Filing for bankruptcy is a difficult decision. It’s often accompanied by unnecessary guilt and shame, and it may be feared due to its public nature. Parker & DuFresne designed this overview to demystify the bankruptcy process. Reading it before you meet with a bankruptcy attorney will enable you to focus on the specifics of your case.
It’s important to realize that bankruptcy is not the end of the world. Bankruptcy is the legal status of an insolvent person or organization who cannot repay the debts they owe to creditors. Simply put, it’s a legal way to recover from overwhelming financial problems. It offers a person or business the opportunity to start over by forgiving debts that otherwise can’t be paid. In exchange, creditors get a guarantee of a set amount of repayment from the debtor’s available assets.
The bankruptcy process involves the following basic steps:
- A petition is filed most often by a debtor.
- The debtor lists all assets and debts in the bankruptcy paperwork.
- Debtors are allowed certain exemptions that protect real and personal property.
- If a debtor is over his/her allowed exemptions, then the nonexempt property is considered property of the bankruptcy estate.
- In Chapter 7 cases, trustees are tasked with liquidating nonexempt assets or reaching “buy-back” deals with debtors which allow debtors to keep their assets.
Filing for bankruptcy can be arduous, despite being a fairly straightforward process. The attorneys at Parker & DuFresne in Jacksonville are able to skillfully guide you through this process. Our legal team will ensure that you’re comfortable and confident with your decision to file for bankruptcy.
We’ll help you determine if bankruptcy is the right solution for you through thoughtful consultation. Which type should you file? We’ll help you answer that, too. Our attorneys always keep your best interests in mind so you receive all rights to which you’re entitled. We’ll also oversee that your obligations are fulfilled to ensure that you don’t lose your discharge for neglecting minor details.
If you’re financially overwhelmed and searching for light at the end of the tunnel, bankruptcy may be the answer. Filing for bankruptcy could be the solution that gets you back on the road to financial stability. Parker & DuFresne will help you take that next step.
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 online form at www.jaxlawcenter.com.