Bankruptcy FAQs Bankruptcy Courts
What Is Bankruptcy?
Bankruptcy is a process under U.S. federal law whereby individuals and businesses receive the opportunity to reorganize and/or discharge their debts and to have a fresh start. Generally speaking, the filing party agrees to give up some or all of their nonexempt assets in exchange for the court discharging some or all of the debtor’s nonexempt debt.
Is Bankruptcy A Federal Or State Process?
The Bankruptcy Court is a division of the federal court system, and the general rules governing the court are federal law. However, the specific rules relating to exemptions are governed by state laws, which vary from state to state.
Where Is South Florida’s Bankruptcy Court?
South Florida has three Bankruptcy Courts:
- Miami Federal Courthouse (51 SW 1st Avenue, Miami, FL 33130), which services Miami-Dade and Monroe counties
- Fort Lauderdale Federal Courthouse (299 E. Broward Blvd., Fort Lauderdale, FL 33301), which services Broward County
- Palm Beach Federal Courthouse (1515 N. Flagler Drive, West Palm Beach, FL 33401), which services Palm Beach, Martin, St. Lucie and Indian River counties