TAMPA BANKRUPTCY ATTORNEY'S
Bankruptcy Liquidation Analysis:
A Chapter 7 Bankruptcy is a liquidation of assets. In theory you must immediately turnover to the bankruptcy estate
all assets that are not covered under your allowed exemptions, unless you purchase the assets from the bankruptcy
trustee. Most people do not have assets outside of the exemption level, but you must seriously and truthfully review
your assets with your Tampa Bankruptcy Attorney before filing a chapter 7 bankruptcy. About 19 out of 20 cases
under Chapter 7 Bankruptcy are considered no-asset cases and do not call for the surrender of assets. This is to say
that the vast majority of people under Chapter 7 of the Bankruptcy Code do not pay anything to their creditors.
How Chapter 7 Liquidation Analysis Works:
The focus of Chapter 7 Bankruptcy is called Liquidation Analysis. Under Liquidation Analysis,once the Bankruptcy is
filed, the Bankruptcy Court creates a Bankruptcy Estate. The Bankruptcy Estate is comprised of all of the Debtor's
assets and liabilities. Immediately after filing certain assets are exempted out of the Bankruptcy Estate and are
returned to the Debtor. The exempt assets may include but are not limited to Home Equity, A Car up to $1,00 per
person, retirement accounts and prepaid college accounts, and other personal assets ranging from $1,000-$5,000 per
person. Since most people do not have assets above and beyond the exempt assets most items are immediately
exempted out of the Bankruptcy Estate and back to the Debtor. It is important to note that Assets typically do not
change hands and most of this is just a legal process and not an actual exchange of assets.
Typically most cases result in a discharge of debt without any contribution or payment from the Debtor. If a
payment is necessary it is the Debtor's choice to make a payment or surrender the assets. The typical case Chapter 7
Bankruptcy is closed and discharged in 4 months.
Click Here to learn about a Personal Chapter 7 Bankruptcy
Click Here to learn about a Corporate Chapter 7 Bankruptcy
Bankruptcy Liquidation Analysis:
A Chapter 7 Bankruptcy is a liquidation of assets. In theory you must immediately turnover to the bankruptcy estate
all assets that are not covered under your allowed exemptions, unless you purchase the assets from the bankruptcy
trustee. Most people do not have assets outside of the exemption level, but you must seriously and truthfully review
your assets with your Tampa Bankruptcy Attorney before filing a chapter 7 bankruptcy. About 19 out of 20 cases
under Chapter 7 Bankruptcy are considered no-asset cases and do not call for the surrender of assets. This is to say
that the vast majority of people under Chapter 7 of the Bankruptcy Code do not pay anything to their creditors.
How Chapter 7 Liquidation Analysis Works:
The focus of Chapter 7 Bankruptcy is called Liquidation Analysis. Under Liquidation Analysis,once the Bankruptcy is
filed, the Bankruptcy Court creates a Bankruptcy Estate. The Bankruptcy Estate is comprised of all of the Debtor's
assets and liabilities. Immediately after filing certain assets are exempted out of the Bankruptcy Estate and are
returned to the Debtor. The exempt assets may include but are not limited to Home Equity, A Car up to $1,00 per
person, retirement accounts and prepaid college accounts, and other personal assets ranging from $1,000-$5,000 per
person. Since most people do not have assets above and beyond the exempt assets most items are immediately
exempted out of the Bankruptcy Estate and back to the Debtor. It is important to note that Assets typically do not
change hands and most of this is just a legal process and not an actual exchange of assets.
Typically most cases result in a discharge of debt without any contribution or payment from the Debtor. If a
payment is necessary it is the Debtor's choice to make a payment or surrender the assets. The typical case Chapter 7
Bankruptcy is closed and discharged in 4 months.
Click Here to learn about a Personal Chapter 7 Bankruptcy
Click Here to learn about a Corporate Chapter 7 Bankruptcy
Tampa's Best Bankruptcy Attorney: 1112 E. Kennedy Blvd. * Tampa, FL 33602 * T 813.222.8210 * F 813.222.8211
www.Galewski.com
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www.Galewski.com
www.GalewskiTitle.com
Free Bankruptcy PDF Packet
Chapter 7
Chapter 13
Chapter 7
Chapter 13
Tampa Bankruptcy Liquidation Analysis 1112 E. Kennedy Blvd, Tampa Fl 33602, Galewski Law Group, P.A.
Bankruptcy Attorneys at the Galewski Law Group provides Chapter 7, Chapter 11 and Chapter 13 bankruptcy, foreclosure defense and loan modification representation to clients throughout the
Tampa Bay Area in cities that include Tampa, Clearwater, Tarpon Springs, St. Petersburg, Palm Harbor, Dunedin, Lutz, Holiday, Safety Harbor, Oldsmar, Sarasota, Crystal Beach, Bradenton,
Brandon, Plant City, Trinity, Lakeland, Spring Hill, New Port Richey, Port Richey, Largo, Seminole, Pinellas Park, Ozona and throughout Hillsborough County, Pinellas County, Manatee County,
Pasco County, Polk County, Sarasota County and Hardee County.
Tampa Bay Area in cities that include Tampa, Clearwater, Tarpon Springs, St. Petersburg, Palm Harbor, Dunedin, Lutz, Holiday, Safety Harbor, Oldsmar, Sarasota, Crystal Beach, Bradenton,
Brandon, Plant City, Trinity, Lakeland, Spring Hill, New Port Richey, Port Richey, Largo, Seminole, Pinellas Park, Ozona and throughout Hillsborough County, Pinellas County, Manatee County,
Pasco County, Polk County, Sarasota County and Hardee County.
Bankruptcy Updates:
New Bankruptcy Court Filing Fees start November 1, 2011:
• Chapter 7 $306
• Chapter 13 $281
• Chapter 11 $1,046
RECENT UPDATES:
In order for your Tampa bankruptcy lawyer to correctly advise between filing a Chapter 7, Chapter 11 or Chapter 13 Bankruptcy, we must
administer two tests in bankruptcy. The first test is called liquidation analysis and is discussed in the FAQ section of the web page. The
second test is based on average family income and is a test to determine if the bankruptcy candidate has discretionary income. This is called
the means test.
The income threshold is based on average NET household income and changes regularly. The latest amounts come in to effect on November
15, 2011 and for Florida they are:
Number of People in the home Allowed Net Income
1 $40,766
2 $49,729
3 $52,840
4 $62,742
Add $7,500 for each additional household member.
Note that the net income allows deductions for certain regular expense that will remain after bankruptcy including but not limited to mortgage
payments and car payments. Please contact your Tampa Bankruptcy Attorney for a free consultation in person or over the phone to
determine how your income and expenses fit into the means test.
For each family size other than an individual the amount you may make has decreased. This s a incentive to file sooner rather than later for
most families.
New Bankruptcy Court Filing Fees start November 1, 2011:
• Chapter 7 $306
• Chapter 13 $281
• Chapter 11 $1,046
RECENT UPDATES:
In order for your Tampa bankruptcy lawyer to correctly advise between filing a Chapter 7, Chapter 11 or Chapter 13 Bankruptcy, we must
administer two tests in bankruptcy. The first test is called liquidation analysis and is discussed in the FAQ section of the web page. The
second test is based on average family income and is a test to determine if the bankruptcy candidate has discretionary income. This is called
the means test.
The income threshold is based on average NET household income and changes regularly. The latest amounts come in to effect on November
15, 2011 and for Florida they are:
Number of People in the home Allowed Net Income
1 $40,766
2 $49,729
3 $52,840
4 $62,742
Add $7,500 for each additional household member.
Note that the net income allows deductions for certain regular expense that will remain after bankruptcy including but not limited to mortgage
payments and car payments. Please contact your Tampa Bankruptcy Attorney for a free consultation in person or over the phone to
determine how your income and expenses fit into the means test.
For each family size other than an individual the amount you may make has decreased. This s a incentive to file sooner rather than later for
most families.
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