What is bankruptcy?
Bankruptcy is a legal procedure in which people who cannot pay their bills can get a fresh financial start. The right to file for bankruptcy is provided by federal law, and all bankruptcy cases are handled in federal court.
According to Tripp Finley, Esq.. Diamond McCarthy Law firm, bankruptcy can make it possible to proceed with the eradication of the legal obligation to pay most or all of your debts. This is called a discharge of debts. It is designed to give you a fresh financial start.
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Bankruptcy can stop foreclosure of your home or mobile home and provide you with the opportunity to update with late payments. However, bankruptcy does not automatically eliminate mortgages and other liens on your property without payment.
It can prevent recovery of a car or other property, or force the creditor to return property even once he has recovered.
You can also stop garnishment wage, creditor harassment from collection of debts, and similar actions to collect a debt. Restore or prevent termination of utility. Allow you to challenge the claims of the creditors who have committed fraud or who are trying to collect more than we really should.
However, the bankruptcy can not solve all financial problems. And it may not be the correct course of action for you. In bankruptcy, it usually cannot be eliminate certain rights of “insured” creditors.
According to Tripp Finley, Esq.. Diamond McCarthy Law Firm, a “secured” creditor has taken a mortgage or lien on the property of others as collateral for the loan. The most common examples are the car loans and mortgages. You can force secured creditors to take payment at the time of the bankruptcy process and bankruptcy can eliminate your obligation to pay any additional money if their property is taken. However, it usually can not keep the warranty unless you continue to pay the debt.
Bankruptcy also cannot be certain types of debts by the bankruptcy law for special treatment, such as maintenance of the children, alimony, some loans for students, court orders of restitution, criminal fines, and some taxes.
Protect guarantors of its debts. When a family member or friend has jointly signed a loan, and downloads of the consumers of the loan in the event of bankruptcy, the guarantor who still have to pay all or part of the loan.
The different types of bankruptcy are:
Chapter 7 – which is known as straight or liquidation bankruptcy. It requires a debtor to give up the property, which exceeds certain limits called exceptions, so that the property can be sold to pay creditors.
Chapter 11 – that is known as the reorganization, is used by businesses and a few individual debtors whose debts are very large.
Chapter 12 – booked for family farmers.
Chapter 13 – is called the debt adjustment and a debtor is required to file a plan to pay debts or parts of debts of pay-as-you-go.
The majority of people declaring bankruptcy was decided to present in either Chapter 7 or chapter 13. Any kind of case can be presented individually or by a married couple of filing jointly.
As in any area of the law, it is important to carefully select a lawyer who will respond to your personal situation. The lawyer should not be too busy to meet individually and to answer questions as needed.
The best way to find a trusted bankruptcy attorney is to seek recommendations from family, friends or other members of the community, especially to any lawyer who know and respect. Please read carefully the retainers and other documents from the Prosecutor’s Office asks you to sign. You should not hire a lawyer unless he or she is agree to represent you in any case.
In bankruptcy, as in all areas of life, remember that the person advertising the cheapest rate is not necessarily the best. Many of the best bankruptcy attorneys do not advertising at all.
Frequently asked questions about bankruptcy in Florida
Why was I think the bankruptcy?
That law regulates the bankruptcy?
What will make me bankrupt?
What are the limitations of the bankruptcy?
What does a chapter 7 bankruptcy?
What does a chapter 13 bankruptcy?
Which property will I be able to keep?
What I have to do before declaring bankruptcy?
What happens with my house and car when I can file a petition for bankruptcy?
What can keep after bankruptcy?
Do I have to go to court?
Does the bankruptcy mess up my credit?
What should I guaranteed debt after filing for bankruptcy?
What is the reaffirmation and I have to reaffirm a debt?
What is the automatic stay?
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