Consumer Bankruptcy Lawyers in Hollywood, Florida

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

Chapter 7 Bankruptcy in Hollywood, Florida

There are 2 main types of consumer bankruptcy in Hollywood, 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 the non-exempt property is sold, the rest of the dischargeable debt is cleared. Some forms of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Hollywood, Florida is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Hollywood, Florida

Chapter 13 bankruptcy in Hollywood, 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 bankruptcy does not excuse debt, it restructures it. This involves a court coming up with an altered repayment plan designed to be manageable for the debtor. This new plan sets aside the terms of the original contracts that created the debt in the first place. This creates a new payment structure, normally involving a single monthly payment, that the debtor should find manageable.

Which Type of Consumer Bankruptcy Should I File in Hollywood, 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.

Regardless of your situation, you should speak with an attorney in Hollywood, Florida who is accomplished in bankruptcy before making a decision. They will be able to advise you of your options, and the likely outcomes of each one, allowing you to make a much more informed decision.

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Life in Hollywood

Hollywood, Florida is a city in Broward County, located in Southeastern Florida. It has a population of roughly 140,000 people.

Hollywood, FL was founded in the 1920s. It grew steadily from there, and its population boomed for many years after WWII ended, thanks to a period of strong economic growth, a growing population nationwide, and the advent of the modern suburb. Many successful professionals, such as doctors and lawyers, staked their claim in Hollywood, FL during the 1950s and 60s. In addition to working professionals, Hollywood, FL is also a popular destination for retirees.

One of the largest employers in Hollywood, Florida is HEICO - a major manufacturer of aerospace, medical, and telecommunications technologies, for both the government (including the military) and the private sector. As with any large business, HEICO employs or retains a fairly large number of lawyers to deal with the legal issues a large corporation inevitably faces. As a result, HEICO has helped the careers of many Hollywood, Florida attorneys. Hollywood, Florida was also home to the headquarters of Commodore Cruise Lines, before the company was dissolved. Many Hollywood, Florida corporate and bankruptcy attorneys were involved in wrapping up this large company's affairs.

Residents of Hollywood, Florida who need legal advice usually don't have trouble finding a good attorney. Attorneys in Hollywood, Florida are proficient in a wide variety of practice areas, and anyone who has a legal issue is almost certain to be able to find a Hollywood, Florida lawyer who can help them.

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