Crestview Bankruptcy Law Firm Explains Common Misconceptions About Chapter 7 Bankruptcy

Crestview, FL. – Lewis and Jurnovoy, P.A., a bankruptcy law firm in Crestview, has provided a basic guide to understanding Chapter 7 bankruptcy. Bankruptcy is a difficult subject, and for those considering filing, it can be even more daunting. Lewis & Jurnovoy, P.A. want their clients and community to be as informed as possible, so they have introduced some helpful tips to educate their clients.

First, people must have a full understanding of what Chapter 7 bankruptcy means. Chapter 7 bankruptcy relieves a debtor from all qualifying debts without repayment. A court will determine what, if any, assets are needed to pay creditors.

The bankruptcy lawyers in Crestview are frequently asked what debts are forgiven under Chapter 7. A common misconception about filing for bankruptcy is that all debts are canceled. However, there are certain debts such as taxes or loans that will not be forgiven. If there are special circumstances regarding those debts, they can be forgiven.

Another misconception about Chapter 7 bankruptcy is that all a debtor’s assets will be repossessed to pay creditors. That is also not the case. The State of Florida has specific exemptions for personal property that cannot be repossessed. These exemptions include assets such as cars, homes, Social Security, and personal property. Consulting with an attorney can help clients understand what assets they will get to keep.

Lewis & Jurnovoy, P.A. have already helped many clients file for bankruptcy. They educate their clients and strive to obtain the best outcome for them. Linda B., a client of Lewis and Jurnovoy, had this to say about working with them: “They took care of entire process with great proficiency. They were extremely thorough and easily accessible, always answering any questions I had I had in a very timely manner.”

Bankruptcy is an extremely difficult decision to make and should be done with the help of legal advice. For those considering filing for Chapter 7 Bankruptcy, please call Lewis & Jurnovoy, P.A. at (850) 409-3350, or visit their website www.lewisandjurnovoy.com.