What is Bankruptcy?
Updated: Sep 13, 2020
Bankruptcy is overseen by federal bankruptcy courts and helps individuals and businesses legally eliminate all or part of their debt or repay a portion of what they owe.
Bankruptcy is a complex process. Working with one of our bankruptcy attorneys will ensure the process goes smoothly, complies with governing bankruptcy proceedings, and meets all of Florida’s applicable rules and regulations.
A few specific requirements must be met before you can file for bankruptcy. First, you'll need to demonstrate you can't repay your debts. Second, you will have to meet with a government-approved credit counselor to help assess your finances. Along with one of our attorneys, the credit counselor can discuss possible alternatives to bankruptcy and create a personal budget plan just for you.
Bankruptcy will help you get relief from your debt, but it's essential to understand that declaring bankruptcy has long-term effects on your credit. Your credit report can be affected for 7 to 10 years, which affects your ability to open new credit accounts and get approved for loans with lower rates.
If you choose to continue with bankruptcy, our attorney can help you decide if Chapter 7 or Chapter 13 is best for you.