Advantages to Filing a Chapter 7 Bankruptcy in Florida
Making the decision to file for bankruptcy is never easy. Filing for bankruptcy will affect your credit score and may result in you losing some of your property. However, creditworthiness may sometimes be overemphasized because by the time most people are thinking about filing for bankruptcy their credit score is already damaged. Aside from these disadvantages, bankruptcy can discharge most debts, eliminating your personal liability for debts incurred before the bankruptcy and petitioners will get what is known as an Automatic Stay.
The Automatic Stay goes into effect the moment a petition is filed with the Bankruptcy Court. This prevents creditors from taking any action against you, unless the Bankruptcy Court gives the creditor permission. Creditors are prevented from continuing any lawsuits they have filed against you, garnishing your wages, repossessing or selling any of your property or attaching your bank accounts.
One exception to the Automatic Stay is that it does not apply to criminal proceedings or to the collection of alimony and child support.
The Bankruptcy Court will send notice of your filing to your creditors 2 weeks after you filed your petition. However, if you believe that creditors have already taken action against you, you should notify your creditors immediately after your file your petition. Call your creditors and give them your bankruptcy case number as well as notify them by letter.
Contact a Florida Bankruptcy Attorney to discuss whether or not you should file for Chapter 7 Bankruptcy.
Greg Gilbert
Keith Maynard
