It is impossible for us to verbally communicate all the necessary information concerning bankruptcy to you in a one-hour consultation. And, even if we could, it would be impossible for anyone to retain it all.
So, for your protection (and for ours), we are providing to you the following important information in writing. It is ABSOLUTELY ESSENTIAL that you read and understand this material. If you need clarification on anything, please call us. We also highly recommend that you read again the 'What is Bankruptcy' material which we provided to you when you first contacted us.
The first section, entitled 'Bankruptcy Information (From The court)' is a verbatim reprint of a document which the court requires all Chapter 7 bankruptcy Debtors to read. The second section, entitled 'Additional Information (From Our Offices)' is information we have put together for you.
Also enclosed in this material is a 'Personal Property Inventory' which we MUST (except in an extreme emergency) have from you before we can complete your bankruptcy petition. PLEASE complete this worksheet and get it back to us ASAP.
BANKRUPTCY INFORMATION (FROM THE COURT)
BANKRUPTCY LAW IS A FEDERAL LAW. THIS SHEET GIVES YOU SOME GENERAL INFORMATION ABOUT WHAT HAPPENS IN A BANKRUPTCY CASE. THE INFORMATION HERE IS NOT COMPLETE. YOU MAY NEED LEGAL ADVICE.
WHEN YOU FILE BANKRUPTCY:
You can choose the kind of bankruptcy that best meets your needs:
Chapter 7 bankruptcy - A trustee is appointed to take over your property. Any property of value not covered by exemptions will be sold or turned into money to pay your creditors. You may be able to keep some personal items and possibly real estate depending on the law of the state where you live.
Chapter 13 bankruptcy - You can usually keep your property, but you must earn wages or have some other source of regular income and you must agree to pay part of your income to your creditors. The court must approve your repayment plan and your budget. A trustee is appointed and will collect the payments from you, pay your creditors, and make sure you live up to the terms of your repayment plan.
Chapter 12 - Like Chapter 13 bankruptcy, but it is only for family farmers.
Chapter 11 - This is used mostly by businesses. In Chapter 11, you may continue to operate your business, but your creditors and the court must approve a plan to repay your debts. There is no trustee unless the judge decides that one is necessary: if a trustee is appointed, the trustee takes control of your business and property.
If you have already filed bankruptcy under Chapter 7 bankruptcy, you may be able to change your case to another chapter.
Your bankruptcy may be reported on your credit record for as long as ten years. It can affect your ability to receive credit in the future.
Free bankruptcy consultation: Call 407-896-3077 or fill out our contact form to discuss your case with a Florida bankruptcy attorney at no charge.