Consumer Bankruptcy Lawyers in Daytona Beach, Florida

Find the right Consumer Bankruptcy attorney in Daytona Beach, FL

Bankruptcy is a legal procedure that allows an individual or business to have some or all of their debts discharged. It is usually considered as an option of last resort, because while it can stave off financial disaster, it has some significant 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 Daytona Beach, Florida will have individual rules for exemptions, so you should speak with a local attorney before filing.

Chapter 7 Bankruptcy in Daytona Beach, Florida

There are 2 common types of consumer bankruptcy in Daytona Beach, Florida: Chapter 7 and 13. Chapter 7 states that a certain percentage of the debtor's property be liquidated to pay off at least a small part of their debt. However, many forms of property are exempt, and do not need to be liquidated, such as cars, homes, insurance policies, and retirement accounts.

Once eligible assets are sold, and the money turned over to the creditors, most remaining debt is discharged. However, there are certain types of debt that cannot be discharged in bankruptcy, including student loans, taxes, child support, and criminal fines. If most of your debt is non-dischargeable, it may not be a good idea to file for bankruptcy in Daytona Beach, Florida.

Chapter 13 Bankruptcy in Daytona Beach, Florida

Chapter 13 bankruptcy in Daytona Beach, Florida is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your particular case. Chapter 13 bankruptcy does not eliminate debt, it restructures it. This involves a court coming up with a new repayment plan designed to be manageable for the debtor. This new plan sets aside the terms of the original agreements that created the debt in the first place. This creates a new payment structure, usually involving a single monthly payment, that the debtor should find manageable.

Which Type of Consumer Bankruptcy Should I File in Daytona Beach, Florida

Which Bankruptcy type to file under depends strongly on the facts of each individual case. If you have a stable stream of income (enough to make a payment plan manageable), and a large amount of non-exempt property that you don't want to part with, Chapter 13 may be best for you. If you don't have a stable income or large amounts of non-exempt property, you may be better off filing for Chapter 7.

In any case, it would be a good idea to consult a local bankruptcy lawyer in Daytona Beach, Florida. Your lawyer can make an educated judgment as to what your best option is, and advise you accordingly (of course, the choice to file for bankruptcy is ultimately yours).

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Life in Daytona Beach

Daytona Beach, Florida is known to many as a beautiful location to visit. Daytona Beach is a city located in Volusia County, Florida. What the beaches of Daytona are known for are its "hard packed" sand, which allows cars to smoothly drive on it. Therefore, tourists come to Daytona Beach year round for motorsports.

Daytona Beach's most popular attractions include ones that cater to motor sports, such as the Old Daytona Beach Roda Course, the Daytona International Speedway, and the Grand American Road Racing Association headquarters. Daytona Beach is also the headquarters for NASCAR. Each year, Daytona has Speedweeks, a race in early February where over 200,000 NASCAR fans come and attend the opening of Daytona 500. Other popular racing events include the NASCAR Coke Zero 400, Bike Week, Biketoberfest, and the Rolex 24 Hours of Daytona.

Being such a tourist attraction, a major part of the city's economy is tourism. The other main industry is manufacturing. Large corporations with a presence in Daytona Beach include Halifax Health, International Speedway Corporation, Gambro-Rental Products, Ladies Professional Golf Association, NASCAR, and SunTrust Bank. To handle the legal issues of these corporations, Daytona Beach is home to many law firms that train very capable attorneys. Therefore, corporations remain assured that any of their legal inquiries can be handled by the legal force in Daytona Beach.

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