Bankruptcy Process Lawyer-Orlando

2005 Bankruptcy Act Credit Counseling

The 2005 Bankruptcy Act requires all individual debtors who file bankruptcy on or after October 17, 2005, to undergo credit counseling within six months before filing for bankruptcy relief and to complete a financial management instructional course after filing bankruptcy.

2005 Bankruptcy Act Means Test

Under the 2005 Bankruptcy Act you income and expenses will be analyzed to determine if you qualify to file a Chapter 7 or if you must file Chapter 13. To apply the means test, the courts will look at the your average income for the 6 months prior to filing and compare it to the median income for that state. If the income is below the median, then you may choose Chapter 7. If your income exceeds the median, the remaining parts of the means test will be applied to determine if you can file Chapter 7 or if you must file Chapter 13.

Filing Bankruptcy

Once you have gathered this information, with the help of my office, we will begin the process to determine which property is exempt from seizure based on the Florida exemptions. To actually file, we will file a two-page petition and several other forms at Federal Bankruptcy Court for the county in which you reside.  These forms, collectively are referred to as the petition and schedules and describe your current financial status, recent financial transactions (typically within the last two years) and what assets you own.  If the United States Trustee, your creditors or the judge believe or find out that you have not been entirely honest in your bankruptcy filing, it will jeopardize the outcome of your petition and may have the effect of preventing you from filing for bankruptcy protection in the future.

Call 407-877-7327 and ask to speak to me. Mark Cressman - An Orlando Bankruptcy Lawyer