Bankruptcy is a legal process that helps people and businesses who can’t pay their debts get a fresh start. It can involve liquidating assets to pay debts or creating a repayment plan. After bankruptcy, the debtor is no longer legally required to pay the debts that are eliminated. There are several types of bankruptcy cases, including: Chapter 7, Chapter 11, Chapter 12 and Chapter 13. Chapter 7 is the most common type for individuals. It is where the debtor can discharge most or all of their debts. Chapter 11 is usually for corporations, but individuals can also file. For family farmers, there is Chapter 12 which is a simplified reorganization. Chapter 13 is similar to Chapter 11 but for individuals, where the debtor can propose a monthly payment amount based on their financial situation. Creditors can accept or object to the amount, and the debtor may need to negotiate. In exchange for a longer process, Chapter 13 bankruptcy allows the debtor to keep their assets.  A bankruptcy will remain on a debtor’s credit report for several years, making it more difficult to borrow money in the future. There are thousands of lawyers in the sunshine state.