Find a Bankruptcy Lawyer in Brandon, Florida

Find the right Bankruptcy attorney in Brandon, FL

In Brandon, Florida, bankruptcy is a court procedure in which a person or business has some or all of their debts absolved (or "discharged"), theoretically allowing them to commence 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 really 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.

Accordingly, you should speak with a good Brandon, Florida bankruptcy lawyer. Your Brandon bankruptcy lawyer can inform you of the costs and benefits of filing for bankruptcy, and give his or her professional evaluation as to whether or not it's a good option, given your specific circumstances.

Types of Bankruptcy in Brandon, Florida

In Brandon, Florida, there are three basic bankruptcy schemes that are most frequently used. They are identified as Chapter 7, Chapter 13, and Chapter 11. Being a product of federal law, the procedural rules governing bankruptcy in Brandon, Florida will be very similar to those in any other part of the United States. 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 done, 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.

The other popular bankruptcy system in Brandon is Chapter 13 bankruptcy. Under this system, the debtor's debts are restructured, instead of discharged. This involves creating a new repayment plan that the debtor will find manageable, given his or her income, and that will result in the creditors being paid in a reasonable amount of time. When a repayment plan is approved by a court, creditors are legally barred from attempting to collect under the original terms of their arrangement with the debtor. Chapter 11 bankruptcy is generally used by businesses, though it can be used by individuals (which is quite rare). Chapter 11 bankruptcy requires that the debtor come up with a reorganization plan - typically telling the court how they propose to cut costs, streamline their operations, and pay their debts. This plan must be approved by the participating creditors through a simple majority vote.

During the Chapter 11 process, a business can typically continue its operations, and the stock can be traded, even if it is de-listed from a major stock exchange.

How Can a Brandon Bankruptcy Lawyer Help?

The need to examine all the options and consider the costs and benefits of filing for bankruptcy in Brandon cannot be overstated. If you are considering filing for bankruptcy, it would be a good idea to speak with a Brandon bankruptcy attorney beforehand.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Brandon

Brandon may not be incorporated as an official city but it is one of the most popular places in Florida. This Hillsborough County census designated place is home to 91,000 residents and has seen rapid growth of nearly 17% each year. Brandon's namesake is John Brandon who moved to the area with his wife and six children and purchased a total of 160 acres. Needless to say, Brandon isn't the same area as it once was and now offers many attractive amenities like golf course resorts and outstanding shopping.

Brandon has seen rapid growth over the past five decades. In the 1970s 430 businesses, 3 malls, and 40,000 new residents fled to Brandon because of it's convenient location and desirable weather. On average, it only snows once every 10 years. By the 1980s there were more than 2,500 businesses and 100,000 residents. Today, Brandon is most notably home to the World Wrestling Entertainment (WWE) training facility where potential superstars hone their skills. With many celebrities come many lawyers. However, Brandon lawyers are familiar with advising clients on a wide variety of legal related issues and are licensed to practice everywhere in the state.    

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