April 27, 2018

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What is the Process for Filing Bankruptcy in Orlando?

Filing for bankruptcy, whether it is personal or for a business, is never an enjoyable experience. Sometimes, however, it becomes the only suitable option when finances take a turn for the worst. The first thing for people in Orlando to understand in regard to filing for bankruptcy is that according to the 2005 Bankruptcy Act, any individual who chooses to file for bankruptcy is required to enroll in credit counseling within six months prior to filing. They are also required to enroll in and complete financial management courses after they have filed.

The first step in filing bankruptcy in Orlando is collecting the necessary paperwork. This includes itemizing current sources of income as well as all expenses and major financial transactions for the previous two years. Debtors also need to collect records of monthly living expenses, secured and unsecured debts, and all possessions and assets including but not limited to real estate. Debtors are also advised to gather all tax returns and relevant tax information for the previous two years as well as documentation relating to any loans, real estate deeds, and automobile titles.

After all of the relevant documentation is collected, the debtor then needs to work with a competent and experienced bankruptcy attorney in order to make a determination about certain assets that may be exempt from the general filing according to the Florida exemptions. Filing also includes submitting a petition as well as a number of other forms at district bankruptcy court in Orlando. The forms, or schedules, allow the debtor to explain his or her financial status.

Debtors can file either Chapter 7 or Chapter 13 bankruptcy. The above describes the process for Chapter 7 bankruptcy but there is some overlap in the process for filing Chapter 13. Debtors are strongly encouraged to obtain counsel from a bankruptcy attorney to ensure a thorough filing.