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.
A lawyer often begins a case with only a partial payment made. The balance of the fees are paid later, in installments. There will, however, be filing fees when documents are submitted to the federal court. If the person is a low-income earner, he might be permitted to pay those in installments.
The laws are complicated and may differ from state to state. It is considered unwise to try to file without legal representation. The chapter 7 erases all debt with the exception of taxes. The chapter 13 provides an extension of time in which to repay all debts. This is usually five years. No interest accrues during that repayment period.
The chapter 13 is very complicated with many official documents to be submitted to the court. These include a B1 petition, repayment schedules, the statement of financial affairs and a means test, which is the form B22. A chapter 7 takes the petitioners possessions to be sold and pay off debtors. They will only receive partial payment.
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.
A federal judge must approve all petitions. If one is not filed correctly it will not be approved. Relying on an attorney to fill out and file the documents is the most efficient way to petition the court. Your legal representative can assure that your best interests are in place as well as all required information and signatures.
A lawyer often begins a case with only a partial payment made. The balance of the fees are paid later, in installments. There will, however, be filing fees when documents are submitted to the federal court. If the person is a low-income earner, he might be permitted to pay those in installments.
The laws are complicated and may differ from state to state. It is considered unwise to try to file without legal representation. The chapter 7 erases all debt with the exception of taxes. The chapter 13 provides an extension of time in which to repay all debts. This is usually five years. No interest accrues during that repayment period.
The chapter 13 is very complicated with many official documents to be submitted to the court. These include a B1 petition, repayment schedules, the statement of financial affairs and a means test, which is the form B22. A chapter 7 takes the petitioners possessions to be sold and pay off debtors. They will only receive partial payment.
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.
A federal judge must approve all petitions. If one is not filed correctly it will not be approved. Relying on an attorney to fill out and file the documents is the most efficient way to petition the court. Your legal representative can assure that your best interests are in place as well as all required information and signatures.
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