Florida Bankruptcy Lawyers

If a company or an individual is not able to obtain a loan, the individual or the company to repay is considered bankrupt. Sometimes companies incur high financial losses. For example, a print shop with 80 percent of its total revenue from a single publisher. If the publisher's policy redirects to another firm, the printer will lose much of their total revenue. The printing company goes bankrupt.

Bankruptcy is divided into two parties: the debtor and the creditor. The debtorthe party is in debt, money owed to the creditor. A debtor is a company or an individual. The creditor is an organization or persons to whom the debtor owes money. Most bankruptcy cases involve several creditors. There are basically three types of bankruptcy.

If a company in bankruptcy, sold by the trustees, a person appointed by the court, all of the debtor not exempt assets so that the debt can be repaid. This type of bankruptcy as a Chapter 7 bankruptcy or liquidation knownBankruptcy. Individuals, corporations and partnerships this file for bankruptcy.

Suppose a company or an individual is bankrupt, but still works, holds title to all assets, and trying to figure out a reorganization plan for the eradication of creditors. This is known as a Chapter 11 bankruptcy. Usually, companies and individuals with unsustainable debt load this file for bankruptcy.

One person owns and controls his assets and works out a repayment plan with its creditors. This is knownas a Chapter 13 bankruptcy. Although, as in Chapter 11 bankruptcy, this means only individuals. The debtor retains control and ownership of the assets.

Whether it is a company, business or an individual, even in bankruptcy, the best person to turn to for advice and help would be a bankruptcy lawyer. The bankruptcy law provides assistance to the client that a person, company or companies as may be described below.

He collects all files and documents with the bankruptcy of bankruptcyCourt. Then the creditors by the court clerk that a petition was filed information. After a meeting of creditors to the court's view, with the trustee as president. It is for the debtor to attend this mandatory meeting.

After this, the direction of the court, the trustee sells any non-exempt assets for the benefit of the debtor's creditors. Finally, the debtor is discharged and all debts, except with a few exceptions, are written off.http://www.floridabar.org, the official website of the Florida Bar Association (the regulator of all practicing lawyers in the state), published several pamphlets, including one entitled "Bankruptcy" for the general public. The site has also find a lawyer referral service bar Certified bankruptcy lawyers in Florida.