Guiding Individuals And Businesses Through Chapter 7
When your debt obligations outpace your income and your financial reserves, filing bankruptcy can help you get out from under your debt and start over. At Brundage Law P.A., our team has decades of experience with bankruptcy matters, guiding Tampa Bay area residents and business entities through Chapter 7 bankruptcy.
Our founding attorney, Mike Brundage, is intimately familiar with all aspects of the bankruptcy process. As an active member of the American Bankruptcy Institute, Mr. Brundage has an insider’s perspective on the trends and laws that shape this area of law. He uses this insight to help applicants overcome the challenges that arise during the process. As your advocate, Mr. Brundage will pursue the most expedient approach available, allowing you to put this matter behind you.
What You Need To Know About The Process
Chapter 7 bankruptcy can be filed by businesses or individuals and generally involves the debtor surrendering all nonexempt assets to a Chapter 7 trustee in exchange for, in the case of an individual, a discharge of debts. Chapter 7 bankruptcy is also referred to as a liquidating bankruptcy because the nonexempt assets of the debtor are sold (liquidated) by the trustee to pay the debtor’s creditors.
An individual Chapter 7 debtor is allowed to keep certain assets that are defined as exempt under applicable state or federal law and still receive a full discharge of debts. For businesses, Chapter 7 is typically used as a means to settle all the affairs of a failed business in one proceeding in a timely and cost-effective manner and to stop costly litigation.
Once a Chapter 7 bankruptcy case is filed, an automatic stay goes into effect that prohibits a creditor from taking further action to collect a debt owed by the debtor. All actions related to any debt owed by the debtor must be pursued in the bankruptcy court.
Tailoring Our Representation According To Your Needs
We represent Florida debtors and creditors in Chapter 7 cases. Many of our engagements are done on a flat-fee basis. We tailor our counsel according to your unique financial circumstances so you can be certain that we will explore all options to secure a favorable outcome.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.