What is Bankruptcy?

Bankruptcy is a legal process designed to help people and families who are struggling with debt. A fundamental goal of the federal bankruptcy laws enacted by Congress is to give debtors a financial "fresh start" from burdensome debts. The U.S. Supreme Court has said that that bankruptcy "gives to the honest but unfortunate debtor…a new opportunity in life and a clear field for future effort, unhampered by the pressure and discouragement of preexisting debt."

The bankruptcy process was created to help consumers and businesses eliminate their debts or repay some or all of their debts over time under the protection of the bankruptcy court. Bankruptcies can generally be described as "liquidations" or "reorganizations." In the United States, there are numerous different types of bankruptcies. However, the most common forms of bankruptcy are Chapter 7, Chapter 11 and Chapter 13.

Chapter 7 bankruptcy is also called a "liquidation." Your property is sold (liquidated) to pay off as much of your debt as possible, while leaving you with enough property to make a fresh start. Chapter 13 is the most common type of "reorganization" bankruptcy for consumers -- you repay your debts over three to five years. Both kinds of bankruptcy have numerous rules -- and exceptions to those rules -- about what kinds of debts are covered, who can file, and what property you can and cannot keep.

In order to file for bankruptcy, people must meet certain eligibility requirements. They must also complete credit counseling. Like all legal processes, filing for bankruptcy protection takes time and demands a lot of careful planning and attention to detail. For this reason, we advise that if you are thinking about filing for bankruptcy, you should retain the services of a professional bankruptcy lawyer like Attorney Christopher Forrest.

A bankruptcy discharge releases the debtor from liability for certain types of debts. In other words, the debtor is no longer legally required to pay any debts that are discharged. The discharge is a permanent order prohibiting the creditors from taking any actions to try to collect discharged debts including telephone calls, letters, and personal contacts.

Hiring a Bankruptcy Lawyer

Anytime people or families are considering filing for bankruptcy in the State of Florida, they should take the time to review their options with The Forrest Law Firm. Attorney Christopher Forrest knows that when people are thinking about filing for bankruptcy, they often feel anxious, scared and even ashamed. However, with his counsel, Christopher Forrest’s clients will receive the support, representation and guidance they need to get through the bankruptcy process and obtain a fresh start.

Florida Bankruptcy Attorney

If you are thinking about filing for bankruptcy in the state of Florida, contact the Forrest Law Firm today! We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.

Florida bankruptcy attorney Christopher Forrest represents clients in Sarasota County, Manatee County, Pinellas County, Hillsborough County, Venice, North Port, Sarasota, Bradenton, Tampa and St. Petersburg, and surrounding areas.