Consumer Bankruptcy Lawyers in Cape Coral, Florida

Find the right Consumer Bankruptcy attorney in Cape Coral, FL

Bankruptcy is a legal procedure that allows an individual or business to have some or all of their debts discharged. It is typically considered as an option of last resort, because while it can stave off financial disaster, it has some substantial long-term consequences warranting careful consideration of the costs and benefits. Being a product of federal law, bankruptcy will go through federal courts. Accordingly, the procedure for filing for bankruptcy in Florida is basically the same as the procedure anywhere else in the United States. However, individual courts in Cape Coral, Florida will have distinct rules for exemptions, so you should speak with a local attorney before filing.

Chapter 7 Bankruptcy in Cape Coral, Florida

There are 2 typical forms of consumer bankruptcy in Cape Coral, Florida: Chapter 7 and 13. Chapter 7 liquidates some of the debtor's assets. It requires a certain percentage of the debtor's assets to be sold off to pay as much of his or her debt as possible. However, many types of property that most people own are exempt, meaning that they don't need to be sold. This often includes houses, vehicles, insurance policies, and necessary personal items, like clothing. These assets are not available to creditors.

Once the appropriate property is sold, and the funds transferred to the creditors, the dischargeable debt is absolved. Some types of debt, however, can't be excused in Chapter 7 Bankruptcy in Cape Coral, Florida. These include student loans, criminal fines, and taxes, among others. If most of your debt can't be excused, Chapter 7 might not be the best choice for you.

Chapter 13 Bankruptcy in Cape Coral, Florida

Chapter 13 Bankruptcy in Cape Coral, Florida is very different from Chapter 7. Whether or not it is a better option is highly dependent on the facts of each distinct case. Chapter 13 bankruptcy does not discharge debt. Instead, it restructures it. This involves the bankruptcy court coming up with a new payment plan that supersedes the terms of the arrangements that gave rise to the debt in the first place. This results in an adjusted payment plan that the debtor should find manageable, if he or she can make a few sacrifices.

Which Type of Consumer Bankruptcy Should I File in Cape Coral, Florida

Chapter 13 is typically a good option for people who have a steady income, and a large amount of non-exempt property that they can't part with. On the other hand, if most of the debtor's property is exempt, and he or she does not have a steady income, Chapter 7 might be more beneficial.

Of course, you should always seek the counsel of an experienced local Cape Coral, Florida bankruptcy attorney before you make the decision to file. He or she will be able to advise you of your options, and suggest the best possible course of action for your specific situation.

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Life in Cape Coral

Cape Coral, Florida is a city in Lee County, Florida. It has a population of approximately 155,000 people.

The city of Cape Coral, Florida was founded in 1957. Development of the area continued through the 1960s. Cape Coral saw a major addition with the construction of the Cape Coral Bridge, which is about 1 kilometer long. This reduced the drive time between Cape Coral and nearby Fort Myers from over half an hour to just a few minutes.

This allows the professionals who reside in Cape Coral, Florida, such as doctors, accountants, and lawyers, to shorten their commutes to the larger cities in the surrounding area, turning Cape Coral into a quiet residential community.

The economy of Cape Coral, Florida is largely dominated by city government, healthcare, and services. All of these industries employ large numbers of administrative personnel, such as lawyers.

If you live in or around Cape Coral, Florida, and need an attorney, it's very likely that there's a Cape Coral, Florida lawyer who can help you with whatever legal issue you might face.

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