What is Chapter 7?

Bankruptcy

Chapter 7 cancels many debts, so that you have a fresh start. In Florida, you may be able to keep some property, which is called “exempt property” that creditors cannot take from you. In some cases, you may be able to keep your car and home if your loans on them are current and you keep paying your loans. A trustee is appointed to take over your property that is not protected from creditors. Any property of value will be sold or turned into money to pay your creditors. There are income limits to qualify for a Chapter 7. If you do not qualify, you will have to file a Chapter 13 case and repay some or all of your debts over time.