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How to File Bankruptcy in Florida: A Comprehensive Guide for Residents
Filing for bankruptcy in Florida can be a complex process, but understanding the steps involved can make it easier. This guide will walk you through the basics, from determining eligibility to completing the necessary paperwork.
Understanding Bankruptcy Types
Before filing, it's essential to understand the different types of bankruptcy available.
Chapter 7 Bankruptcy
Chapter 7 is also known as liquidation bankruptcy. It involves selling off non-exempt assets to pay creditors. It's generally suitable for individuals with limited income and assets.
Chapter 13 Bankruptcy
Chapter 13 involves creating a repayment plan to pay off debts over three to five years. This option is for those who have a regular income and can keep up with the payment plan.
Eligibility Criteria
Meeting the eligibility criteria is crucial before filing for bankruptcy.
- Income requirements: Your income must be below a certain threshold for Chapter 7.
- Credit counseling: You must complete a government-approved credit counseling course.
- Residency: You must have lived in Florida for at least 180 days before filing.
Steps to File for Bankruptcy
- Gather financial documents: Collect all necessary financial documents, including income records, debts, and assets.
- Complete the means test: This test determines your eligibility for Chapter 7.
- File the petition: Submit your bankruptcy petition to the local bankruptcy court.
- Attend the meeting of creditors: This meeting allows creditors to ask questions about your financial situation.
- Complete a financial management course: This course is required to receive a discharge of debts.
Finding Professional Assistance
If the process seems overwhelming, consider seeking help from a bankruptcy attorney irvine to guide you through the process.
Impact of Bankruptcy
Filing for bankruptcy can have significant effects on your credit score and future financial opportunities. It's important to weigh the pros and cons before proceeding.
FAQ Section
What is the cost of filing for bankruptcy in Florida?
The cost varies based on the type of bankruptcy. Chapter 7 fees are around $335, while Chapter 13 fees are approximately $310.
Can all debts be discharged in bankruptcy?
No, certain debts like child support, alimony, and some tax obligations cannot be discharged.
How long does bankruptcy stay on my credit report?
Chapter 7 bankruptcy can remain on your credit report for up to 10 years, while Chapter 13 can stay for up to 7 years.
For those living outside of Florida, seeking assistance from a bankruptcy attorney knoxville tn might be beneficial to understand the differences in state laws.
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