Filing bankruptcy can help a person by discarding debt or making a plan to repay debts. A bankruptcy case normally begins when the debtor files a petition with the bankruptcy court. A petition may be filed by an individual, by spouses together, or by a corporation or other entity.
All bankruptcy cases are handled in federal courts under rules outlined in the U.S. Bankruptcy Code.
There are different types of bankruptcies, which are usually referred to by their chapter in the U.S. Bankruptcy Code.
Individuals may file Chapter 7 or Chapter 13 bankruptcy, depending on the specifics of their situation.
Municipalities— cities, towns, villages, taxing districts, municipal utilities, and school districts may file under Chapter 9 to reorganize.
Businesses may file bankruptcy under Chapter 7 to liquidate or Chapter 11 to reorganize.
Chapter 12 provides debt relief to family farmers and fishermen.
Bankruptcy filings that involve parties from more than one country are filed under chapter 15.
Bankruptcy Basics provides detailed information about filing.
Seeking the advice of a qualified lawyer is strongly recommended because bankruptcy has long-term financial and legal consequences. Individuals can file bankruptcy without a lawyer, which is called filing pro se. Learn more.
Use the forms that are numbered in the 100 series to file bankruptcy for individuals or married couples. Use the forms that are numbered in the 200 series if you are preparing a bankruptcy on behalf of a nonindividual, such as a corporation, partnership, or limited liability company (LLC). Sole proprietors must use the forms that are numbered in the 100 series.
Finding a Lawyer, Including Free Legal Services
If you need help finding a bankruptcy lawyer, the resources below may help. If you are unable to afford an attorney, you may qualify for free legal services.
American Bar Association‘s Legal Help website (link is external).
Legal Services Corporation.
FAQ About Bankruptcy
- Can I apply for a new credit card once I have filed?
You might be able to get a new debt card after you have actually applied for personal bankruptcy, although the deals available to you after your discharge will likely be different than those you received in the past. You might locate that you are seeing higher rate of interest as well as charges, and extra restricted lines of credit.
If you are fretted that you will be refused for a routine bank card, you may wish to apply for a safeguarded debt card. Safe charge card require you to set up a collection quantity of cash to the company, and also this quantity functions as your credit line on the account. If you make settlements in a timely manner, you will start to reestablish your credit rating record.
- What happens to my assets during a bankruptcy?
It depends upon which type of bankruptcy you submit. In a chapter 7 insolvency, an individual has to provide all of his/her residential or commercial property and debts. There are limits on the quantity of residential or commercial property one can keep while still removing debt, although there are exemptions for certain kinds of possessions(for example, your residence or car). Under phase 13, you might be able to maintain many of your home.
More About Our Services
- Bankruptcy Attorney
- Chapter 7 Bankruptcy
- Chapter 13 Bankruptcy
- Asset Protection
- Creditor Harassment
- Debt Lawyer
- IRS Debt Attorney
- Loan Modification Lawyer
- Student Loan Debt Lawyer
Areas We Serve in Florida
Boca Raton | Boynton Beach | Delray Beach | Lake Worth | Palm Beach Gardens | West Palm Beach | Atlantis | Belle Glade | Greenacres | Lake Worth | Pahokee | Palm Beach Gardens | Riviera Beach | South Bay | Westlake | Fort Pierce | Port St. Lucie | Towns | St. Lucie Village | Tradition | Fort Pierce North | Fort Pierce South | South Hutchinson Island | Indian River Estates | Lakewood Park | River Park | White City | St. Lucie County | Palm Beach County