The bankruptcy process may seem challenging and complex. Nevertheless, with help from an experienced Florida bankruptcy attorney at Loan Lawyers, you may proceed through your bankruptcy with the utmost confidence and understanding that you are doing things the right way.
There are two primary forms of bankruptcy: Chapter 7 and Chapter 13. You seek discharge of your debt under Chapter 7, while you agree to a payment plan over the next three to five years to pay off your debts – while having bankruptcy court protection – under Chapter 13.
Steps in a Bankruptcy Case
The following are the proper steps for Chapter 7 and Chapter 13 bankruptcy:
- Discuss your options with a lawyer. An attorney will evaluate your debt situation and advise you of your options and alternatives. If you file either Chapter 7 bankruptcy or Chapter 13, your lawyer will help you prepare the necessary documents.
- File bankruptcy. Your lawyer will help you file your bankruptcy. Your creditors are notified and must cease any collection action against you.
- Meet with your creditors. Meeting with your creditors within 30 to 45 days after filing for bankruptcy is mandatory.
- Prepare for any objections. Under Chapter 7, your creditors can file objections to discharge obligations. If they do so, an adversary hearing will be scheduled.
- Chapter 7 Discharge. Once objections are handled, the court discharges your debts. This often occurs within six months of your filing.
- Chapter 13 payments. Under Chapter 13 bankruptcy, the trustee takes your monthly payments and establishes regular distributions to your creditors. As mentioned above, this will continue for three to five years until your payment plan is complete.
- Chapter 13 discharge. Once you complete your payment plan, the court issues a release of any remaining unsecured debts you may have.
Call Our Florida Bankruptcy Lawyers for a Free Case Evaluation Today!
With more than 100 years of combined experience, our Fort Lauderdale bankruptcy attorneys have helped over 5,000 South Florida residents with debt issues. We thoroughly understand Florida bankruptcy laws and built a reputation for high-quality legal service.
Do not hesitate to contact us and discuss your legal options immediately.
