Chapter 7

Chapter 7 bankruptcy can be pursued by individuals and businesses. Chapter 7 is also known as liquidation bankruptcy, liquidating nonexempt items to pay debts. Not all items will be lost and depending on the situation, there are some types of property and other assets that can be kept.

At the law firm of Buddy D. Ford, P.A., we represent business and individual clients throughout Florida in all aspects of Chapter 7 bankruptcy. Attorney Ford was a Chapter 7 trustee for more than 10 years. He has a comprehensive knowledge of Chapter 7 cases and he will work diligently to help you obtain the debt relief you need.

Chapter 7 For Businesses

Businesses facing excessive debt can file for Chapter 7 bankruptcy in situations where it would be best to wipe the slate clean and start over. In these cases, the Chapter 7 trustee would generally sell the company's assets and distribute the funds to its creditors. At the end of the process, the business would be dissolved. We have represented companies of all sizes in these matters. We will walk you through the entire process and work to ensure that your interests are protected.

Chapter 7 For Individuals

Individuals who file for Chapter 7 bankruptcy typically have a large amount of unsecured debt, like credit card debt or medical bills. Individuals seeking Chapter 7 relief must meet specific criteria before they are allowed to file. The law allows you to keep critical assets necessary to live your life under state and federal property exemption statutes, including a home, a car and clothing. If any nonexempt property can be sold to repay creditors, it may be liquidated by the trustee.

Interested In Filing For Chapter 7 In Tampa?

Almost everyone is feeling the backlash of the bad economy in some fashion. Many have lost jobs and seen their savings and equity erode, while others face foreclosure and/or deficiency claims. Debt continues to increase, leaving consumers further behind in their payments. Filing can be extremely beneficial for some debtors, while for others, it may be their only option. There are different types of bankruptcy and Chapter 7 is a more extreme form that can be used by those with significant debts and minimal assets.

Tampa bankruptcy attorney Buddy Ford has been serving the community of Tampa since 1987, guiding residents through the process to finally put their debts behind them and start with a clean slate. Contact the firm today to learn how you could benefit from Chapter 7 bankruptcy.