Filing for Bankruptcy in Tampa or Orlando Florida

What is Bankruptcy?

Bankruptcy is an option used by many people who are having difficulty repaying their debts and are looking for a fresh start. Popular reasons why people choose to file are:

• preventing personal liability for a deficiency on a home through foreclosure, short sale or deed in lieu.
• paying only the minimums on their bills
• excessive credit card debt
• being contacted by collections agencies
• receiving notices that their mortgage is being foreclosed upon
• medical bills
• recently lost a job
• divorce, or
• loss of a major client

As an honest debtor, you may be able to wipe away almost all debt through a Chapter 7 bankruptcy or you may be able to enter a plan via Chapter 13 to repay debts over several years time based on your ability to pay.

Chapter 7 of the Bankruptcy Code is available to both individual and business debtors. This is known as a personal liquidation and strives to achieve equality in repayment to creditors of the debtors non-exempt property. Unsecured debts not reaffirmed are discharged, providing a fresh financial start for the debtor.

Chapter 11 of the Bankruptcy Code is available for both business and consumer debtors meeting certain qualifications. Its purpose is business rehabilitation as a going concern or to reorganize an individual’s finances through a court-approved reorganization plan.

Chapter 12 of the Bankruptcy Code is reserved for family farmers.

Chapter 13 of the Bankruptcy Code is available for an individual with regular income whose debts do not exceed specific amounts. A plan is utilized whereby the debtor pays one sum to a trustee who distributes money to the debtor’s unsecured creditors in whole or in part.