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FAQ

What is a Debtor?/What is a Creditor?
A debtor is a person who owes someone else money. A creditor is the person who is owed money. For example, If David loans Dawn fifty dollars, then David is the creditor of Dawn, and Dawn is the debtor or David.

What is Bankruptcy?
Bankruptcy is the legal method for a debtor to "discharge" or relieve personal liability on debts that you owe.   The right to file for bankruptcy is provided by federal law, and all bankruptcy cases are handled in federal court. While no debtor is guaranteed a total discharge of his debt, most debtors who file for bankruptcy are given such relief

Who can file for bankruptcy?
Any person can file for bankruptcy protection from creditors. In addition, most businesses and charitable organizations may also qualify for bankruptcy protection. 

What happens to my bills after I file for bankruptcy?
As soon as your case is officially filed with the court, creditors are legally prevented from attempting to collect on any debt owed to them by you. This means that creditors must stop all collection activity, including: telephone calls, harassing letters, repossessions, foreclosures, lawsuits, and wage garnishments.  (Bankruptcy does not, however, automatically eliminate mortgages and other liens on your property without payment). Once the case is concluded, the court may enter a "discharge". A discharge is a total release of a debtor from any further personal liability for most if not all of his or her pre-bankruptcy debts.

Will filing bankruptcy effect my credit rating?
Unfortunately it will. However, most individuals are able to rebuild their credit within a few years. A discharge of your current debt may provide the opportunity to rebuild your credit with steady, regular payments on a new account.

How long will a bankruptcy show on my credit reports?
The Fair Credit Reporting Act prohibits the reporting of outdated information about consumers. With a few exceptions, credit-reporting agencies can only disclose a bankruptcy during the first ten years following a filing.

Will I lose my house, car, and other personal property?
Not necessarily, Florida has laws that determine which items or property are exempt from being taken away.  We will review your property and discuss how bankruptcy would affect keeping your property at your FREE CONSULTATION.

Should I file for bankruptcy?
There is never a quick answer to this question. Generally, if you can pay off your debts within three to five years then filing for bankruptcy is not a good idea. If this is not possible, then filing may be a viable solution to eliminate your financial obligations