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TAMPA, FL, June 17, 2014 /24-7PressRelease/ -- The Tampa bankruptcy attorneys at Clark & Washington wish to discuss the basics of Chapter 7 bankruptcy. There are many types of bankruptcy, but Chapter 7 is by far the simplest and quickest form.
Generally speaking, bankruptcy is a process that frees you from any overwhelming debt burdens and allows you to get a fresh financial start. Chapter 7 bankruptcy is governed by Section 11 U.S. Code Chapter 7 and involves liquidation. This process results in selling your assets, paying off your creditors and freeing you from any dischargeable debts.
In order to qualify for Chapter 7 bankruptcy, your income and expenses are examined via a "means test" to see how your finances compare to the average household in the state of Florida. If your gross income is less than the state average for a family of comparable size, then you will most likely qualify.
There are many ways to calculate your finances to see if you qualify, but the most reliable and accurate method for purposes of filing bankruptcy would be to meet with a Tampa bankruptcy lawyer. To become eligible, you also have to undergo mandatory credit counseling and a budget analysis.
Step one in filing Chapter 7 bankruptcy is to file an official petition, schedules and a statement of financial affairs. Your statement of financial affairs has to include a full list of creditors along with the the amount of money owed to each creditor and the debt type, your main source of income, a list of all of your owned property and a detailed list of your monthly living expenses.
It is highly unwise to attempt to file for bankruptcy alone; the experienced Tampa bankruptcy attorneys at Clark & Washington can help make the process smooth and manageable. To learn more about Chapter 7 bankruptcy and how to file, visit http://www.cw13fl.com
About Clark & Washington:
Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the Southeast. They have locations in Georgia, Florida and Tennessee. Clark & Washington specializes in personal chapter seven and 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.
For more information, visit http://www.cw13fl.com.
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