Find a Bankruptcy Lawyer in Clearwater, Florida

Find the right Bankruptcy attorney in Clearwater, FL

In Clearwater, 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 Clearwater, Florida bankruptcy lawyer. Your Clearwater 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 Clearwater, Florida

In Clearwater, 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 Clearwater, Florida will be very similar to those in any other part of the United States. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her property, and use the proceeds to pay creditors. While this doesn't sound like much of a relief at first glance, the upshot is that once the appropriate property is sold, and the proceeds given to the creditors, all of the debtor's eligible debts are deemed paid in full, regardless of how much the creditors actually ended up getting. Not all of the debtor's property has to be sold off - the debtor will typically be allowed to keep things like a house, at least one car, some types of personal property, retirement accounts, and insurance policies. It should be noted that some debts are not dischargeable, and will have to be paid in full even if the debtor files for bankruptcy. This includes student loans, taxes, and criminal fines.

The other common bankruptcy scheme used by consumers in Clearwater is Chapter 13 bankruptcy. In this system, debt is not discharged. Instead, it is restructured. This allows the debtor to have the terms of the arrangements that gave rise to their debts in the first place thrown out, and replaced with new terms that call for a structured repayment plan, designed to allow the debtor to survive on whatever income they have, and allowing the creditors to get paid back eventually. Once a payment plan is approved, creditors are not allowed to attempt to collect payment under the original agreements. 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.

A main 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 Clearwater Bankruptcy Lawyer Help?

One should not make the decision to file for bankruptcy in Clearwater lightly. Before making any such decision, it would be highly advisable to contact an efficient Clearwater bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Clearwater

Clearwater, Florida is a city in Pinellas County, Florida, of which it is the county seat. It is west of Tampa and north of St. Petersburg. It has a population of about 108,000 people.

Clearwater can trace its modern history back to 1835, when the Army established a military outpost there to fight the Seminole Wars.

Presently, Clearwater, Florida is a largely residential community. It is also known for being home to the spiritual headquarters of the Church of Scientology. While the group is controversial, its presence in Clearwater, Florida injects about 150 million dollars into the local economy each year. Because of the many legal disputes they get into, they also probably contribute to the business of several Clearwater, Florida attorneys.

If you live in Clearwater, Florida, and need an attorney, chances are good that a Clearwater, Florida lawyer can help you with whatever your legal issue might be.

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