Fleysher Law Blog

Chapter 7 Bankruptcy

What is Chapter 7 Bankruptcy?

A Chapter 7 bankruptcy comes from the 7th chapter of the bankruptcy code. It is also known as the “liquidation” bankruptcy. This is because the Trustee has to liquidate, or sell, all non-exempt property in order to repay your creditors. The majority of individuals who file for Chapter 7 bankruptcy get the keep their property. However, there are some states that are more charitable than others. The process normally takes

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Another Take on Florida’s Wild Card Exemption in Bankruptcy

In the recent case of in re Kehoe, the Chapter 7 Trustee filed an Objection to a Debtor’s Claim of Exemptions against the Debtor. The Debtor owns his home as a tenant by the entireties (TBE) with his wife. And, they used the TBE exemption to fully exempt the marital house. The Debtor did not claim a homestead exemption for the home. Instead, he applied the $4,000 wild card exemption

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