Bankruptcy Links
U.S. Bankruptcy CourtSouthern District of Florida
United States Bankruptcy Court Middle District of Florida
Bankruptcy Faqs
Bankruptcy Help in Hollywood Florida
Bankruptcy is a legal procedure for individuals or businesses who owe more money than they're able to pay to eliminate most debts, or work out a plan to repay the money over time. Most folks get to keep most, if not all, of their assets.
Under federal bankruptcy laws, Chapter 7 refers to straight bankruptcy. Chapter 11 usually applies to businesses (recent examples are General Motors and Chrysler), allowing a business to restructure debt payments and keep its assets. Chapter 13 allows consumers to restructure debt payments and keep assets. A skilled Hollywood FL bankruptcy law firm can explain all aspects of bankruptcy law to you and provide you with bankruptcy help in Hollywood FL or Southern Florida.
Once a bankruptcy discharge is issued, your liabilities are wiped out. The discharge is issued around 60 days after the meeting with a bankruptcy trustee in a Chapter 7 case, or when the payments have been completed according to the repayment plan in a Chapter 11 or 13 case. You are then discharged from your debts and can start over with a clean financial slate. However, the record of your bankruptcy will remain on your credit record for up to ten years.
There is no clear formula under federal bankruptcy laws for deciding when bankruptcy is the right choice. An experienced bankruptcy attorney can discuss the choice with you. You might want to consider bankruptcy filing if you:
- Are having trouble paying your bills
- Can't draw up a budget to eliminate your debt within a reasonable time
- Are in danger of mortgage or loan foreclosure
- Have had a severe financial setback including loss of your job, a divorce, severe illness
Even if you declare bankruptcy, you will still be responsible for things such as alimony, child support, most student loans, recent back taxes, recent large purchases, fines and penalties, fraudulent debt and certain cash advances.
Federal bankruptcy law is complicated. It is in your best interest to speak to a skilled bankruptcy lawyer to explain the complexities of the law to you. Contact Kevin Gleason P.A. experienced bankruptcy lawyer for help.
