Legal Question in Bankruptcy in Florida

Whether you should stop payment on your secured debt is dependent upon if you want to keep the property or surrender it. Stopping payment on the unsecured debt is usually advisable prior to filing and most Trustees question your filing if you are current on your unsecured debt. However, you should consult with a bankruptcy attorney before making these decisions to determine if you are eligible to file bankruptcy and if it is the best option for you given your specific circumstances.

Filing fees are set at $274 for a Chapter 13 and $299 for a Chapter 7. The attorney's fees will vary widely in a Chapter 7 depending on location, complexity, and the attorney you choose. For a Chapter 13, the fees are little more standardized, but the amount you have to pay up front may vary. Again, consultation with a bankruptcy attorney would be good place for you start. You will also have to complete credit counseling from an approved agency prior to and after filing. These costs range from about $25-$75 depending upon who you use. Some attorneys "pay" this for their clients, but it is usually incorporated in the attorney's fees.

A Chapter 7 is generally completed (discharged) within a few months of filing. A Chapter 13 usually takes 3-5 years before discharge occurs, provided the conditions of the bankruptcy are met.