Bankruptcy is a process which an individual, business, or company can go through to help eliminate or repay their debt. Bankruptcy papers must be filed through the federal bankruptcy court under the proper chapter. Bankruptcy law is very in-depth and complicated. There are many things that can go wrong with preparing for bankruptcy, filling out the papers, or throughout the bankruptcy process. A bankruptcy attorney is an expert in their field. Their job is to help you understand debt and your rights during the bankruptcy process.
Due to bankruptcy law being so complicated, here are some facts about bankruptcy that you may find want to know:
- Chapter 7 & Chapter 13 are the most commonly filed bankruptcy papers.
- Big businesses and corporations can file for bankruptcy. Students who are defaulting on student-loans cannot.
- No property is liquidated under Chapter 13.
- Filing for Chapter 7 bankruptcy can temporarily stop a foreclosure.
- Filing for Chapter 13 bankruptcy can stop a foreclosure.
- You are only eligible for Chapter 7 bankruptcy if your income is less than the median of your state.
- Married couples can file for bankruptcy separately.
- Unsecured debt may be forgiven.
- Taxes, child support, & alimony cannot be forgiven if filing for bankruptcy.
- Bankruptcy laws are the same throughout each state since they are federal laws.
- You must petition a judge to file for bankruptcy.
- There is a waiting period between bankruptcy filings.
If you are in need of assistance in Sarasota, Florida you need to call Galarza Law Firm. Our bankruptcy attorneys are experts and our law firm is the leading bankruptcy law firm in Sarasota. It is okay to ask for help. We are here to help you through this stressful process.