Frequently Asked Questions About Bankruptcy in Florida

Below is a list of the most frequently asked questions about Bankruptcy. Some consumers do not know where to start when it comes time to file. Take the time to review the FAQ’s below to better prepare yourself for making your journey to financial freedom.

Question: How long is the usual appointment?

Answer: Our usual appointment runs about 30 to 45 minutes. In that appointment you will get the chance to meet with our staff and an attorney and get the advice you need. We run on time, so there is never any waiting.

Question: Do I need to bring any documents or bills with me?

Answer: No. There is no need to examine documents or have everything worked out prior to coming in for your appointment. The questions we will have are simple and general. We find that most people have a decent understanding of their debts and assets and can give us enough information to give you good legal advice. If you want to, however, you can bring any documents you want with you.

Question: What about law suits?

Answer: If you have any lawsuits, just bring all of that in with you. Go ahead and gather up any other bills, collection notices, lawsuits, and letters from creditors while you are at it. Just put it in a paper bag and bring it down and we’ll sort through it for you when you get here. Some documents have time deadlines on them, so be sure to get in for advice right away.

Question: Do I need to bring money?

Answer: Absolutely not. You don’t have to, the appointment is free and there is no obligation. But, if you know you are going to file bankruptcy, you might want to at least bring the filing fee to get started. It’s usually around $395.

Question: Will I lose my house or my car if I file bankruptcy?

Answer: Absolutely not. Most people keep all of their assets, that is their house and their car, and just keep paying on them like you never filed. Also, there is a bankruptcy chapter that allows you to catch up payments. At your appointment, we will go through your unique situation and tell you exactly what is going to happen. Then you will know your rights and be free to choose.

Question: What if I am in foreclosure?

Answer: You need to get in right away. Bankruptcy may give you more power in dealing with your bank, and often there are options no one will tell you about. And with any law suit, time is ticking. So, the sooner you come in the better chance we have to save your house.

Question: Am I going to be able to get credit after I file for bankruptcy?

Answer: Yes. Since you have gotten rid of your debts, some banks and companies will extended you credit based on your job and other information. Some report their credit score actually goes up soon after filing bankruptcy and getting a discharge of their debts.

Question: I have property that is under water. Is a short sale better than a bankruptcy?

Answer: Often a short sale does not get rid of all your debt, just the property. The documents can be tricky and hard to read. Short sales don’t appreciably help your credit and often are a long, hard and upsetting process. Bankruptcy may be the quickest, safest, and easiest option for you to get a fresh start and get out of a bad situation with property. Only a careful review of the facts will leave you clear what is best for your financial future.

Question: What is a Chapter 11 Bankruptcy?

Answer:  A Chapter 11 bankruptcy is used by business to “reorganize” their business. It lets a business maintain control while they reorganize their debts and financial circumstances.

Question: What is a Chapter 12 Bankruptcy?

Answer:  A Chapter 12 bankruptcy can only be used by farmers and fisherman. It’s a specialized type of bankruptcy. Unless you are a farmer or a fisherman, you will probably be either a Chapter 7 or Chapter 13 bankruptcy.

For more in depth answers to these and other important questions call Sunshine State Bankruptcy Law Firm at 1-877-352-8192 to set up your free appointment now. Know your rights.

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