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Asked 5/8/2010

What is difference in filing bankruptcy chapter 11 7 13 in florida?

 
 
 
 
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Answer 1/2 - Submitted 5/29/2011

The chapter 11 and chapter 13 plans provide for a reorganization of the business, along with a debt repayment plan that is acceptable to the creditors. Chapter 11 is mostly for very large debts. Chapter 13 is a repayment plan that may help reduce the debt .
Chapter 13 allows for payment to unsecured creditors after living expenses. Chapter 13 also can help stop foreclosures.
Chapter 7 is not a repayment plan. It is the discharge of all debts. All assets are surrendered, except those protected by law,

Since bankruptcy is so complex, please consult with an attorney for more detailed information

 
 

Answer 2/2 - Submitted 6/8/2011

To answer your question specifically, Bankruptcy laws are both federal and state but Florida is a more advantageous state for debtors as they can keep more than under federal or most other state's bankruptcy laws.

The first answer above spells out what each chapter covers. For more details just google Florida bankruptcy law.

 
 
 
 
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