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Bankruptcy in Florida

Bankruptcy in Florida

Sometimes the smartest decision a person can make is to declare bankruptcy when facing an insurmountable amount of debt. There are two types of bankruptcy that an individual can use, either a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. A person may file for a Chapter 7 bankruptcy when he or she does not have many assets. A bankruptcy judge will discharge the person's eligible debts, usually unsecured debt. The debtor can usually reaffirm, or keep certain assets like a car and his or her homestead. A person must file a Chapter 13 bankruptcy if he or she has too many assets to qualify for a Chapter 7. The debtor does not have to sell off any assets, but rather the court gives the debtor a repayment plan that he or she must follow for a set for three to five years.

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