• Bankruptcy is a legal process by which people can eliminate or significantly reduce debts. Chapter 7 bankruptcy wipes out debts and gives people a new financial start. Chapter 13 bankruptcy allows people to restructure their debts into one monthly payment, which they send to the court for dispersal to creditors. The bankruptcy procedures in Florida follow federal guidelines butsome state-specific regulations are involved in the process as well.
  
  

Credit Counseling

• Florida bankruptcy rules require debtors to attend a credit counseling course and receive a certificate of completion within the 180 days before filing for bankruptcy. The Trustee Program of the U.S. Department of Justice provides a list of approved pre-bankruptcy certificate providers that is available on the Northern, Middle or Southern Florida bankruptcy district websites, the U.S.Trustee Program website or by calling the bankruptcy court.
  
  

Bankruptcy Petition

• The bankruptcy petition is the collection of documents, called schedules, you need to file bankruptcy. Complete the Means Test first to determine which chapter of the bankruptcy code you need to file under. Compare your income and the median income in Florida as of October 2010 of $41,079. If your income is higher than the median and you can pay all household expenses with money to spare at the end of the month, you have to file Chapter 13 bankruptcy. If your income is below the median, you have to file Chapter 7 bankruptcy.
  
  Complete the rest of the petition schedules that deal with your income, assets, debts and expenses. Be honest and meticulous when you fill out the forms, because the court can refuse to discharge debts that were not on the petition or dismiss your case if you purposefully misrepresent income or assets.
  
  

Filing

• File your petition online, in person at the courthouse or give it to your lawyer to file for you. As of October 2010, you have to pay a $274 filing fee for a Chapter 13 bankruptcy. You have to pay $299 to file Chapter 7 bankruptcy unless you can demonstrate a hardship or low enough income to exempt you from the fee. In this case, file the fee waiver application Form 3B along with your petition. Once you file the petition, the court will appoint a trustee to lead the case and manage any assets. You will receive a date to attend the mandatory 341 meeting to answer questions pertaining to your petition.
  
  If you filed Chapter 13 bankruptcy, within 15 days of filing the petition, you will have to create and file a repayment plan that lasts three to five years and pays back as much debt as you can with disposable income. The U.S. bankruptcy code requires you to pay back nondischargable debts such as support payment and most taxes first, along with secured debts such as auto loans. Talk to your lawyer or the trustee to make sure you get it right. You have to start making payments once the court approves the plan.
  
  

341 Meeting

• The 341 meeting usually takes place six weeks after you file. You must attend this meeting of creditors or the court will dismiss your case. Although you have to answer questions by the trustee and any creditors who attend under oath, the meeting is not a trial. You will usually answer simple questions about the accuracy of the information in your petition and if you understand the ramifications of filing for bankruptcy. The meeting, on average, lasts about 15 minutes.
  
  

Discharge

• If you filed Chapter 7 bankruptcy, you will receive notice of the discharge of your debts about six weeks after the 341 meeting. If you filed Chapter 13 bankruptcy, keep paying as the plan dictates until the three- to five-year period is up. The court will discharge any debts left over.