Bankruptcy Law in Florida is similar to that of other US states, said one of Florida bankruptcy attorneys. It provides the debtor with many options, which depend on the filing of the bankruptcy petition by the debtor. Bankruptcy Law in Florida includes the following: a chapter order that give the court the authority to levy the debtor’s assets; a summary of all filed financial documents; and a statement of the judgment. If you are a resident of Florida and need a bankruptcy attorney, contact a bankruptcy attorney immediately to discuss your case and how to obtain the required bankruptcy protection in the state of Florida.
A chapter 7 bankruptcy in Florida provides extensive protection for debtors and enables them to reorganize their businesses, pay off debts, and live an easy life. The debtor will have to pay back the balance of the debt plus fees to the creditors. This is referred to as discharge of debt in Florida. However, the creditor can also ask the court for further assistance if the debtor fails to follow the terms of the discharge order.
In order to be declared a chapter 7 debtor in Florida, you will have to fulfill various conditions. To start with, you must be unable to repay the debt based on current market values and have done so since at least three years. The value of the debt is used by the court to determine whether you are eligible for a chapter 7 bankruptcy or not. You should also have an unsecured debt that exceeds ten thousand dollars.
After meeting the above criteria, you will have to research and select a suitable bankruptcy lawyer from a list of qualified applicants. The procedure for filing the bankruptcy petition is same as that of other states. Your lawyer will file your paperwork and submit it to the court for approval. The filing fee is additionally included in the amount you are expected to pay your attorney bankruptcy.
There are certain guidelines that you need to follow when considering a reputable bankruptcy lawyer. For starters, think the stream is not an expert when it comes to financial matters. This is why you should find someone who has been involved in financial practices for at least two years. Thinkstream can only give you advice based on their experience and educational qualification. You should think about hiring a lawyer who can give you solid advice. If you do not think about these things, you are liable to get duped into paying higher premiums for your policy or face fraudulent transfer of your debt to another company.
Fraudulent transfer of debt to other companies is one reason why a person files a bankruptcy case in the state of Florida. Another reason is to avoid payment to creditors. Remember that the process of liquidation can take up to six months and this is why many people prefer to skip repaying and simply declare themselves bankrupt. Once declared a bankrupt, you can no longer receive any debt support from any company or credit card institution. There are other solutions such as debt management plans and debt settlement programs but these involve long term negative impacts on your credit ratings.