Port Saint Lucie, FL Bankruptcy Attorneys Understand the Process

Florida Bankruptcy Law Firm Advocates for Debtors

If you are facing a mountain and debt and can no longer pay your creditors, bankruptcy can give you a fresh start. Most personal bankruptcy cases are filed under the three main chapters of the bankruptcy code – chapter 7, chapter 12, and chapter 13. Because federal courts have exclusive jurisdiction over bankruptcy matters, bankruptcy cases cannot be filed in a state court.

The main purposes of filing bankruptcy include:

• Give a debtor a fresh start by relieving them of most debts
• Repay creditors in an orderly manner

The Bankruptcy Case

A typically bankruptcy case begins when the debtor files a petition with the bankruptcy court. Bankruptcy petitions may be filed by individuals or jointly by a married couple. The bankruptcy debtor will be required to file statements listing their current assets, income, liabilities, and the names and addresses of all their creditors and how much they are owed.

The filing of the bankruptcy petition automatically "stays" or prevents continued debt collection efforts against the debtor and his property. As long as the stay remains in effect, creditors cannot initiate or continue lawsuits, garnish a debtor's wages, or call a debtor and demand payment.

Chapter 7 bankruptcy cases will give the bankruptcy trustee authority to sell some of a debtor's property and use the proceeds to repay creditors, while chapter 13 will allow a debtor to reorganize debt and set up a plan to repay creditors. Chapter 12 is a reorganization bankruptcy for family farmers and fisherman.

If you are considering filing bankruptcy in Port Saint Lucie, Florida but are uneasy about the process, contact Treasure Coast Legal online or call 772-621-2898 to set up your free initial consultation today. We will review your situation and provide you with workable solutions.