Find a Bankruptcy Lawyer in Davie, Florida

Find the right Bankruptcy attorney in Davie, FL

In Davie, Florida, bankruptcy is a court procedure in which a person or business has some or all of their debts cleared (or "discharged"), theoretically allowing them to begin 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 honestly unable to pay off their debts. Because bankruptcy is not without negative consequences (such as a heavily damaged credit rating for many years afterward), it should be viewed as an option of last resort.

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

Types of Bankruptcy in Davie, Florida

In Davie, Florida, 3 types of bankruptcy procedures are in common use: Chapter 7, Chapter 11, and Chapter 13. Being governed by federal law, the procedures involved in filing for bankruptcy in Davie, Florida will be roughly the same as everywhere else in America. Chapter 7 bankruptcy involves liquidation of part of the debtor's assets to pay off as much of his or her debt as possible. Once the liquidation is fulfilled, and the proceeds given to the creditors, the rest of the debt is discharged. Liquidation is essentially selling assets to the highest bidder. Only some of the debtor's assets have to be sold, and various classes of property are exempt, meaning that the debtor can keep them, including homes, cars, insurance policies, and retirement accounts. It should be noted that certain types of debt cannot be discharged through Chapter 7 bankruptcy, including student loans, child support payments, criminal fines, and recent taxes.

The other typical bankruptcy scheme used by consumers in Davie 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 contracts 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 authorized, creditors are not allowed to attempt to collect payment under the original agreements. Though Chapter 11 bankruptcy can be used by individuals, it is almost always used by businesses. Similar to Chapter 13, Chapter 11 involves restructuring of debts, rather than complete discharge. The debtor is required to come up with a restructuring plan that lays out how it plans to cut costs, streamline operations, and pay its debts. The plan must then be authorized by a vote of participating creditors.

While going through Chapter 11 bankruptcy, a business can continue operating, and its stock can continue to be traded.

How Can a Davie Bankruptcy Lawyer Help?

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

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Davie

Davie, Florida is a city filled with history. It was first named Zona. In 1909 a gentleman named Robert Parsell Davie, who was a developer, came into Zona and drained out the swamplands, which were filled with mosquitoes. The people of the city were so thankful that they renamed the city Davie after the developer. Davie is known to many as a "Western town," rather than a city because many people own horses and herd cattle.

Some popular attractions in Davie include the Flamingo Gardens, Miami Dolphins Training Facility, Bergeron Rodeo Grounds, Bamford Sports Complex, and Young At Art Museum.

Now, Davie has become more city-like, and it not just a place filled with horses and cattle. Davie, in fact, is home to many small law offices. Attorneys in Davie are very intelligent, and devoted to serving their community.

All in all, if you are looking for a small town with a lot of love, hospitality, and a legal force presence, Davie is the place to be!

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