Bankruptcy is a legal proceeding involving a person or business that cannot repay their outstanding debts. The process begins with a petition filed by the debtor, which is most common, or on behalf of creditors, which is less common. The debtor’s assets are measured and evaluated, and the assets may be used to repay a portion of outstanding debt.
Bankruptcy offers an individual or business a chance to start fresh by forgiving debts that cannot be paid while offering creditors an opportunity to obtain some measure of repayment based on the individual’s or business’s assets available for liquidation.
In Florida bankruptcies, student loan debt is very difficult to get rid of. Even filing bankruptcy that discharges other unsecured debt does not solve the problem for most student loan debtors. The Bankruptcy Code says…
How Much Does It Cost to File Bankruptcy in Florida? Most lawyers in Florida charge between $1,500 and $3,000 for a Chapter 7 bankruptcy. If the debtor is not under median income, then attorneys will…
An involuntary bankruptcy allows a creditor to force a debtor into bankruptcy in order to pay their debts. Involuntary bankruptcy is rare in Florida, but a creditor may seek involuntary bankruptcy if the creditor believes…
What Is a Chapter 13 Bankruptcy in Florida? Chapter 13 bankruptcy allows a person to pay back their debts over time in a court-approved manner. In Florida, Chapter 13 bankruptcy is a court-supervised payment plan…
Many people are subject to creditor collection and harassment before filing bankruptcy, and in many cases, the creditors’ collection efforts drive people to bankruptcy. The interaction between you and your unsecured creditors will change once you have…
Chapter 7 bankruptcy is a legal process allowing a person to discharge their unsecured debt. In Florida, Chapter 7 bankruptcy requires the debtor’s non-exempt assets to be liquidated for a discharge to be granted. You…
Most people who file for bankruptcy are honest people who feel badly about not paying their debts. Many believe that bankruptcy is immoral or that they are doing something wrong. Perhaps these people are too…
