How to file bankruptcy form in Florida

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How to File Bankruptcy in the Florida
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• Bankruptcy laws are a series of federal laws
  enacted to allow people to be relieved from their
  debts and start over with a clean slate. The laws
  changed in 2005, making the road to a fresh start
  more complicated, so it is important to
  completely understand the benefits and drawbacks
  before you decide to declare bankruptcy.
  Understand how to know when you should file
  bankruptcy, the different types of bankruptcy,
  and the procedure for filing.

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Deciding to File for Bankruptcy

• Consider other options. Bankruptcy should only be
  used as a last resort. Before filing, try other
  options available to you to pay off your debts.
  Contact your creditors and try to negotiate for a
  loan settlement or a repayment plan with lower
  payments. Alternately, you can try a short sale
  of your assets to cover your debt, assuming you
  are not underwater on your loan. Try consulting
  with a debt management agency before deciding to
  file for bankruptcy.

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Analyze your debt.

• Certain kinds of debt cannot be discharged, or
  erased, even if you declare bankruptcy.
  Categorize all of your debt and calculate how
  much falls into categories that cannot be
  discharged.
• Alimony
• Child Support
• Debts that arise after bankruptcy is filed
• Some debts incurred in the six months prior to
  filing bankruptcy
• Loans obtained fraudulently
• Debts from personal injury while driving
  intoxicated
• Debts from willful and malicious injuries to
  person or property
• Some student loans
• Some taxes
• Secured loans, as lenders can foreclose on their
  capital

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Know which assets are exempt from seizure in
bankruptcy proceedings.

• While bankruptcy proceedings will seek to seize
  and sell off your valuable assets to repay
  creditors, there are some assets that are
  protected under state law.
• Common protected assets are cars, wedding rings,
  and your home.
• Some states may offer "wild card" exemptions that
  allow you to keep any other valuable assets up to
  a certain amount.
• Chapter 13 bankruptcy allows you to keep all of
  your assets, but you can reduce your liability to
  creditors by selling of assets of significant
  value.

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Understand That Bankruptcy does not erase debt
for cosigners

• A cosigner agrees to pay your debt in the event
  that you cannot pay. For example, a parent may
  have cosigned an auto loan for you when you
  graduated from college because you had little or
  no credit. However, if you declare bankruptcy, a
  cosigner on your loan is still be legally
  obligated to repay your debt. For example, your
  parent will still have to repay all or part of
  that car loan, even if you declare bankruptcy.

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Learn about the different kinds of bankruptcy.

• Individuals and businesses may file for Chapter
  7. Property may be liquidated to pay off
  creditors. Secured debt may be eliminated, or you
  have the option of allowing the property to be
  repossessed or paying the creditor a lump sum
  equal to the current value of the property. Your
  income must be below a certain level to qualify
  for Chapter 7
• Chapter 13 is also known as wage earner
  bankruptcy. Under Chapter 13, if you have a
  reliable source of income, you can propose a
  repayment plan to your creditors that pays them
  back over the next three to five years.
• Municipalities, such as cities, towns, villages,
  taxing districts, municipal utilities, and school
  districts can reorganize under Chapter 9.
• Businesses can reorganize under Chapter 11 or
  liquidate under Chapter 7.
• Chapter 12 is similar to Chapter 13. It is
  reserved for businesses for which 80 or more of
  debt is from the operation of a family farm or
  fishery.

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Understand the Consequences of Bankruptcy

• The impact bankruptcy has on your credit is
  largely determined by how good your credit is to
  begin with. If your credit score is high, it will
  probably take a huge hit and drop significantly.
  If your credit is already pretty bad, bankruptcy
  might not lower your score by very much.
• The more accounts associated with the filing, the
  bigger the impact on your credit score.
• If you file for Chapter 7 or 11, it will remain
  on your credit report for up to 10 years.
• A Chapter 11 bankruptcy will stay on the
  business's credit report, not the individual
  owner's, unless they file a personal bankruptcy.

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Consider Hiring A Bankruptcy Attorney

• Filing without an attorney is called filing pro
  se. If you do decide to file pro se, the court
  may allow non-attorney preparers to help you.
  They can only help you with paperwork. They
  cannot answer legal questions or provide legal
  advice. Since they dont represent you, they
  cannot sign anything on your behalf or receive
  payment for court fees
• The United States has 90 bankruptcy districts,
  each with one bankruptcy court. Every state has
  at least one or more districts.

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File the bankruptcy forms.

• Filing the forms officially begins your case. If
  you are using an attorney, he or she will file
  the forms for you. If you are representing
  yourself, then you can take them to the
  bankruptcy court yourself.

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Attend the 341 Meeting.

• You will have to attend a formal meeting of
  creditors, which usually happens at the offices
  of your trustee. This meeting with creditors is
  known as the 341 meeting, referring to section
  341 of the Bankruptcy code. This requires debtors
  to face creditors so they can answer questions
  about their debts and property. The meeting will
  occur approximately one month after you file.
  28 During the meeting, the trustee asks you
  questions about your debt and why you are filing
  for bankruptcy. Arrangements for selling your
  non-exempt property are made. Also, arrangements
  are made for property pledged as collateral in
  secured loans.

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Filing for Chapter 13

• Businesses cannot file for Chapter 13, even if
  you are a sole proprietor. You must have a
  certain amount of disposable income. Your debts
  cannot be too high. You do not qualify for
  Chapter 13 bankruptcy if your secured debts
  exceed 1,149,525. Also you must be current on
  your income taxes. You must prove that you filed
  your federal and state income taxes for the past
  four tax years.

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Getting a Discharge

• If you are awarded a bankruptcy discharge, you
  are no longer legally required to repay some
  kinds of debts. This is a permanent order.
  Creditors can take no further action against you
  to collect the debt. They cannot communicate with
  you about the debt. They can take no legal action
  against you.
• Unless there are any objections to the discharge,
  it is usually granted automatically. Creditors,
  debtors and their attorneys all receive copies of
  the order of discharge.
• You can fill the Florida bankruptcy form anytime
  and can use the laws of bankruptcy.

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Recovering from Bankruptcy

• Develop a realistic spending plan. Pay all of
  your bills on time. Stick to your budget at all
  costs. Avoid accumulating any more debt. Save to
  establish an emergency fund to help you deal with
  unexpected expenses.

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