Bankruptcy in Florida protects the credit of companies and individuals. However, there are some Florida bankruptcy Lawyers who offer their services in personal bankruptcy and business bankruptcy as well. The fastest and easiest way to file bankruptcy in Florida is Chapter 7 bankruptcy. It is typically filed by an individual or a business’s debt situation is serious enough to require a federal bankruptcy court. In such business cases, an individual can still work while it restructures debt over a certain period of time.
It is important for the debtor to find the right Florida bankruptcy lawyers who can guide them through the process of filing bankruptcy. The debtor must collect information about bankruptcy lawyers from the local courthouses and the state bankruptcy court. There are many online resources to find bankruptcy lawyers in Florida.
Most creditors are happy with the debtor taking responsibility for their debts. They also want to see the debtor paying back as much of their debt as possible. They can be lenient towards a debtor with a record of bankruptcy though, which makes it easier for the creditor to recover its losses. Creditors also accept offers from the debtor, which is why they accept at least part of the debt in return for a repayment plan.
The creditor will also accept an offer that covers the total amount owed, so there is no risk involved with a default. The main problem comes from non-payment by the debtor, which can result in non-payment and possible legal action. Most creditors will agree to a plan where at least a portion of the debt is wiped out and payment made to the principal of the debt. Most creditors opt for this solution because it gives them something to collect from the debtor when the case settles. Most of the time, the debtor does not have to pay back the full amount, but instead may end up paying less than the whole amount. This means they have to pay a little bit more in interest. However, this is better than losing their cash and having nothing to show for it when the bankruptcy is announced.
A bankruptcy will stay on your credit history for about seven years, and during this time you will lose any assets you own or have access to. If you have unsecured debts that are hard to repay, then bankruptcy might be the best solution. Although it does not give the debtor a clean slate, it shows to creditors that you are willing to settle for less than you owe. It also shows the court that you are able to handle your finances. If all of these things are true, then most creditors will agree to the terms.
This post was written by Trey Wright, one of the best bankruptcy lawyers in Tallahassee FL! Trey is one of the founding partners of Bruner Wright, P.A. Attorneys at Law, which specializes in areas related to bankruptcy law, estate planning, and business litigation.
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