You can file for bankruptcy in Florida in one of two ways, Chapter 13 or Chapter 7.Chapter 13 bankruptcy differs from a Chapter 7 in many ways. In a Chapter 13 the Debtors makes a repayment plan and presents it to the trustee. In this plan they outline what they make, what they spend on necessities, and how much extra is left over each month. The amount remaining after all necessary expenses is the amount that the trustee will be looking to distribute amongst unsecured creditors. You must meet certain guidelines to qualify for a Chapter 13 bankruptcy.

The first step in any bankruptcy is to file a petition with the bankruptcy court. At this time, a trustee will be assigned to your case. The Debtor will be responsible for creating a list of all creditors including the amounts owed and nature of the claim, the source and amount of income they earn, all property owned, and a detailed list of all monthly living expenses.
As soon as your bankruptcy petition is filed there is an automatic stay against anyone trying to collect any debt against you. This will stop all phone calls, letters, lawsuits, attempts at garnishment, etc. It is the same as with a Chapter 7 with one exception, in a Chapter 13 bankruptcy the automatic stay may prohibit a creditor from collecting a debt against a third party. Most times this would be a person who co-signs a loan with you.

The debtor must present a repayment plan to the bankruptcy court. This plan will outline how they intend to repay some of the money that is owed over the course of a 3 to 5 year period. The money is paid to creditors based on a priority as established by federal bankruptcy law.

If you found this information useful, you may also be interested in reading about the steps in filing for Chapter 7 Bankruptcy.