Filing for Chapter 7 bankruptcy in Florida is one of the most popular options available for debtors. It is advisable to seek legal advice from a bankruptcy attorney before filing the petition. In fact, it is not uncommon to find that many bankruptcy cases are lost because of errors made during the filing process. Such errors occur mostly in the form of omissions or misstatements made by the debtor when completing the bankruptcy petition forms. When completing the forms, the individual has to make sure he completely understands what he is signing and why it is necessary.
The first step in filing for bankruptcy is preparation. This means that the individual should gather all the necessary documents required for the process. These include but not limited to income tax returns, pay stubs, bank statements, utility bills and other notices and invoices. Along with these documents, the individual may also want to gather recent statements of finances, current home mortgage and current debts as well as the official receipt of his last U.S. paycheck. It may also be helpful to compile a list of all household members and their respective salaries.
It may also be helpful to contact a consumer credit counseling service in order to get a complete picture of the financial situation and the likely outcome of filing for chapter 7 bankruptcy in Florida. The purpose of the meeting is to educate the debtor about the potential consequences of filing for such a proceeding. The agency will provide suggestions as to how the debtor can avoid bankruptcy proceedings. Many creditors will not negotiate with a debtor who is filing for chapter 7 bankruptcy in Florida. Some lenders may agree to take a partial payment of the balance due on a debtor’s credit card accounts.
During the pre-bankruptcy process, the individual should make every effort to contact his creditors to arrange payment arrangements. He should also try to work out repayment arrangements with the company that he owes money to. Once the filing is completed, the bankruptcy petition will go before
the bankruptcy court. The court will review the case and determine whether the procedures needed to file for bankruptcy are warranted.
After the bankruptcy case has been presented, it will be presented to the judge for approval said a lawyer expert in bankruptcy law. Chapter 7 bankruptcy may be granted if the judge finds that the debtor is eligible for it and there are no realistic options left. In some cases, a bankruptcy may be granted if the bankruptcy trustee does not have enough money to continue with the process. However, the decision will be left up to the bankruptcy court. If the judge approves, a record of the bankruptcy will be added to the court’s database, making it possible for future cases to be filed if necessary.
A number of documents need to be submitted with the bankruptcy petition when filing for chapter 7 bankruptcy in Florida. Among these documents are income tax returns for the past two years and a current financial statement. The financial statement can be easily prepared by obtaining a few forms from the Florida Division of Insurance. This statement can help the court make its decision on what type of bankruptcy should be considered. It can also show how the finances were organized when the bankruptcy was filed. All relevant financial information must be included when filing, including details about current and past wages and sources of income.








