Find a Bankruptcy Lawyer in Miramar, Florida
In Miramar, Florida, bankruptcy is a court procedure in which a person or business has some or all of their debts excused (or "discharged"), theoretically allowing them to start with a clean slate, and move on with their lives no longer drowning in debt (and hopefully having learned to better manage their use of credit in the process). However, bankruptcy should not be treated as a way to avoid debt that one simply doesn't feel like paying. It is meant to be a safety net for people or businesses who are truly unable to pay off their debts. Because bankruptcy is not without negative consequences (such as a severely damaged credit rating for many years afterward), it should be viewed as an option of last resort.
Therefore, it is a good idea to talk with an experienced bankruptcy lawyer in Miramar, Florida. They will be able to advise you on the likely legal and financial consequences of filing for bankruptcy, and help you determine if it's the right option for your. Because this determination depends heavily on the facts of each individual case, the counsel of a Miramar bankruptcy attorney cannot be substituted.
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Types of Bankruptcy in Miramar, Florida
There are 3 bankruptcy schemes that are commonly used in Miramar: Chapter 7, Chapter 13, and Chapter 11 bankruptcy. Bankruptcy is governed by federal law, so the procedures in Miramar, Florida are very similar to what they will be anywhere else in the United States. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her property, and use the proceeds to pay creditors. While this doesn't sound like much of a relief at first glance, the upshot is that once the eligible property is sold, and the proceeds given to the creditors, all of the debtor's eligible debts are deemed paid in full, regardless of how much the creditors actually ended up getting. Not all of the debtor's property has to be sold off - the debtor will usually be allowed to keep things like a house, at least one car, some types of personal property, retirement accounts, and insurance policies. It should be noted that some debts are not dischargeable, and will have to be paid in full even if the debtor files for bankruptcy. This includes student loans, taxes, and criminal fines.
The other commonly-used bankruptcy system in Miramar is Chapter 13 bankruptcy. This allows a debtor to repay most or all of their debts in a structured manner. It reorganizes the debt into lower periodic payments that, with a bit of frugality, the debtor should find manageable. This allows the debtor to continue to earn a living, and allows the creditors to eventually collect what they are owed. Once a repayment plan is approved by the bankruptcy court, creditors are legally barred from seeking repayment under the terms of the agreements that gave rise to the debt in the first place, and will instead have to accept payment under the new plan. Chapter 13 bankruptcy is usually a better option for people who have a steady income. Chapter 11 bankruptcy is almost exclusively used by businesses, but there is nothing that legally prevents it from being used by individuals, and its use by individuals is very rare. Chapter 11 bankruptcy requires the debtor to come up with a restructuring plan - telling the court how they propose to cut costs, improve their operations, and pay down their debts. The plan has to be approved by a majority vote of participating creditors.
One main advantage of Chapter 11 bankrutpcy is that it allows businesses to continue their operations while the process plays out. Furthermore, their stock can still be bought and sold.
How Can a Miramar Bankruptcy Lawyer Help?
Filing for bankruptcy in Miramar is a very important decision, and should not be made lightly. Before filing, one should consult with a good Miramar bankruptcy attorney for advice.
There are 186 Bankruptcy, Banking and Credit cases posted in Miramar
Cases Posted to LegalMatch listed by ZIP Code:Bankruptcy Attorneys in the Largest FL Cities
Life in Miramar
Miramar is a city Broward County, Florida. It has a population of 108,000, as of estimates by the U.S. Census Bureau from the year 2007.The city of Miramar, Florida is named after the Miramar District, in Havana, Cuba.
Miramar is home to very large communities of Columbian and Jamaican immigrants, and Cuban expatriates. These various ethnic groups have contributed to the diverse character of Miramar, and influenced its unique culture.
Miramar is the headquarters of Spirit Airlines, a low-cost carrier operating flights throughout the Americas. It is one of the largest employers in the Miramar area. Miramar is part of the South Florida Metro Area, which includes Miami and other major tourist destinations. As a result, tourism and travel are major drivers of Miramar's economy.
Thanks to its diversity and economic vitality, there is a thriving legal community in Miramar, Florida. Miramar, Florida lawyers are experienced in dealing with a wide variety of clients and cases; in a community as diverse as Miramar, they have to be in order to stay competitive. For most Miramar, Florida attorneys, there is no case to big or too small.
