The decision to file for bankruptcy is a difficult one. It is often accompanied by unnecessary guilt and/or shame. It is often feared because of its public nature. This overview is designed to demystify the bankruptcy process. Reading it prior to meeting with a bankruptcy attorney will allow you to concentrate on the specifics of your case.

What exactly is bankruptcy? Most importantly, it is not the end of the world. According to Wikipedia, it is “a legal status of an insolvent person or an organization, that is one who cannot repay the debts they owe to creditors”. Simply put, it is a legal way to recover from a myriad of financial problems. It offers a person or business the opportunity to start over by forgiving debts that otherwise can’t be paid. In the process, creditors get a guarantee of some amount of repayment from available assets.

The bankruptcy process involves the following basic steps:

  • A petition is filed by a debtor (most often) or by creditors (least often.
  • The debtor’s assets are measured and evaluated by way of a Means Test.
  • The Court determines the terms of repayment.
  • Assets are used to repay a portion of the debt, as determined by the Court.
  • Upon completion of repayment, the debtor is relieved of the debts that made filing necessary in the first place.

As basic as the steps are, the process itself can be difficult. The legal team at Parker & DuFresne with offices in Jacksonville, Florida is prepared to guide you through the process in such a way that you are comfortable, confident, and not overwhelmed. Through patient and respectful consultation with you, our attorneys will determine if and what kind of bankruptcy is right for you. We will have your best interest in mind every step of the way so that you receive all rights to which you are entitled. Our competent staff will make sure that you fulfill your obligations, making sure that you do not lose your discharge for neglecting a detail.

If you are at the point at which you are considering bankruptcy, your plate is probably overflowing, the straw has broken the camel’s back, and you have already gone down for the third time. Bankruptcy could be the means of getting you back on the road to financial recovery. At Parker & DuFresne, we will help you make that decision.

DISCLAIMER – This bankruptcy overview is not intended as an exhaustive review of bankruptcy law in Florida. It is not to be regarded nor relied upon as legal opinion applicable to all circumstances. Each case is different and requires individual advice. If you have an inquiry or a concern please contact us to schedule a consultation by calling 904-733-7766 or by completing the on-line form at