Understanding the Process for Filing Bankruptcy in Florida
Working through the bankruptcy process can be an overwhelming experience for people who are not familiar with it. There are a number of details that need to be addressed and the assistance of an experienced Orlando bankruptcy lawyer at the Price Law Firm can be extremely helpful as the process moves forward. Below is a brief summary of what you can expect in a bankruptcy proceeding.
Whether you file under Chapter 7 or 13, the following steps will happen in every proceeding:
- You will be required to complete a credit counseling course through a court-approved agency.
- You will complete a petition for bankruptcy that includes a listing of your assets and debts, income and expenses, and other information required by the court. We will work with you to gather all the necessary information for your petition. Unlike most bankruptcy attorneys, we will complete all of the forms for you during your appointment. You don't need to fill out pages and pages of worksheets - we do it all for you to make the process as easy as possible.
- A creditors meeting takes place where you are placed under oath and answer questions about your financial matters from the trustee and your creditors. This meeting generally takes only three to five minutes and creditors almost never attend.
- Once your petition is filed with the court, the automatic stay takes effect which prohibits creditors from continuing any collection activity. This means that creditors can't call you, write you, sue you, or continue to sue you.
Chapter 7 Bankruptcy Process
The following steps are unique to Chapter 7 bankruptcy:
- You will be required to take a means test which compares your income level and disposable income with other wage earners in your state.
- If you wish to reaffirm any debts, such as a car or home loan, those agreements will be taken care of as part of the bankruptcy.
- The trustee will review your non-exempt property to see if there is anything that can be sold at auction to help repay your creditors. In many cases, the trustee determines that there is nothing that can be sold and get to keep all of your property.
- All eligible debts included in the initial filing will be discharged and your personal responsibility for them will be wiped out.
- The entire process can be completed in four to six months.
Chapter 13 Bankruptcy Process
The following steps are unique to a Chapter 13 bankruptcy:
- Along with the bankruptcy petition and required documents, you will also be required to include a proposed repayment plan. We will prepare your plan for you and explain the best ways to make the payment affordable.
- In addition to the creditors meeting, there will be a subsequent meeting to confirm your repayment plan with the court.
- You will make regular payments for a three to five-year period and then receive your discharge at the end of it.
To learn more about your bankruptcy options, contact the Price Law Firm. From our offices in Altamonte Springs in the Orlando-Kissimmee metro area, we represent clients throughout central Florida. To schedule a free consultation with an attorney, call 407-792-3473 or contact us toll free at 866-381-9243.
We are a debt relief agency. We help people file bankruptcy under the Bankruptcy Code.
