It is completely normal to be confused by bankruptcy law. Bankruptcy attorneys specialize in understanding the nuances of bankruptcy law. Not many other people take the time to learn about bankruptcy law in depth. The reason you hire a bankruptcy attorney is to help you file you claim correctly and to walk you through the entire process. There are main chapters of bankruptcy that you can file under; chapter 7, chapter 11, and chapter 13.
Chapter 7 bankruptcy can be very complicated if you do not have the appropriate counsel on your side. According to the United States Courts, chapter 7 bankruptcy is “the chapter of the Bankruptcy Code providing for ‘liquidation’ (i.e., the sale of a debtor’s nonexempt property and the distribution of the proceeds to creditors.)” If that seems confusing, that’s because it is. Basically what this chapter of bankruptcy law states is that an individual will sell belongings and give the proceeds to the creditors.
Not everyone is eligible to file for chapter 7 bankruptcy. First, you must pass a “Mean Test.” It was added tp bankruptcy code to help figure out which individuals were able to seek relief through chapter 7 bankruptcy. The nuances of bankruptcy law can escape the normal population. It is highly recommended that you receive help from a qualified attorney. Galarza Law Firm is a top ranked bankruptcy law firm in Florida with decades of experience. Trust Galarza Law to help you file your claim correctly, communicate efficiently, and ensure that some assets are protected. Galarza Law Firm can help you get back on your feet.