Florida Bankruptcy Information

Florida's Exemptions

Every state has certain assets and properties that exempted from the bankruptcy process. These assets cannot be seized or liquidated to pay your creditors. Knowing that there are some important assets that are exempted will give you greater confidence to apply for bankruptcy protection. For a description of what is exempted according to Florida law, refer to our section 'Florida Exemptions' or phone us at (800) 965 5074.

On the other hand, the exemption laws cannot protect the assets you have officially used as collateral for certain loans like a housing or motor vehicle loan where you may have pledged your house and car as collateral respectively. Similarly, the law does not absolve you from having to fulfill certain financial obligations like paying child support and settling tax debts.

The Financial Costs of Bankruptcy

Besides the filing fees, you will incur costs for the compulsory pre-bankruptcy credit counseling, mandatory financial management education, doing the paperwork, preparing all supporting documents and getting professional legal advice from a bankruptcy attorney and other court costs like filing motions. Please call our firm of experienced Tampa attorneys at toll free (800) 965 5074 for a free consultation and we will brief you on the financial costs as well.

The Basic Procedure

Generally, the procedure to file for Chapter 7 bankruptcy is as follows:

1. Check the means test to determine whether you should file for bankruptcy under Chapter 7 or Chapter 13.
2. Gather your documents that show all your assets, liabilities, income and expenditure.
3. Determine which assets and properties are exempt.
4. Attend pre-bankruptcy credit counseling
5. Fill up the relevant forms for filing supported by all required documents
6. Make copies of all your forms.
7. File them with the bankruptcy court.
8. Meet the court trustee at the courthouse.
9. Meet with the creditors within 30 days from the date of filing.
10. File any motions necessary.
11. Attend pre-discharge financial management course.
12. Obtain the official Court Discharge Order that wipes out your debts.

A Chapter 13 filing is slightly different as it entails making payments towards your debts over a 3 to 5 year period.

It is highly advisable to engage an attorney to advise you on all the details of bankruptcy as it pertains to your case personally. Call us at Tampa Bankruptcy (813) 200 4133.