Orlando Chapter 7 Bankruptcy Lawyers | Video Transcript

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[GRAPHIC: LAW OFFICE OF PAUL L. URICH, P.A., We practice CONSUMER BANKRUPTCY law exclusively. 407-896-3077, www.urichlaw.com, 1510 East Colonial Drive | Orlando, Florida, 126 North Orlando Avenue]

PAUL URICH: A chapter 7 bankruptcy's called the liquidation bankruptcy because basically everything you own is listed in the petition and becomes property of the bankruptcy trustee, not that the trustee's going to be taking all the things. You have exemptions to protect it. So basically, you're liquidating everything but keeping what you have been able to exempt.

The whole point of the chapter 7 is to be able to discharge these high-interest credit cards and debt and possibly keep a house or a car by continuing to make those payments. Chapter 7 is clean, quick, quiet, goes away in five months. Chapter 13, it's a payment extravaganza that lasts for five years or so. And it would include your house and your car payments. I don't put anyone into a chapter 13 unless they have to be there. I feel it's a very intrusive chapter. So I do what I can to try to get my clients into a chapter 7 so they can get their fresh start and get on with life.

[GRAPHIC: LAW OFFICE OF PAUL L. URICH, P.A., We practice CONSUMER BANKRUPTCY law exclusively. 407-896-3077, www.urichlaw.com, 1510 East Colonial Drive | Orlando, Florida, 126 North Orlando Avenue]

 

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