If Debt Is Overwhelming You Can Understand Bankruptcy Laws With A Jacksonville FL Bankruptcy Attorney

By Carmella Isenhour


Unlike other cases, filing for bankruptcy is done in federal court. State law may exert influence over some exemptions such as property rights. For the individual wallowing in debt, a Jacksonville FL Bankruptcy Attorney can explain all that is needed to file for absolution of that debt.

An attorney may allow his fee to be paid in installments. However, there are predetermined bankruptcy fees. In most cases, these must be paid at the time of filing the paperwork. People falling below a certain level of income might be allowed to pay these fees in installments too.

The laws are complicated and may differ from state to state. It is considered unwise to try to file without legal representation. The chapter 7 erases all debt with the exception of taxes. The chapter 13 provides an extension of time in which to repay all debts. This is usually five years. No interest accrues during that repayment period.

The official papers to be filed are the B1 petition, schedules of when payments can be made, a statement of financial affairs and the form B22 means test. Specific conditions must exist in either a chapter 7 or a chapter 13. In most chapter 7 cases, the individual is relieved of most debt and retains ownership of one home and one car.

The chapter 13, on the other hand, allows all debt to be repaid. The petitioner must earn enough money to cover all required payments and cover his living expenses. The payments are made as small as possible to allow him to do so.

A federal judge must approve all petitions. If one is not filed correctly it will not be approved. Relying on an attorney to fill out and file the documents is the most efficient way to petition the court. Your legal representative can assure that your best interests are in place as well as all required information and signatures.




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