Existing user? Sign in
Share your needs with us, get contacted by law firms.
Free. Takes 2 min.
Or refine your search by selecting a city:
Refine your search by selecting a city.
Bankruptcy is a legal process designed to help individuals and businesses eliminate or repay their debts under the protection of the federal bankruptcy court. In Florida, bankruptcy provides a fresh financial start for people burdened by overwhelming debt. The most common types for individuals are Chapter 7 (Liquidation) and Chapter 13 (Reorganization). Each bankruptcy case is unique, and Florida law interacts with federal bankruptcy law in ways that may affect exemptions, property protection, and proceedings. Understanding these laws is important for making informed decisions about your financial future.
Many people considering bankruptcy in Florida benefit from consulting an experienced lawyer for several reasons. Filing for bankruptcy involves complex legal paperwork, strict deadlines, and understanding both federal and state laws. Common situations where legal help is important include:
A bankruptcy attorney can help you understand your options, prepare required documents, represent you in court, and protect your rights throughout the process.
While bankruptcy is governed mostly by federal law under the United States Bankruptcy Code, Florida law plays an important role, especially with respect to property exemptions. Key aspects of bankruptcy law in Florida include:
Chapter 7 bankruptcy allows you to discharge most unsecured debts by liquidating non-exempt assets. Chapter 13 allows you to keep your property and repay debts over 3 to 5 years under a court-approved payment plan. The right chapter depends on your income, assets, and financial goals.
Florida has a strong homestead exemption. If you meet the required criteria, you may be able to keep your home when filing for bankruptcy. However, factors such as mortgage status, equity, and residency duration may affect your home’s protection.
Most unsecured debts like credit cards, personal loans, and medical bills can be discharged. Some debts, such as student loans, child support, alimony, recent taxes, and certain fines, are generally not dischargeable.
To qualify for Chapter 7, you must pass the means test, which compares your household income to the Florida median for your family size. If your income is below the median, you likely qualify. If not, other calculations determine eligibility.
Filing for bankruptcy will negatively impact your credit score. Chapter 7 bankruptcy remains on your credit report for up to 10 years, while Chapter 13 remains for up to 7 years. However, many people are able to start rebuilding credit soon after their case concludes.
Yes, filing for bankruptcy triggers an automatic stay, which temporarily halts foreclosure or repossession efforts. In some cases, Chapter 13 allows you to catch up on mortgage or car payments through a repayment plan.
A typical Chapter 7 case takes about 4 to 6 months from filing to discharge. Chapter 13 cases last 3 to 5 years, as they are based on a repayment plan.
Most qualifying retirement accounts, such as 401(k)s and IRAs (up to certain limits), are protected under both Florida law and federal bankruptcy law.
Yes, married couples can file jointly or individually. A joint filing may be beneficial if both spouses have significant debt. An attorney can help determine the best approach.
Not all debts are dischargeable. Obligations like child support, alimony, certain taxes, student loans (except in rare circumstances), and some court fines usually cannot be eliminated through bankruptcy.
If you need more information or assistance with bankruptcy in Florida, the following resources can be helpful:
If you are considering bankruptcy or have been threatened with legal action by creditors, consider these next steps:
A knowledgeable bankruptcy lawyer can guide you through the process, help protect your assets, and ensure your case complies with both state and federal law.
