What is the Process Filing For Bankruptcy in Florida?

by Dori Tery on May 20, 2013

Filing For Bankruptcy In Florida

Asking yourself what bankruptcy is before taking the plunge is necessary, to ensure that you truly have a deep understanding of the matter rather than simply positing filing for bankruptcy in Florida to be a fresh start or the end of your financial life. The intention of bankruptcy is to protect you from creditors. Chapter 7 bankruptcy in Florida involves liquidating your assets to pay off all your creditors; and even if the entire debt can’t be paid by the produced capital, it is considered cancelled, allowing you to proceed in life with a clean slate, though of course it excludes some debts and exempts some assets, dependent on the Florida statute, if you are filing for bankruptcy in Florida, that is.

Chapter 13 bankruptcy involves restructuring one’s payment schedule, which all creditors then have to respect. No cancelling of debts occurs. Whether or not you can file bankruptcy under this chapter and the conditions involved with depend on the size of one’s unsecured debt.
Not all debts can be cancelled or restructured by filing for bankruptcy in Florida and will include:

Debts incurred due to fraud and other illegal means

  • Student loans
  • Alimony
  • Child support
  • Taxes and fines to the government
  • Transactions such as purchasing luxury items, made within ninety days of filing for bankruptcy

To file for bankruptcy in Florida:

You undergo a means test to determine under which act to file for bankruptcy in Florida; such as determining whether you have sufficient funds to pay 25% of the none priority debt, and if so, you will be repudiated from filing chapter 7. It might be necessary to consult a lawyer before making any major decision in this sector.

You will then file a statement of financial affairs petition in bankruptcy court, which summarizes all you debts, priority, secured and unsecured, as well as detailing information regarding your creditors and assets, not precluding real estate and personal property. Assets precluded from this statement will not be included in the bankruptcy.

In filing for bankruptcy in Florida, you will have to attend a first meeting of creditors (341 meeting) during which an administrator assigned to your case will interrogate you to ensure all information provided by you is accurate. Failure to attend this meeting will lead to the dismissal of your case; it is the creditor’s discretion to attend or not, though any questions aimed your way from them must be answered truthfully as you are under oath.

To wrap up the process of filing for bankruptcy in Florida, you must eventually attend a bankruptcy hearing, where the judge will rule on how the bankruptcy will proceed, deciding to either approve or deny your application for chapter 7 or chapter 13. Chapter 7’s denial and chapter 13’s approval will mean the judge making a ruling on the terms of repayment at the hearing.

bankruptcy in floridaOf course success in your endeavors may depend on the lawyer you choose to represent you. In most cases it is a matter of getting good referrals, though probably not from friends and neighbors. Try the state bar association, there is usually a website available somewhere for you to access this important information. It is important to properly interview your chosen lawyer (unless you opt to represent yourself) and ensure they have experience in the matter and can thus handle filing for bankruptcy in Florida. Comfort and the ability to communicate with the lawyer also matters. When desperate, even the phone book will do; it is a simple matter of narrowing your search down to lawyers experienced with the field.

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