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What is Bankruptcy

Fundamentally, bankruptcy is a legal proceeding brought by individuals and businesses who might be seeking a “fresh start” to free themselves from past financial problems and move forward with their lives unhampered by the pressure and discouragement of pre-existing debt.

When a person who owes more money than he or she can currently repay (a “Debtor”) then a bankruptcy filing may allow the debtor to either repay a portion of the money owed over time or have the entire debt forgiven.

For individuals considering a bankruptcy filing, most will end up filing either a Chapter 7 (commonly referred to as a “liquidation” bankruptcy) or a Chapter 13 (commonly referred to as a “reorganization” bankruptcy). The Bankruptcy Code and Federal Rules of Bankruptcy Procedure will help determine which type of bankruptcy a debtor will be eligible for.

Chapter 7 Bankruptcy

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Chapter 11 Bankruptcy

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Chapter 13 Bankruptcy

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Can We Help?

Please contact our office to discuss whether a bankruptcy might be an option for you or your business.

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Legal Disclaimer

Working with a lawyer is a critical decision which should not be based solely on advertising or internet research. The information contained at this site is not, nor is it intended to be, legal advice. Furthermore, neither use of this site nor your contacting our office creates an attorney-client relationship between you and First Coast Consumer Law.

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476 Osceola Avenue
Jacksonville Beach, FL 32250-4082

Tel: 904-242-7070
Fax: 904-242-7054

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