Bankruptcy is an important tool available to people that are struggling with debt. The U.S. government created federal bankruptcy courts to provide borrowers and lenders with a way to resolve financial challenges.
Filing for bankruptcy in Florida is a difficult decision to make. It means that you are experiencing extreme financial difficulties and you do not believe you are capable of paying off everything you owe without some relief.
>Many people in Florida find themselves declaring bankruptcy due to medical bills or a business failure. A major illness should not mean that you are financially destitute for the remainder of your life. If your company runs into difficult times, you need a strategy to be able to rebuild and achieve financial security for your family.
>If filing for bankruptcy is an option you’d like to explore, we invite you to contact the Florida bankruptcy experts at Stiberman Law. Our compassionate team is here to support you in understanding your options and executing a plan to help you reset your finances.
Every individual and corporation in the United States has access to the bankruptcy court. Chapter 7 bankruptcy is available to individuals that pass a two-part means test. This test looks at your income in relation to the size of your family and the total debts that you owe.
Chapter 11 bankruptcy is typically used by companies in Florida to restructure their debt. Individuals in Florida may be eligible to file for Chapter 11 in Florida if their secured and unsecured debts exceed the limits set forth for a Chapter 13 filing, and they wish to reorganize their debts instead of liquidating them in a Chapter 7 filing.
Chapter 13 bankruptcy is available to established Florida residents that have a level of regular income that will allow them to make payments towards their debts. Their total unsecured debt must be lower than $383,175. Their total secured debt must be lower than $1,149,525.
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