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Chapter 7 Bankruptcy cases, also called liquidation bankruptcy, are limited to individuals meeting certain income levels, based upon region and family size, if filing a consumer bankruptcy. A Non-consumer Chapter 7 may circumvent the income requirement. In a Chapter 7 case you are allowed certain exemptions in order to protect personal property; the exemptions change based upon whether you utilize federal or local exemptions and which state you are allowed to claim when filing your case. In Florida the exemptions change depending upon whether or not you own a home and plan on keeping it, as well as whether you file individually or jointly. Chapter 7 cases are typically concluded within 4-5 months, after which most outstanding obligations are discharged.

If you are behind on your home or a vehicle, want to retain them, but cannot get caught up, you may want to consider filing a Chapter 13 case.

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