Florida bankruptcy lawyers lessen the burden of filing bankruptcy cases in Florida. Aside from alleviating the complicated court process for clients, they also sort out assets, and handles repetitive and unnecessary files, known as red tape, related to such cases.
Bankruptcy is common not only among business people, but also among ordinary loan customers. It is defined by the US Federal Bankruptcy Code as the process wherein an entity seeks for relief from their debt responsibility. This happens when the debtor can no longer fulfill his duties and obligations to the creditor when it comes to paying debts. If you feel that you have the need to file for bankruptcy, do not be ashamed of it because you are not alone in facing that situation.
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Generally speaking, there are three distinct bankruptcy chapters that you can file. They are Chapter 7, Chapter 11, and Chapter 13. Personal bankruptcy can be filed under Chapter 7 or 13, but business bankruptcy or high-debt cases in Florida should be under Chapter 11.
Chapter 7 is also known as "straight bankruptcy." In this case, debtors are required to surrender their non-exempt properties for them to pay the creditors. On the contrary, Chapters 11 and 13 do not require such action. Instead, these implement a 3 to 5 year plan to fulfill the debtor's obligations to his creditor without surrendering his properties while the debt is not yet discharged.
However,lawyers are vocal that their bankruptcy code contains loopholes that allow wealthy debtors to be free from their debts by simply filing Chapter 7 bankruptcy. With, this, they can be legally free of their obligations even though they still own luxurious properties. Because of this, some lawyers introduced provisions in Federal Bankruptcy Code to lessen exemptions in Florida just like in any other state.
In any case, debtors that will file for protection should always seek professional and legal services before taking any action. It is also better to have lawyers when the negotiations take place in Florida.
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