The economic times have been tough in the past few years and the housing market has seen some of the worst years ever known. The high unemployment rates, coupled with housing values dropping have sent many people into financial insolvency.
With record job losses hitting at the same time that the housing bubble burst, the number of people filing bankruptcy has risen recently as well. Even the most frugal and financially responsible people who have worked their entire lives have found the recent economic downturns to be insurmountable.
The filing of a bankruptcy is something that can help people to get a fresh start and to wipe the slate clean of many of the debts that they are unable to pay.
Bankruptcy Lawyer Fort Lauderdale offices are there to help debtors organize their financial lives and to begin the process of getting that fresh start.
The first step in getting a bankruptcy underway is to make a comprehensive list of all the debts that are owed. All debts, or liabilities are listed and the total amount is calculated.
Along with the list of debts is a list of assets that must also be accounted for. Valuable items such as collectibles, jewelry, and investments or bank accounts are placed on another list. These lists will both be evaluated by your Bankruptcy Lawyer in Fort Lauderdale and any items on either list which would be considered exempt from the bankruptcy can be discussed with your attorney.
Once the lists of assets and liabilities are assembled, the debtor can work with their attorney to determine if there are debts that they would like to continue to pay and if there are other debts that cannot be discharged in the bankruptcy proceeding.
Federal laws exclude the discharge of debts such as taxes which may be owing in arrears and also other personal debts such as child support. Your particular case will be clearly explained to you by your attorney well in advance of your creditor meeting date.
A trustee from the federal bankruptcy courts will work with each individual debtor and will officiate at a creditors hearing which is similar to a court proceeding and held in the federal courthouse or other accessible facility. The hearing is usually short and once the trustee has determined that the bankruptcy paperwork is complete, the case will be closed.
