You may also file a Chapter 13 bankruptcy if you have assets that you would lose in a Chapter 7 liquidation proceeding and wish to keep those assets.A Chapter 11 is a reorganization proceeding typically used by businesses, but also may be used by individuals who do not qualify for Chapter 13 because of their substantial debts.You may not qualify for Chapter 13 bankruptcy if your debts are too high or your income is too low.If you are behind on a secured payment, such as a mortgage, you may file a Chapter 13 bankruptcy to repay past due payments over time without late charges.Bankruptcy is a legal proceeding designed to help individuals and businesses eliminate their debts or to restructure and repay them under the protection of the Bankruptcy Court.Generally speaking, there are two types of bankruptcy—liquidation (Chapter 7) and reorganization (Chapters 11, 12 and 13).However, many of these assets have exemptions available to protect them from being lost.The schedules are filed with the bankruptcy clerk in the district in which you live, or have lived for the greater part of the last 180 days.
Certain debts are not dischargeable in a Chapter 7 bankruptcy.
In exchange for the discharge of your debts, a trustee is assigned to liquidate your non-exempt assets.
In Florida, the exemption laws are very broad and provide substantial protections to those in debt.
If you want to keep property on which there is a lien, such as a house or car, you must continue to make these payments.
Also, please note that only consumers who pass the means test can file a Chapter 7 bankruptcy (this test will be explained to you in detail by one of our attorneys at your initial meeting and a summary is discussed below).