Find a Bankruptcy Lawyer in West Palm Beach, Florida
In West Palm Beach, 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 West Palm Beach, 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 West Palm Beach bankruptcy attorney cannot be substituted.
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Types of Bankruptcy in West Palm Beach, Florida
In West Palm Beach, 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 West Palm Beach, Florida wil be about the same as anywhere else in America. Chapter 7 bankruptcy, or "liquidation," requires the debtor to sell some of his or her property to the highest bidder, and using the proceeds from the sale to pay down as much debt as possible. Once the sale is complete, all dischargeable debt is deemed paid in full, whether or not the sale was able to raise the entire amount owed. You should note that some property (usually the types of property deemed essential) is fully or partially exempt from liquidation, meaning that the debtor gets to keep it. This includes houses, cars, and retirement accounts, among others. Some types of debts, however, cannot be discharged in bankruptcy, including taxes, child support, and student loans.
Under Chapter 13 bankruptcy in West Palm Beach, 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. 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 advantage of Chapter 11 bankrutpcy is that it allows a business going through it to continue operations, and to trade its stock.
How Can a West Palm Beach Bankruptcy Lawyer Help?
Filing for bankrtuptcy in West Palm Beach is a major decision with costs and benefits that must be weighed carefully. Before filing, it would be a good idea to speak with a good West Palm Beach bankruptcy attorney.
There are 430 Bankruptcy, Banking and Credit cases posted in West Palm Beach
Cases Posted to LegalMatch listed by ZIP Code:Bankruptcy Attorneys in the Largest FL Cities
Life in West Palm Beach
West Palm Beach is a popular area for residents and tourists. It is located in Palm Beach County, which is home to about 1.4 million people. West Palm Beach is in the Southern Florida region.Some popular sites include the Carefree Theatre, Palm Beach Zoo, Rapids Water Park, South Florida Science Museum, Lion County Safari, International Polo Hall of Fame, Trump International Golf Club, Meyer Amphitheater, and Palm Beach County Convention Center. West Palm Beach is also known for its festivals, such as SunFest, the Palm Beach International Film Festival, and the Winter Equestrian Festival.
Some of West Palm Beach's top employers include Florida Public Utilities, ION Media Networks, Ocwen, Pratt & Whitney Rocketdyne, Sikorsky Aircraft, General Dynamics, Cemex, and CSC. West Palm Beach is also filled with many law firms. Thus, the area has many top-notch attorneys capable of handling any and every legal inquiry.
All in all, West Palm Beach is a great place to live and/or visit!
