If you find yourself in financial distress and are wondering how to file for bankruptcy in Florida, you will need to consult a professional bankruptcy lawyer, said a known business bankruptcy lawyer. Although you will be able to find various information and forms at your local courthouse, the fact is that they may not be able to provide you with the legal advice and assistance you may need. This is particularly true if your bankruptcy matter is a relatively recent development. Therefore, when seeking out a local bankruptcy attorney, it is important that you take some time to investigate the many choices available to you.
How to file for bankruptcy in Florida can be an overwhelming experience if you don’t know what you need or how to proceed. In order to ensure that you are filing the right kind of bankruptcy and that it fits your particular situation best, it is important that you understand just what each chapter entails. Once you have this information in hand, you will have a better idea of how to proceed and how to avoid any unnecessary complications along the way. Because each chapter is somewhat different, it is important that you choose an experienced bankruptcy attorney who is knowledgeable in the state of Florida’s bankruptcy laws.
The first chapter, you should consider is the Individual Voluntary Arrangement (IVA). This chapter allows you to pay your debts with a structured repayment plan. While this may sound ideal, it can result in problems down the road. In fact, many individuals find that their debts become unmanageable under the IVA and declare bankruptcy while still in the arrangement. Your bankruptcy attorney can give you more detailed information about this issue.
Another important topic to understand when learning how to file for bankruptcy in Florida is the chapter named the Installment Agreement. With this chapter, you are allowed to set up payment plans with your creditors over a set period of time. However, if you cannot afford the payments, then the agreement will end and you will be required to repay your creditors directly. You also may be able to include interest on top of the principal amount that you pay.
Yet another chapter you should consider when learning how to file for bankruptcy in Florida is chapter 13. With this chapter, you must make monthly payments to an individual or company that will use your debt as the collateral for a debt settlement. If you fail to make the required payments, the debt settlement company will take back the collateral that you used in the IVA. This process may seem a little strange but the court system will look at it in a positive light and may result in you being released from your bankruptcy.
It is very important to remember that when learning how to file for bankruptcy in Florida, each chapter has its own guidelines. This means that you should know what is expected of you. As a result, it is recommended that you consult with a bankruptcy attorney before making any decisions. This includes learning about the specifics of each chapter and their expected outcomes.
Along with this, you should also research each chapter thoroughly. This may mean talking to someone knowledgeable in that area. Or, you can look online for some helpful information. There are a lot of resources available. The key is to take advantage of them. Once you are familiar with the Florida bankruptcy code, you will feel more confident when you start filling out the forms.
Learning how to file for bankruptcy in Florida is not difficult. In fact, it can be easy if you use the resources that are available to you. While this may be a process that you want to take your time with, you should also consider hiring an attorney. This will help ensure that you get the most favorable outcome from your bankruptcy case.