Florida Bankruptcy FAQ

There are several questions which often arise on Bankruptcy laws and more especially on Florida Bankruptcy.

1. Who is allowed by the law to file for Florida Bankruptcy case; Any individual, Business trust, a corporation or partnership or joint business can file for a bankruptcy case, however , a lawyer can represent such corporations, partnerships and business entities. Without a competent bankruptcy lawyer , it is very difficult to file such cases considering the complexities involved. With proper legal counsel, your chances of stopping foreclosures, or reorganizing your debt will be brighter if you have received good legal counseling and services from an experienced Orlando Bankruptcy Attorney.

2. What is Chapter 7 bankruptcy. Chapter 7 bankruptcy can be regarded as a Bankruptcy option for a low income earner and who is undergoing a serious debt crisis. The “means test” is often required under the law to be taken by the debtor and it is done to ensure that the debtor does not have too much money to file. You can file chapter 7 bankruptcy if you pass the means test. It does involve the liquidation of non exempt assets of the debtor, the proceeds will be used in paying-off the creditors and then the debtor’s remaining debts will be discharged and that will give the debtor a fresh start and new lease of life.

3. What is Chapter 13 Bankruptcy. Chapter 13 is regarded as a form of payment plan under which a creditor is allowed to make payment within 3-5 years under a structured plan. Chapter 13 can help a regular income earner to dispose off his debt promptly, and it can also stop foreclosure proceedings against the debtor.

4. What are some of the benefits of filing for bankruptcy? Filing for bankruptcy can provide you with a number of benefits depending on whether you file a chapter 7 or chapter 13 bankruptcy. The ultimate aim of bankruptcy filing is to get a new lease of financial freedom for a debtor. Legal proceedings and creditor harassment can be stopped by simply filing for bankruptcy. Aside this, foreclosures, repossession, wage garnishments, will also be stopped and that will lead to the discharge of the individual’s debt. Contacting an Orlando, Florida Attorney for your bankruptcy cases will help you out.

Contact an Orlando Bankruptcy Attorney today and you will be glad you did.