Understand Bankruptcy Laws With A Jacksonville FL Bankruptcy Attorney

By Carmella Isenhour


When someone files to absolve their debt, it is done in a federal court. However, state law has influence over exemptions, property rights and some other details. If you are seeking a way out of debt, a Jacksonville FL Bankruptcy Attorney can help you through the required procedure.

A lawyer often begins a case with only a partial payment made. The balance of the fees are paid later, in installments. There will, however, be filing fees when documents are submitted to the federal court. If the person is a low-income earner, he might be permitted to pay those in installments.

The laws are complicated and may differ from state to state. It is considered unwise to try to file without legal representation. The chapter 7 erases all debt with the exception of taxes. The chapter 13 provides an extension of time in which to repay all debts. This is usually five years. No interest accrues during that repayment period.

The official papers to be filed are the B1 petition, schedules of when payments can be made, a statement of financial affairs and the form B22 means test. Specific conditions must exist in either a chapter 7 or a chapter 13. In most chapter 7 cases, the individual is relieved of most debt and retains ownership of one home and one car.

A chapter 13 is different. The individual retains property and agrees to pay off all bills over time. Any interest on the debt is stopped and he usually is given five years for repayment. He must have an income that is sufficient to cover all payments.

The paperwork must be approved by a federal judge and the case be accepted. All details need to be done in a specific way. That is why it is not a good idea to try to do it without legal representation. The chapter 13 is especially complex. You will be required to make a court appearance along with your lawyer when the ruling is made to accept or deny the petition. Your attorney can navigate all the twists and turns and look out for your best interests at the same time.




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