Just Got Served

Yes, file bankruptcy.

How do I go about filing bankruptcy? Is there a correct way, a better way? Will we lose our home and all that we have, which isn't much, just a few cars.

Find a bankruptcy attorney in your area and get a free consultation. You can likely file chapter 13 and not lose your home or cars.

I am aware that the two chapters are significantly different and so my question is this: will I still be able to pay my creditors under a chapter 13? I really do not wish to dump my debt back onto the creditors because it is my debt that I owe to them, and although my husband and I have fell into a bad situation we are honest people, and are hoping and looking toward a brighter future in which we will be better able to pay all of our debts.

Quit being so noble...it was the banks fault that the economy tanked...they extended loans that they never should have. Consequnetly the economy tanked...they take it as a write off anyways.

Florida has very generous homestead exemptions ....you will not loose your home. Talk to a local bankrupcy attorney...you may qualify for chapter 7....get a fresh start and start living again. You will more than likely loose nothing.

Chapter 13 is "reorganization" or "repayment" bankruptcy. Rather than selling off your assets to pay off your debts, a repayment plan is set up, based on your income, that will help you to gradually repay your debt.

Unless you think you can get all of your debt obligations 'righted' by settlement or consolidation, bankruptcy may be the option for you. To be honest, there are lots of good people on this board with the best of intentions, but you are truly better off speaking directly with a licensed attorney in Florida specializing in BR.

I would recommend you get in touch the local (usually county or if in a metropolitan area, city) bar association. I believe most bar associations have attorney referral phone numbers. The person answering the phone should be able to give you some attorneys to contact.

Most attorneys provide a free initial consultation. I would not meet with one if they were going to charge you for the initial consultation.

If I were in your shoes, I would set up meetings with at least 3 attorneys. Meet each one, get a feel for how they operate and go from there. Be prepared to take with to these meetings at least a list of all of your debts, your assets and perhaps your last tax return. That way the attorney can provide you with the best advice.

Don't feel pressured to go with one attorney right away at the initial meeting. However, you should know that you will likely have to pay most of your legal fees before the attorney will file your BR petition so start setting aside $ now if you have not already done so.