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“In July, 2008, Florida was the 3rd out of 10 worst states for home foreclosures.”
From January through September 2009, Florida saw 70,799 bankruptcies, making it second only to California in terms of volume, and 16th nationwide on a per-capita basis, according to AACER, a bankruptcy-data and management firm. That’s a 48 percent increase from the same time frame in 2008.
Bankruptcy isn’t for everyone. In fact, each year hundreds of Florida consumers just like you successfully avoid bankruptcy. This is accomplished by asking the right questions about your situation and by getting solid advice from experienced lawyers who understand Florida law and how the U.S. Bankruptcy Code works in real life.
Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay its creditors. Creditors may file a bankruptcy petition against a debtor (”involuntary bankruptcy”) in an effort to recoup a portion of what they are owed or initiate a restructuring. In the majority of cases, however, bankruptcy is initiated by the debtor (a “voluntary bankruptcy” that is filed by the insolvent individual or organization).
Choice of chapter
If you are badly in debt, you can file for bankruptcy either under Chapter 7 (liquidation, or straight bankruptcy), under Chapter 13 (reorganization), Chapter 12 (family farmer reorganization), or under Chapter 11.
You may also be forced into bankruptcy by creditors in the case of an involuntary bankruptcy, but only under Chapters 7 or 11. However, in most instances you are able to choose under which chapter to file. The individual filing may also choose to convert to another chapter from a 7 or 11 when forced into an involuntary bankruptcy. Your financial characteristics and the type of relief sought play a tremendous role in choosing a chapter.
If you or a loved one is considering filing for bankruptcy, whether chapter 7 or chapter 13, please contact the attorneys at Boyette, Cummins & Nailos, PLLC today, so we can sit down with you and discuss all of your options.
