If Debt Is Overwhelming You Can Understand Bankruptcy Laws With A Jacksonville FL Bankruptcy Attorney
by Carmella Isenhour
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.
An attorney may allow his fee to be paid in installments. However, there are predetermined bankruptcy fees. In most cases, these must be paid at the time of filing the paperwork. People falling below a certain level of income might be allowed to pay these fees in installments too.
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.
A chapter 13 is different. The individual retains property and agrees to pay off all bills over time. Any interest on the debt is stopped and he usually is given five years for repayment. He must have an income that is sufficient to cover all payments.
In any case, the federal court must approve the petition and will not do so if it is filed incorrectly. Therefore, anyone attempting to act as their own lawyer is unwise. The chapter 13 filing is almost impossible without a legal background. Your attorney will provide all the help needed to cope with the many required details. By relying on your legal representative you will be assured of everything being done correctly and your best interests being protected.
Find a summary of the advantages of using the services of a <a href="http://www.woodatter.com/">Jacksonville FL bankruptcy attorney</a> and more information about an experienced lawyer at http://www.woodatter.com/ now.
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New Unique Article!
Title: If Debt Is Overwhelming You Can Understand Bankruptcy Laws With A Jacksonville FL Bankruptcy Attorney
Author: Carmella Isenhour
Email: jaadenator@gmail.com
Keywords: Jacksonville FL Bankruptcy Attorney,Florida accident attorney,Jacksonville,Wood,lawyer,Duval County,injury lawyer,Bankruptcy
Word Count: 331
Category: Legal
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