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Welcome To Mooney & Stewart, P.A.
Florida Bankruptcy FAQ
Experienced Bankruptcy Attorney
Serving Bradenton, Sarasota, Tampa, St. Petersburg
Question is who can file for bankruptcy in Florida? Any person, corporation, business trust or partnership may file a bankruptcy case. However, corporations, partnerships and business trusts be represented by a lawyer. But it is not recommended that an individual file without an attorney.
Next Question is Do I need an attorney to file? Well you can file your own bankruptcy petition if you are an individual, but it is difficult to successfully file and complete your case without a properly or sufficiently qualified or capable attorney at your side. It is indeed a difficult process, and the ramifications of an incorrectly or dishonest filed bankruptcy petition are indeed unpleasant. But remember that your chances of successfully discharging your debt, stopping foreclosure or reorganizing debt are much more with the proper legal counsel.
What is Chapter 7 bankruptcy? Chapter 7 bankruptcy provides an option for such a person who has a low income who is facing overpowering debt. After passing the means test (to ensure you do not make too much money to file) you can file under Chapter 7. This type of bankruptcy involves elimination of the debtor’s taxable assets and using the proceeds from this in order to pay off creditors. As Chapter 7 bankruptcy ends successfully, all of the debtor’s suitable debts will be dispatch, giving the debtor a fresh start.
What is Chapter 13 bankruptcy? Chapter 13 is a form of bankruptcy that involves reorganizing debt and creating a payment plan to pay a portion of this debt over a period of three to five years. Chapter 13 can stop legal proceedings and allows individuals with regular incomes the opportunity to file for bankruptcy and dispatch suitable debts.
What are some of the benefits of filing for bankruptcy? Its depend on you that whether you file a Chapter 7 or Chapter 13 case, bankruptcy can give you so many important benefits. The ultimate goal in any bankruptcy case is to give the debtor financially a fresh start. Bankruptcy can stop the creditors feelings of intense annoyance and legal proceedings or contact from creditors, stop legal proceedings and engage garnishment, (court order to an employer to withhold all or part of an employee's wages and to send the money to the court or to the person) stop repossession, and result in the dispatch of debt. |
Types of Bankruptcy
