Filing for bankruptcy can be a challenging process. Since federal bankruptcy laws supervise the majority of the bankruptcy process, the general steps are similar to all other states. Despite that, Florida does have a few state specific laws that need to also be followed. Furthermore, the state of Florida has specific exemptions, mainly because federal exemptions are not available in the area. Below is some information regarding the bankruptcy process, brought to you by Bigge & Rodriguez law firm.
Paperwork First: Before the bankruptcy process can be started, the petitioner must gather all the information the courts will want to see. That includes an itemization of their current sources of income, any major transactions for the last two years, monthly living expenses, all secured and unsecured debts, tax returns for the past two years, deeds to any real estate, car title, any other documents from current loans, and all property owned, meaning all assets and positions.
File the Bankruptcy Petition: Once all applicable documents are collected, a two-page petition and a few other forms need to be filed with the Florida district bankruptcy court. The forms are known as schedules, and their purpose is to find out your current financial status and any recent financial transactions. If a petitioner is found to be dishonest, the outcome of their trial could be jeopardize.
There are a few more steps that happen once a bankruptcy petition is filed. Hence why the importance of a Fort Lauderdale bankruptcy attorney is very relevant. It is vital to ensure that the bankruptcy process runs as smoothly as possible. Similarly, foreclosure defense Fort Lauderdale is vital to ensure your financial and legal rights are defended. There is certainly no shame in that.