Consumer Bankruptcy Lawyers in Coral Springs, Florida

Find the right Consumer Bankruptcy attorney in Coral Springs, FL

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

Chapter 7 Bankruptcy in Coral Springs, Florida

There are 2 main types of consumer bankruptcy in Coral Springs, Florida: Chapter 7 and 13. Chapter 7 liquidates part 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 forms 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 basic personal items, like clothing. These assets are not available to creditors.

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

Chapter 13 Bankruptcy in Coral Springs, Florida

Chapter 13 bankruptcy in Coral Springs, Florida is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your individual case. Chapter 13 does not excuse any debt, but it creates a new payment plan that should give the debtor some breathing room. Typically, all of the debts are consolidated into 1 periodic payment. While this may make it take longer to pay off the debt, if the debtor is willing to make a few sacrifices, the plan should be manageable.

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

Chapter 13 is normally a good option for people who have a stable 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 stable income, Chapter 7 might be more beneficial.

Of course, you should always seek the counsel of an accomplished local Coral Springs, 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 individual situation.

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Life in Coral Springs

Coral Springs, Florida, is part of Broward County and has a population of about 126,000 people. Coral Springs has received many accolades for its family-friendly atmosphere, low crime rates, and overall quality of living.

The city of Coral Springs, Florida is known for having a distinct, unique appeal amongst other Florida cities. Part of the city's charm may be attributed to strict zoning and housing codes that enhance its aesthetic appeal. Also, Coral Springs was master-planned and developed primarily by Coral Ridge Properties, which is also where the city gets its name from. Much of the city's economic success can be attributed to excellent planning.

Coral Springs also maintains several parks, museums, and recreation centers. A popular attraction is the Coral Springs Center for the Arts, which also contains a theater capable of seating over 1,400 people. Art classes and community programs are held at Coral Springs Museum of Art. The city also hosts the "Our Town" festival, which attracts over 200,000 visitors yearly. Participants in the festival enjoy a mix of activities such as carnival rides, a parade, and a beauty pageant.

Lawyers in Coral Springs, Florida are available for consultation and representation in court. Attorneys in Coral Springs, Florida contribute their services to the progress and well-being of the city and its residents.

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