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Understanding Bankruptcy in Broward County, Florida: Key Insights and Guidance
Filing for bankruptcy in Broward County, Florida can be a daunting process. This guide aims to clarify the steps involved, the different types of bankruptcy, and how to navigate the complexities of the legal system effectively.
Types of Bankruptcy
In the United States, the most common types of bankruptcy for individuals are Chapter 7 and Chapter 13. Each type has specific qualifications and consequences.
Chapter 7 Bankruptcy
Chapter 7, often referred to as 'liquidation bankruptcy,' involves the sale of a debtor's non-exempt assets to pay creditors. It's suitable for individuals with limited income who cannot repay their debts.
- Eligibility: Must pass the means test.
- Process Duration: Typically 3-6 months.
- Outcome: Discharge of most unsecured debts.
Chapter 13 Bankruptcy
Chapter 13 is known as 'reorganization bankruptcy,' allowing debtors to keep their assets and pay debts over time.
- Eligibility: Regular income required.
- Process Duration: 3-5 years repayment plan.
- Outcome: Debts reorganized, with potential discharge after plan completion.
Steps to Filing Bankruptcy
Filing for bankruptcy in Broward County requires careful preparation and adherence to legal procedures.
Initial Consultation
It is advisable to consult with a qualified attorney to understand your options. Consider reaching out to a bankruptcy attorney in Mesa for expert advice.
Filing the Petition
The process begins with filing a petition in the appropriate court. This document includes detailed information about your finances.
- List of creditors and amount owed.
- Source and amount of income.
- List of assets and liabilities.
Court Proceedings
After filing, you'll attend a meeting with creditors. The court will then decide whether to discharge debts.
Throughout this process, having a skilled attorney, such as a bankruptcy attorney in Montgomery, AL, can be invaluable.
Frequently Asked Questions
What is the cost of filing for bankruptcy in Broward County?
The cost varies depending on the type of bankruptcy. Chapter 7 typically involves a filing fee of around $335, while Chapter 13 may be higher due to additional court and attorney fees.
Will bankruptcy affect my credit score?
Yes, bankruptcy will impact your credit score. A Chapter 7 bankruptcy can remain on your credit report for up to 10 years, while Chapter 13 can stay for up to 7 years.
Can I keep my home if I file for bankruptcy?
It depends on the type of bankruptcy and your specific situation. Chapter 13 allows for a reorganization of debts, which may enable you to keep your home, whereas Chapter 7 might require liquidation of assets.
In conclusion, understanding the nuances of bankruptcy in Broward County, Florida, and seeking professional guidance can significantly ease the process, ensuring you make informed decisions for your financial future.
United States Courthouse 299 East Broward Blvd., Room 112 Ft. Lauderdale, FL 33301 (954) 769-5700
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