Miami Florida Bankruptcy Blog

Florida residents have three  main options when it comes to filing for bankruptcy: Chapter 7 Bankruptcy, Chapter 13  Bankruptcy and Chapter 12 Bankruptcy. Chapter 7 bankruptcy is also referred to as “straight” or “clean slate” bankruptcy. This option wipes out all applicable debt immediately.

Chapter 13 bankruptcy allows the individual to create a payment plan to wipe out debt over several years of payment.  With the change in Bankruptcy Laws in 2005 many people who do not qualify for a Chapter 7 Bankruptcy utilize a Chapter 13 Bankruptcy to regain control of their financial situation and get back on the road to prosperity.

Chapter 12 bankruptcy is a special process only available for family farmers and fishermen and follows slightly different procedures than the more common Chapter 7 and Chapter 13 proceedings.

Additionally, an individual may in some rare circumstances file for a Personal Chapter 11 Bankruptcy. Chapter 11 Bankruptcy is typically reserved for businesses. Depending upon your situation, a Personal Chapter 11 Bankruptcy may be the best option.

No matter which option you choose in Bankruptcy, it is important to be well informed and find a law firm you are comfortable working with. A Bankruptcy is a very personal situation that requires a close relationship with the law firm that you choose to hire. It is important that you feel that you are being treated as an individual and not as a number. This is important because, no matter which option you choose, if you are not treated with dignity the process will not be pleasant and no matter what the outcome is you will not be satisfied.

Matthew E. Mazur, Jr. Esq., is the managing shareholder of Matthew Mazur, P.A., a Coral Gables, Florida based law firm that represents clients in Bankrutpcy matters. For more information please visit www.coralgablesbankruptcyattorney.com.