Do you need help filing for bankruptcy in Florida? Bankruptcy can give you a financial fresh start, but can also be a difficult and emotionally wrenching process in which you may need to liquidate your assets to repay your debts.

Bankruptcy is generally governed by federal law. In Florida, as in all other states, you file for bankruptcy in federal court. Some aspects of the process are governed by state law, so the amount of assets you can keep, for example, will be affected by the state you file in. Florida law will determine which assets are protected, and which form of bankruptcy you can file. This page will show you how to file for Florida bankruptcy.

Keep in mind that the decision to file for bankruptcy is not one that should be taken lightly. Before you decide to make the big leap, it is important to go over your finances and weigh all of the pros and cons to be sure that this is truly the best decision for you. Filing for bankruptcy will negatively affect your credit score for years to come, and may make it more difficult to purchase a home or a vehicle in the future. Some apartment managers, and even some potential employers, may check your credit as well.

• Bankruptcy provides legal protection from creditors, if you meet the requirements. There are two forms of bankruptcy available to consumers. Each provides relief from harassing phone calls, and creditors' threats to garnish your wages or seize your assets. Which form you can elect depends on your income and debt levels.

1. Chapter 7 bankruptcy liquidates your assets, and uses to the proceeds to settle your debts with your creditors. Even if the debts cannot be fully repaid, they are canceled, and you can move forward with a clean slate. Some debts are excluded, and there is also a level of assets that are exempt, as determined by Florida statute.
2. Chapter 13 bankruptcy restructures your payment schedule, and requires your creditors to respect the schedule. No debts are canceled under Chapter 13. You may not file Chapter 13 if your unsecured debts exceed $337,000 or if your secured debts exceed $1,010,000. If you have more debt than is permitted under Chapter 13 bankruptcy, you may be able to file under Chapter 11.

• Not all of your debts will be discharged or restructured by the bankruptcy settlement. Even after bankruptcy, you will generally still be responsible for:

1. Alimony and child support payments
2. Taxes or fines owed to federal or Florida government agencies
3. Student loans
4. Certain transactions made within 90 days of filing for bankruptcy, such as purchases of luxury items or cash advances
5. Debts accrued as a result of fraudulent or illegal activity

• A permanent resident of Florida files bankruptcy in one of three federal bankruptcy courts in Florida. The court in which you file is determined by the county in which you live. Each county is assigned to one of three courts, Southern District, Middle District, and Northern District.

1. The Southern District Court has three courts, located in Fort Lauderdale, Miami, and West Palm Beach. The Southern Court is responsible for Broward, Dade, Highlands, Indian River, Martin, Monroe, Okeechobee, Palm Beach and St. Lucie counties.
2. The Middle District Court has four courts, located in Fort Meyers, Orlando, Jacksonville, and Tampa. The Middle Court is responsible for Baker, Bradford, Brevard, Charlotte, Citrus, Clay, Collier, Columbia, De Soto, Duval, Flagler, Glades, Hamilton, Hardee, Hendry, Hernando, Hillsborough, Lake, Lee, Manatee, Marion, Nassau, Osceola, Orange, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. John’s, Sumter, Suwannee, Union, and Volusia counties.
3. The Northern District Court has four courts, located in Gainesville, Panama City, Pensacola, and Tallahassee. The Northern Court is responsible for Alachua, Bay, Calhoun, Dixie, Escambia, Franklin, Gadsden, Gilchrist, Gulf, Holmes, Jackson, Jefferson, Lafayette, Leon, Levy, Liberty, Madison, Okaloosa, Santa Rosa, Taylor, Wakulla, Walton, and Washington counties.

• The Chapter 7 Florida income (or means) test will apply if you have been a resident of Florida for two years prior to filing for bankruptcy. If you haven't lived in Florida that long, you'll be subject to the income test of the state you lived in for the 180 days prior to moving to Florida. If you lived in multiple states during that period, the state you lived in for most of those 180 days will be the state whose means test is used. If your situation is complicated, you'll want to consult with a bankruptcy attorney. In order to be considered eligible for Chapter 7 bankruptcy, your income must be less than the median Florida income as determined by the U.S. Census bureau

1. Single household: $42,468
2. Two people in the household: $53,939
3. Three people in the household: $60,162
4. Four people in the household: $71,124

• Certain assets are exempt from liquidation in bankruptcy in Florida. These include:

1. The entire amount of equity in your home, if it's been your primary residence for at least 1,215 days
2. $125,000 of home equity, if you've lived in it less than 1,215 days
3. 1,000 in personal property
4. 1,000 in equity in one vehicle
5. Retirement accounts

The content in this page is not a substitute for professional financial advice. Please contact your financial adviser before using the information presented here.