When Florida residents file a Chapter 7 personal bankruptcy petition, the court appoints a trustee to act as an administrator and liquidate any assets owned by the petitioner that are unencumbered by liens and not covered by bankruptcy exemptions. Before any assets...
What to know about bankruptcy and liquidation
Generally speaking, if a company is going through a bankruptcy or a liquidation, it means that the organization is in financial peril. In some cases, these moves are made in an attempt to pay creditors before going out of business. However, it is important to note...
What constitutes a legitimate bankruptcy
When an individual in Florida files for Chapter 7 bankruptcy, they'll need to be able to prove that their reasons for filing are legitimate. If not, they might be charged with bankruptcy fraud. A person might be charged with fraud if they file for bankruptcy despite...
Can you apply for a loan after filing Chapter 7 bankruptcy?
Hard financial times can hit anyone. In Florida, many people find themselves so buried in debt that they file for bankruptcy. While bankruptcy can address problems with creditors, there are complex legal requirements filers must follow. The bankruptcy court may set...
How creditors can protect their rights in a bankruptcy case
If an individual decides to declare bankruptcy, that person's creditors may be asked to file proofs of claim. A proof of claim document will indicate how much a creditor is owed as well as whether the debt is secured or unsecured. Creditors will also need to confirm...
The consequences of ignoring an automatic stay
When Florida consumers file Chapter 7 or Chapter 13 bankruptcy petitions, what is known as an automatic stay is issued. This is a court order that requires creditors to put an immediate halt to all of their collection efforts. Automatic stays put an end to daily...
Guiding you through a Chapter 7 bankruptcy
Dealing with financial issues is anything but desirable. However, it is a life event often experienced by individuals in Florida and elsewhere. While it is possible to overcome these debt problems on your own, the reality is that when credit card bills, medical debt,...
Options for business owners in financial distress
As this blog has discussed, families and individuals in Florida may suddenly find themselves overwhelmed by debt for a number of different reasons. For instance, a job loss or a medical emergency can mean that a family who was staying afloat suddenly needs financial...
What is an exemption and how does it work?
Those in South Florida who are running into financial trouble may hesitate to file for bankruptcy for a number of reasons.Aside from a sense of embarrassment or emotional distress, many may worry that, by filing bankruptcy, they will have give up a lot of their...
Who is eligible to file for bankruptcy under Chapter 7?
Sometimes, debts accumulated by an individual are so high that the only way to repay the debt and make a fresh financial start is to file for bankruptcy. Those debtors who have no or negligible income can file for liquidation bankruptcy under Chapter 7 of the...
