Filing for Bankruptcy in Kissimmee
Working With You Throughout the Bankruptcy Process
A bankruptcy proceeding commences with the filing of a petition and a statement of financial affairs. The statement of financial affairs must include this information:
- A list of your priority, secured, and unsecured debts
- The names and addresses of your creditors
- All list of all assets, including real estate and personal property
Your statement of financial affairs must be accurate. A failure to list assets in an attempt to hide them may result in the denial of discharge of your debt or bankruptcy fraud charges. Brian M. Mark prepares bankruptcy petitions for all types of bankruptcies. Let him help you file for bankruptcy in Kissimmee.
Bankruptcy Litigation in Kissimmee
Once you have filed a bankruptcy petition, the automatic stay bars creditors from trying to collect on your debts. The automatic stay gives you a break from litigation and preserves your property. The stay may be lifted only if a creditor demonstrates that there is cause to do so.
What happens next depends on the type of bankruptcy. In a Chapter 7 bankruptcy, the trustee takes control of any property that you do not get to keep. The trustee uses the proceeds from the sale of that property to pay for administration expenses and the creditors’ claims.
In a Chapter 13 bankruptcy, the trustee reviews your repayment plan for accuracy and feasibility. The plan then is distributed to your creditors, who have the right to object if they believe it is unreasonable.
If the plan is approved, you keep your assets during the plan period and make monthly payment to the trustee, who then distributes those funds to the creditors in accordance with the plan.
Brian M. Mark is an experienced bankruptcy attorney who works with you throughout the bankruptcy process. Contact us for a free initial consultation.
