Find a Bankruptcy Lawyer in Sunrise, Florida
In Sunrise, 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 Sunrise, 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 Sunrise bankruptcy attorney cannot be substituted.
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Types of Bankruptcy in Sunrise, Florida
In Sunrise, Florida, 3 types of bankruptcy procedures are in common use: Chapter 7, Chapter 11, and Chapter 13. Being governed by federal law, the procedures involved in filing for bankruptcy in Sunrise, Florida wil be about the same as anywhere else in America. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her assets in order to pay off as much debt as possible. Once the sale of the assets is complete, and the proceeds handed over to the creditors, the debt is viewed as discharged. Liquidation is basically selling assets to the highest bidder. Not all of the debtor's assets will need to be sold, and many types of property are totally or partially exempt, including homes, cars, retirement accounts, and insurance policies. This means that the debtor can keep them. It should be noted that some types of debts are not dischargeable in Chapter 7 bankruptcy, including student loans, criminal fines, taxes, and child support payments. Even when the bankruptcy process is complete, these debts will have to be paid in full.
Under Chapter 13 bankruptcy in Sunrise, most of the debtor's debt is not discharged. Instead, the bankruptcy court, working with the debtor and participating creditors, work out a payment plan that allows the debtor to pay off most of his or her debts over a longer period of time, thereby theoretically making the debt far more manageable. Once a payment plan is approved by the court, creditors are prohibited from attempting to collect payment under their original agreements that gave rise to the debt in the first place. Though Chapter 11 bankruptcy can be used by individuals, it is almost exclusively used by businesses. Similar to Chapter 13, Chapter 11 involves restructuring of debts, rather than complete discharge. The debtor is required to come up with a restructuring plan that lays out how it plans to cut costs, streamline operations, and pay its debts. The plan must then be approved by a vote of participating creditors.
A major advantage of Chapter 11 bankruptcy is that businesses can continue their operations while going through the process. Also, they can continue to buy and sell their stock.
How Can a Sunrise Bankruptcy Lawyer Help?
One should not make the decision to file for bankruptcy in Sunrise lightly. Before making any such decision, it would be highly adviseable to contact an experienced Sunrise bankruptcy attorney.
There are 311 Bankruptcy, Banking and Credit cases posted in Sunrise
Cases Posted to LegalMatch listed by ZIP Code:Bankruptcy Attorneys in the Largest FL Cities
Life in Sunrise
An interesting fact about Sunrise, Florida was that in September of 2010, Google Maps was unable to locate it! People searching for Sunrise were redirected to Sarasota, Florida. Apparently this was the third time in history that Sunrise was "lost on the Internet."Today, there are no issues in finding Sunrise. Sunrise is located in Florida's Broward County.
Sunrise is known for its festivals and events! Every year tourists come to the Earth Day Festival, the Harvest Festival and the Cultural Festival. Obviously, Sunrise is a unified, cultured community.
Some well-known corporations have offices in Sunrise. These corporations include Sawgrass Mills, Sawgrass International Corporate Park, and IKEA.
Sunrise is also home to many law firms that train attorneys to provide excellent legal services, with a personalized touch.
