If you have had a financially comfortable life up to now, you may not be at all familiar with bankruptcy. However, if things have gone downhill lately, you may need to consider some new options. Bankruptcy is a legal process that lets a person who owes more money than they can repay to either pay part of what they owe over a certain period of time or have the debt completely dissolved.
If the debtor chooses Chapter 7 bankruptcy, they might be ordered to give all of their assets over to a trustee. In addition to personal bankruptcy, businesses and corporation are also able to declare bankruptcy. Once the debtor has filed the bankruptcy petition in bankruptcy court, the creditors are no longer allowed to go after them because the debt “stays.
What happens next?
Once the petition has been filed, the Bankruptcy Code and Federal Rules of Bankruptcy Procedure will decide which type of bankruptcy the debtor is allowed to file, which debts can be eliminated, how long the repayment period will be and which possessions the debtor will be allowed to keep. The debtor has a responsibilities to follow the rules.
What is the significance of the clerk’s office?
The clerk’s office gives support of an administrative and clerical nature to the court. The clerk’s office processes the legal documents that have been filed and maintains the paperwork for all things related to the bankruptcy case, including fee statements, a record of notices that have been sent, judgements and orders that appear on the docket that inform the relevant people of scheduled hearings. The clerk’s office also deals with questions from attorneys as well as the general public.
Consulting a Florida bankruptcy attorney
If you are about to go through the bankruptcy process, consulting a Florida bankruptcy attorney may help your case a great deal. The bankruptcy process is often complicated and having the attorney’s expertise at your fingertips may really make your experience go smoothly. It is important for you to keep in mind that just because you have decided that bankruptcy is your best option doesn’t mean that you have lost everything. You should look at bankruptcy as a way to start over and to have a good life again.