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Bankruptcy
Chapter 7
HLA provides representation for both commercial and personal bankruptcies.
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Bankruptcy under Chapter
7 is best characterized
as a “fresh start.” This
type of bankruptcy gives
businesses and
individuals the
opportunity to discharge
past debts and avoid
liability under court
judgments. A chapter 7
filing also allows for
cancellation of leases
and executory contracts.
Debtors who have assets
may be subject to
liquidation of those
assets in order to pay
back, to the extent
possible, their
creditors; however,
there are many
exemptions that may be
applied to legally
protect the debtor’s
assets. Florida is an
“opt-out” state, which
means the exemptions
allowed in a Chapter 7
are determined by state
law rather than federal
law. This fact is
particularly relevant
with respect to
homestead exemption.
Regarding
foreclosures, the filing
of a Chapter 7 will halt
the advance of
foreclosure proceedings
and even cancel a
pending judicial sale.
Notwithstanding, a
Chapter 7 filing will
not be a permanent
solution to mortgage
problems since secured
debts (such as home or
car loans) are not
dischargeable under
Chapter 7.
When the client so
desires, HLA typically
utilizes the time
afforded by filing for
bankruptcy to negotiate
with the lender(s)
towards a loan
modification or other
loss mitigation.
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| Quick Facts |
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Understand your rights
under the bankruptcy
code.
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Discuss your
circumstances with an
HLA attorney to
determine the
alternative that's right
for you.
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