Bankruptcy law is a set of laws that have been developed to help people faced with overwhelming debts that are unmanageable. Deciding to apply for bankruptcy is a value-laden and personal decision that a person should make. If you are faced with staggering amounts of debts that you feel your wages or assets cannot sufficiently repay, you are perhaps the best candidate for filing for bankruptcy.
Hiring Bankruptcy Attorneys Fort Lauderdale is essential since you will know whether you are qualified for whichever type of bankruptcy. Chapter 7 is one of the common filings and is known as the straight bankruptcy. In this type of bankruptcy, an applicant is not given a repayment plan. The good thing about chapter 7 is that you can be done within four months after the commencement of the petition. Chapter 7 involves a lower attorney fees than other types of bankruptcies such as chapter 13. These are some reasons why chapter 7 is the most popular bankruptcy.
When you are filing bankruptcy, you are supposed to fill out all paperwork that lists your debts, income, assets and all expenses. This is known as schedules that must be filed with the court dealing with your case. An applicant is also supposed to fill out a detailed Statement of Financial Affairs that must detail accurate information.
The Bankruptcy Protection Code has been misused by a number of people, and the Code defines punitive measures against those who misuse the amnesty to defraud their debtors without due consideration of the provisions of the bankruptcy law. For this reason, a person with left over income after meeting all other primary expenses does not qualify for bankruptcy. If such a person files a bankruptcy, the Bankruptcy Court will dismiss it terming it presumptively abusive. However, you can ditch this position, a step that requires an experienced Bankruptcy Attorney in Fort Lauderdale.