Filing Chapter 7 is the most common type of bankruptcy which will relieve debt and help get a needed fresh start. An individual or a joint debtor may file under Chapter 7 of the U.S. Bankruptcy Code. This process involves the liquidation of assets and the distribution of proceeds from this liquidation to creditors. Chapter 7 bankruptcy offers immediate and complete relief of outstanding debts.

Chapter 13 is most commonly used to avoid foreclosure when the homeowner wants to keep the home and provides a plan to pay back the money that the homeowner owes. In this way, Chapter 13 is known more as a reorganization than a total liquidation.

While debtors may occasionally be forced into a particular kind of bankruptcy by the creditor, most often they are able to choose which chapter they prefer to file. In certain circumstances, the debtor may be forced into an involuntary bankruptcy by a creditor, but can often convert from 7 to 13 if he or she wishes.

At Krasker Law all our bankruptcy attorneys believe in the client. They know that every client that walks through the door is going through a very stressful time and needs assistance with his or her bankruptcy needs. Whether looking for foreclosure assistance, or help eliminating an unbearable amount of debt, the attorneys at Krasker Law know the bankruptcy laws of Florida to help assist with all clients’ needs.