Filing for Bankruptcy in 2025: What You Need to Know About the Process

The information provided is for general informational purposes only and does not constitute legal advice.  Every legal situation is unique, and you should consult an experienced attorney for advice tailored to your specific circumstances. For personalized assistance, contact our office directly.

If you’re considering bankruptcy as a way to get relief from overwhelming debt, understanding the process is essential. Bankruptcy can feel intimidating, but with the right guidance, it can be a smooth and empowering path to financial freedom.

At my office in Sebring, Florida, I help individuals and families navigate bankruptcy laws every day. Here’s what you need to know about filing for bankruptcy in 2024.

Step 1: Determine Which Bankruptcy Is Right for You

The two most common types of bankruptcy for individuals are Chapter 7 and Chapter 13.

• Chapter 7: Eliminates most unsecured debts and typically takes three to six months. You’ll need to pass a means test to qualify.

• Chapter 13: Allows you to reorganize your debt into a manageable repayment plan over three to five years. This option is ideal if you have steady income and want to protect significant assets, like your home.

An experienced bankruptcy attorney can help you decide which chapter best fits your situation.

Step 2: Gather Your Documents

To file for bankruptcy, you’ll need to provide detailed financial information, including:

• Income statements (pay stubs, tax returns)

• A list of all debts and creditors

• Bank account statements

• A list of your assets and expenses

This step ensures your case is filed accurately and efficiently.

Step 3: Complete Credit Counseling

Before filing, you must complete a court-approved credit counseling course. This class typically takes about an hour and can often be completed online or by phone.

Step 4: File Your Petition

Once your paperwork is ready, your bankruptcy attorney will file your petition with the court. At this point, the automatic stay goes into effect, immediately stopping most collection actions, including creditor calls, wage garnishment, and foreclosure proceedings.

Step 5: Attend the 341 Meeting of Creditors

You’ll be required to attend a short meeting, known as the 341 meeting, where creditors can ask questions about your finances. With an experienced attorney by your side, this step is straightforward and stress-free.

Step 6: Discharge or Repayment

• Chapter 7: If successful, most of your debts will be discharged within a few months.

• Chapter 13: You’ll follow your court-approved repayment plan, after which any remaining eligible debts will be discharged.

Why You Shouldn’t Wait to File

Delaying bankruptcy can lead to more stress, higher debt, and fewer options. The sooner you act, the sooner you can take back control of your finances.

Let Me Help You Every Step of the Way

As a bankruptcy attorney in Sebring, Florida, I’ll guide you through every step of the process. From choosing the right chapter to ensuring your petition is filed correctly, I’m here to make bankruptcy as stress-free as possible for you.

Call Today to Start Your Journey to Financial Freedom

Don’t let debt control your life another day. Call me now at [insert phone number] for a free consultation. Together, we’ll create a plan that works for you, so you can move forward with confidence. Your fresh start begins today!