trustees can sell off some your property/assets to repay your debts
4th
You need to Attend the 341 Meeting of Creditors
This is a mandatory meeting where the Trustee conducts an examination by asking you questions about your financial situation and bankruptcy Petition. You can also ask questions about the bankruptcy
Occurs about 45 days after the Petition is filed
After the meeting, if the Trustee determines that there’s no assets to liquidate, then after a few days, the Trustee will file a Report of No Distribution, which means the Trustee will not liquidate your property/assets
or…
If the Trustee determines that there are assets to liquidate, then they could file a Notice of Assets and Notice of Deadline to File Claims
This would allow creditors to file claims with the court for distribution, where they have 90 days from the date of the Notice to file a claim
5th
You need to Attend a Second Credit Counseling Class (Personal Financial Management Course)
In order to receive your debt discharge, you must complete a second course regarding financial management and file the Certificate of Completion
You must complete this second course and file the Certificate of Completion within 90 days of filing your Petition
Finally
The Court will Enter the Order of Discharge
This Order conveys that you’re no longer obligated to repay your discharged debts ✅
Possibility of Objection to Discharge:
Creditors or Trustees can file an Objection to Discharge for the following reasons:
Failure to complete the Financial Management Course
Perjury and other fraudulent acts
Concealment of property with the intent to hinder, delay, or defraud creditors
Destruction or concealment of books and records
At S&M Law, we ensure that your Chapter 7 Bankruptcy case is properly handled, every step of the way, from start to finish.
Contact us for a free evaluation and see if Chapter 7 Bankruptcy is right for you
Required Documents for Chapter 7 Bankruptcy
There are about 20 documents that you need to submit for a Chapter 7 Bankruptcy case
Voluntary Petition
Statement of your Social Security Number
Credit Counseling Certificate
Creditor Matrix
Photo Identification
Initial Forms due at Time of Filing
Documents due within 14 days of Filing
Summary of your Assets and Liabilities and Certain Statistical Information
Schedule A/B: Property
Schedule C: The Property you Claim as Exempt
Schedule D: Creditors who have Claims Secured by Property
Schedule E/F: Creditors who have Unsecured Claims
Schedule G: Executory Contracts and Unexpired Leases
Schedule H: Your Co-debtors
Schedule I: Your Income
Schedule J: Your Expenses
Declaration About an Individual Debtor’s Schedules
Statement of Financial Affairs for Individuals Filing for Bankruptcy
Chapter 7 Statement of your Current Monthly Income and Means Test Calculation
Statement of Intention for Individuals Filing Under Chapter 7
Application to have Chapter 7 Fee Waived (If Applicable)