In a previous blog post, we discussed the advantages of a Florida Chapter 7 bankruptcy in the event of a financial crisis. Although there are many positives to filing for bankruptcy if you are dealing with financial troubles, we encourage you to seek professional legal guidance from our Chapter 7 lawyer in Orlando, FL. The Law Offices of J. Craig Bourne can help you navigate through your financial issues and help you make the right choice for your situation. Below we discuss the disadvantages of Florida Chapter 7 filing.
- If you have non-exempt property or you wish to keep your secured assets, such as your home, Chapter 7 bankruptcy is not for you. Your non-exempt property would be sold by the trustee. Additionally, if your secured assets are not covered entirely by your Florida bankruptcy exemptions, you would not be able to file for Chapter 7.
- For individuals who are facing foreclosure on their home, Chapter 7 filing would only be a temporary solution to your problem.
- Co-signors must file for bankruptcy protection if they want to eliminate the option of being stuck with your debt.
- Once you file for Chapter 7 bankruptcy and become discharged of your debt, you must wait a minimum of eight years before you can file again.
If you are interested in learning more about our Chapter 7 bankruptcy services, contact us today at (407) 894-6750.