If you have found yourself in a situation where you are no longer able to pay your debts in order to survive, filing bankruptcy might be the only choice that you have. While filing bankruptcy can save you, you should understand that it is a pretty complicated process. Before you jump into filing bankruptcy you need to understand what it is, why you should file, alternatives to consider, and how to decide what type.
It is a good idea to have a general understanding of what bankruptcy is before you hire a professional bankruptcy attorney in Lutz. This way you can focus on your specific circumstances during your first consultation with them.
Bankruptcy is when you declare you have more debt than you can handle and you request a discharge of those debts from the court system. As a result of bankruptcy, you will either get rid of most of your debt or have a payment schedule set up that is protected by the federal court. Most personal bankruptcy are either chapter 7 (liquidation bankruptcy) or chapter 13 (reorganization bankruptcy). A professional bankruptcy attorney in Lutz is able to help you figure out which option is better for your situation.
In total, there are six different chapters of bankruptcy including Chapter 7, 9, 11, 12, 13, and 15. In most cases, personal bankruptcies are chapters 7 and 13, though some people qualify for another chapter depending on their circumstances and whether or not they own a business.
