Consumer Bankruptcy Lawyers in Carol City, Florida

Find the right Consumer Bankruptcy attorney in Carol City, 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 Carol City, Florida will have distinct rules for exemptions, so you should speak with a local attorney before filing.

Chapter 7 Bankruptcy in Carol City, Florida

There are 2 typical forms of consumer bankruptcy in Carol City, 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 Carol City, 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 Carol City, Florida

Chapter 13 Bankruptcy in Carol City, 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 Carol City, 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.

In any case, you should talk with a local Carol City, Florida bankruptcy attorney. Your attorney can advise you of your options and inform you of their likely result. This will make it much easier for your to make an informed choice.

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Life in Carol City

Carol City is located in the Miami-Dade County of Florida. The city was first named "Coral City," and went through a name change in 2003 to Carol City.

Some popular attractions in Carol City include Wentworth Galleries, the Wallflower Gallery, My Jewish Discovery Place Children's Museum, Ziff Ballet Opera House The Arsht Center, Riverwalk Arts and Entertainment District, Bakehouse Art Complex, the Holocaust Memorial, and the Daggerwing Nature Center.

Since Carol City is located in a metropolitan area of Florida, it is home to many businesses. Businesses naturally need legal counsel. Therefore, Carol City is located near many law firms, of all sizes, that train capable attorneys able to handle any of their legal needs.

Overall, Carol City guarantees a wonderful quality of life and plenty of legal counsel to those in need.

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