Bankruptcy Jacksonville fl – a recourse for filing bankruptcy
Bankruptcy in simple terms can be defined as a legal process intended to insure equality among the creditors of an individual or corporation declared to be insolvent. For an individual, bankruptcy is a state of his/her inability to discharge all the debts as they become due. Filing for bankruptcy involves surrendering of “non-exempt” property in exchange for forgiveness of the debts of the insolvent and his/her property being sold and the proceeds then being divided among the creditors. This procedure absolves the debtor from all those debts owed by him or her.
Filing for bankruptcy is a debtors’ most extreme remedy and it is available only once every six years, therefore for those who had already filed for bankruptcy Jacksonville fl, he or she is barred from using it again for a much longer time irrespective of his or her present needs. Therefore, filing for bankruptcy must be the last resort and should not be used without properly understanding its’ implications and advantages. Other alternatives must also be looked into before filing for bankruptcy Jacksonville, fl.
Some people file for bankruptcy when there is a little need to do so instead of first trying to resolve the issue by negotiating with the creditors or getting help from the credit counseling service. The bankruptcy courts are always on the look out to prevent abuse of bankruptcy laws and system by dismissing the bankruptcy filing if a debtor has sufficient income to make clear the dues or debt. Then such bankruptcy filing is considered as a violation of the debtor’s duty of good faith.
The help of taking lawyers and attorneys’ advice for filing of bankruptcy Jacksonville fl is fruitful in making the decision about filing for bankruptcy or not. The law offices there believe in giving the required personal attention for building a positive attorney and client relationships thereby producing successful results in most of the bankruptcy cases.
As per the available statistics with the United States Bankruptcy Court – Middle District of Florida, the bankruptcy filing rates have gone up to sixty three percent from 2007 to 2008 in Tampa, Orlando, Jacksonville and other near by areas.
