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BANKRUPTCY

Bankruptcy in Florida

Bankruptcy

is the process by which consumers and businesses can resolve debt,

stop Foreclosure

, repossession, and

lawsuits

.

Filing bankruptcy

may clear debt, stop creditor harassment, and provide additional time to repay bills.

Bankruptcy

is broken down into two main classifications: Personal Bankruptcy and Business Bankruptcy.
Personal Bankruptcy
Also known as Consumer Bankruptcy, this pertains to individuals. Individuals may choose to file

bankruptcy

to resolve a hopeless financial situation, or to delay debt-collection for a period of time to allow for financial reorganization. Personal Bankruptcy generally takes one of two forms: Chapter 7 Bankruptcy and Chapter 13 Bankruptcy.

Chapter 7 Bankruptcy

is a way for Debtors to get a "Fresh Start" and eliminate debt.
Chapter 7 is by far the most favorable because you can enter into it and “discharge” all of your debt. That means you will not have to pay any of it back. However, there is specific criteria that must be met in order to qualify for

Chapter 7 Bankruptcy.

Chapter 13 Bankruptcy

is often referred to as "Wage-Earners Bankruptcy." Assets are not liquidated in this case. Debt can be reduced and a repayment plan is established by the courts in order to pay off the remaining debts. If you make all scheduled payments, then the remainder of your debt will be discharged.

Chapter 13 Bankruptcy

is often times NOT the best option for our clients. After an in depth analysis of your specific situation, our firm will make a determination and recommendation as to which route would be best for you.
Business Bankruptcy
Corporations, Limited Liability companies and Partnerships are legal entities separate from their shareholders or partners. They can file

Chapter 7 Bankruptcy or Chapter 11 Bankruptcy,

while proprietorships cannot. The proprietor must file bankruptcy individually, since the assets and the liabilities of the business are really just one form of assets of the proprietor. The individual owner may file

Chapter 7, Chapter 11 or Chapter 13 Bankruptcy

.
Debtor Workout
Debtor workout is a term used to describe the process by which our law firm contests the validity of the debt you owe and ultimately works out some type of settlement with your creditor. A typical debtor workout agreement would include a substantial reduction in the amount of debt you owe the creditor and to set up an affordable payment plan to pay back the remainder of it. All payment plans are based on your income and no debtor workout plan would be approved unless you can afford to make the payment without it becoming a financial hardship. Please contact one of our Florida Bankruptcy Attorneys for a free, no obligation consultation about your questions concerning

Bankruptcy, Foreclosure, or Debt Consolidation
Commerical Modifications
With the economy changing, many business owners are finding it difficult to make their monthly mortgage payments. Lenders are realizing that working with the debtor will help them survive during these economic times. I will personally meet with you to discuss alternatives and possible workout programs provided by various lenders to business owners despite their size.