When someone files to absolve their debt, it is done in a federal court. However, state law has influence over exemptions, property rights and some other details. If you are seeking a way out of debt, a Jacksonville FL Bankruptcy Attorney can help you through the required procedure.
The legal fees charged by the lawyer may be paid in installments. But, the court requires filing fees at the time paperwork is submitted. This can be waived in some cases. When a client has an income lower than a certain level, he may be able to pay the filing fees in installments too.
These laws are complicated and it is wise to have a lawyer represent you. It is, however, possible to file on your own behalf in a chapter 7, which absolves you of most types of debt. The chapter 13 is rarely attempted by someone unschooled in the law due to its complexities.
Papers to be filed include a B1 petition, proposed payment schedules, the statement of finances and a form B22, which is a means test. To qualify for either debt relief certain qualifications must be met. In a chapter 7 most debt is forgiven. The person loses certain possessions to help repay what is owed. Usually the home and car are not surrendered.
In the chapter 13, the person filing is making arrangements to repay his debt over a certain period of time. Usually 5 years is allowed. He must have sufficient income at the time of filing to ensure that will be financially possible. He retains ownership of property in the chapter 13.
The paperwork must be approved by a federal judge and the case be accepted. All details need to be done in a specific way. That is why it is not a good idea to try to do it without legal representation. The chapter 13 is especially complex. You will be required to make a court appearance along with your lawyer when the ruling is made to accept or deny the petition. Your attorney can navigate all the twists and turns and look out for your best interests at the same time.
The legal fees charged by the lawyer may be paid in installments. But, the court requires filing fees at the time paperwork is submitted. This can be waived in some cases. When a client has an income lower than a certain level, he may be able to pay the filing fees in installments too.
These laws are complicated and it is wise to have a lawyer represent you. It is, however, possible to file on your own behalf in a chapter 7, which absolves you of most types of debt. The chapter 13 is rarely attempted by someone unschooled in the law due to its complexities.
Papers to be filed include a B1 petition, proposed payment schedules, the statement of finances and a form B22, which is a means test. To qualify for either debt relief certain qualifications must be met. In a chapter 7 most debt is forgiven. The person loses certain possessions to help repay what is owed. Usually the home and car are not surrendered.
In the chapter 13, the person filing is making arrangements to repay his debt over a certain period of time. Usually 5 years is allowed. He must have sufficient income at the time of filing to ensure that will be financially possible. He retains ownership of property in the chapter 13.
The paperwork must be approved by a federal judge and the case be accepted. All details need to be done in a specific way. That is why it is not a good idea to try to do it without legal representation. The chapter 13 is especially complex. You will be required to make a court appearance along with your lawyer when the ruling is made to accept or deny the petition. Your attorney can navigate all the twists and turns and look out for your best interests at the same time.
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