Florida Bankruptcy Lawyer
Bankruptcy is a federal legal process designed to help debtors get a “fresh start” by eliminating or restructuring their existing debts. But the bankruptcy process is not just about protecting debtors. The law also contains important protections for the rights of creditors. This is why if you are involved in a bankruptcy proceeding from either side–debtor or creditor–you need to work with a lawyer who has experience dealing with the system.
The Florida bankruptcy lawyers at DSK Law can assist you with any of the major types of bankruptcy–Chapter 7, Chapter 11, or Chapter 13. While you may not know the differences between the three, they actually matter a great deal. Our bankruptcy attorneys are licensed to practice in all three federal bankruptcy courts, and we can also handle any bankruptcy-related appeals that may arise to the U.S. 11th Circuit Court of Appeals or even the United States Supreme Court.
What Are the Different Types of Bankruptcy?
Here is a brief explanation of how each of the major bankruptcy filings works:
- Chapter 7– This is what is commonly known as a “liquidation” bankruptcy. Assuming the debtor qualifies according to a “means test,” Chapter 7 enables the debtor to receive a discharge of most unsecured debt after any non-exempt assets are sold and used to repay creditors.
- Chapter 11– This is the form of bankruptcy used by businesses that wish to reorganize their debt while remaining in business. Either the debtor or its creditors may initiate a Chapter 11 proceeding. The debtor has an exclusive window to file a debt reorganization plan with the bankruptcy court. Creditors may file objections to the proposed plan, and in some cases even submit their own plan.
- Chapter 13– Individual debtors who do not qualify for Chapter 7 often file for Chapter 13 instead. This is known as a “wage earner’s” bankruptcy, since the debtor must have some form of regular income. A Chapter 13 debtor files a plan with the court to repay their outstanding debts over an extended period of time, typically 60 months (5 years). A court-appointed trustee oversees the repayment plan and makes sure the creditors are paid in a timely manner.
Regardless of the type of bankruptcy, there are a number of secondary legal issues that may arise while a case is pending, such as determining the priority of creditor claims, obtaining relief from the “automatic stay” imposed when a bankruptcy petition is filed, and challenging certain debts as non-dischargeable. DSK Law can assist you with these and many other bankruptcy-related subjects.
How Can the Florida Bankruptcy Lawyers at DSK Law Help You?
Bankruptcy is a highly technical area of law. A seemingly simple mistake can adversely affect the legal rights of a debtor or creditor. That is why it is never a good idea to head into bankruptcy court without the counsel of a qualified attorney. DSK Law prides itself on providing professional representation to anyone involved in the bankruptcy process. Call us to schedule a consultation with a member of our team today.