Personal Bankruptcy Information     Your online reference source for bankruptcy           Chapter Bankruptcy     Chapter is designed as an orderly court supervised procedure by which a trustee collects the assets of the debtors estate reduces them to cash and makes distributions to creditors subject to the debtors right to retain certain exempt property and the rights of secured creditors Because there is usually little or no nonexempt property in most chapter cases there may not be an actual liquidation of the debtors assets These cases are called no asset cases Usually a debtors with assets that they wish to keep and that are not covered by exemptions file A creditor holding an unsecured claim will get a distribution from the bankruptcy estate only if the case is an asset case and the creditor files a proof of claim with the bankruptcy court In most chapter cases the debtor receives a discharge that releases the debtor from personal liability for certain dischargeable debts The debtor normally receives a discharge three to four months after the petition is filed                                

CHAPTER When most people think of Bankruptcy they are thinking of what is called a Chapter bankruptcy A Chapter is what is known as a straight bankruptcy or a liquidation type bankruptcy The Court forgives the individual his or her debts and liquidates or takes any assets he or she has that are not exempt Exempt means property protected by law which may not be taken from the debtor In Florida the Court cannot take a debtor's home because the equity in the home is protected by the Florida Constitution Furthermore the following property is also exempt interests in IRS approved retirement or pension plans interests in insurance policies money in the bank that is from your wages government benefits worth of equity in any automobile worth of personal property and many other exemptions which are too numerous to mention here You are allowed to keep your secured debt if you wish This usually means your home car and any number of other secured purchases such as appliances jewelry etc These debts are allowed to pass through bankruptcy without being affected However if you don't want to keep secured debt you can surrender the property and any debt associated with

Phone    Fax            Bankruptcy An Overview Filing bankruptcy is an important legal right   The Constitution of the United States Article I Section Clause provides Congress with the power to establish uniform laws on the subject of Bankruptcies throughout the United States That provision was included by our Founding Fathers in reaction to the debtors prisons of colonial times in which individuals could be imprisoned for their debts Since the year this country has had formal bankruptcy laws for the benefit of U S residents Our current bankruptcy code was adopted in providing a major overhaul of the bankruptcy system   took effect October which substantially revised the Bankruptcy Code again  However most people in financial distress can still file for bankruptcy protection The Bankruptcy Code provides for six separate types of bankruptcy proceedings Since Chapters and are available only to municipalities or family farmers respectively and Chapter concerns foreign proceedings they will not be discussed in this article See our separate discussions on and A Chapter liquidation proceeding is available to individuals partnerships and corporations The debtor is allowed to keep exempt assets For individuals filing bankruptcy in Florida the exemptions are primarily determined by

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