Consumer Bankruptcy Lawyers in Homestead, Florida

Find the right Consumer Bankruptcy attorney in Homestead, 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 product of federal law, bankruptcy will go through federal courts. Accordingly, the procedure for filing for bankruptcy in Florida is basically the same as the procedure anywhere else in the United States. However, individual courts in Homestead, Florida will have individual rules for exemptions, so you should speak with a local attorney before filing.

Chapter 7 Bankruptcy in Homestead, Florida

There are 2 common forms of consumer bankruptcy in Homestead, Florida: Chapter 7 and 13. Chapter 7 requires that a certain percentage of the debtor's property be liquidated to pay off at least a small part of their debt. However, many types 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 absolved. Some types of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Homestead, Florida is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Homestead, Florida

Chapter 13 bankruptcy in Homestead, 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 does not discharge debt, but restructures it instead. Usually, various debts are consolidated into a single monthly payment. This is designed to make the debt more manageable, giving the debtor the chance to pay off the debt over a longer period of time, without all of it coming due at once. This is usually manageable, as long as the debtor can make some sacrifices.

Which Type of Consumer Bankruptcy Should I File in Homestead, Florida

This depends entirely on the facts of your particular case. If you have a decent amount of steady income, and a large amount of non-exempt property which you don't want to part with, Chapter 13 might be the best option for you. If most of your property is exempt, and you don't have much steady income, Chapter 7 might be the best option.

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

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Homestead

Homestead is Miami-Dade County's second oldest city! It is located about 35 miles from Miami. Homestead has been in the news over the past few years because it was affected by Hurricane Andrew in 1992. After redevelopment, in 2002, the city experienced a building and housing boom!

Popular attractions in Homestead include ArtSouth, Coral Castle, Everglades Alligator Farm, Fruit and Spice Park, Homestead Rodeo, Homestead-Miami Speedway, Monkey Jungle, Homestead Air Reserve Base, Schnebly Redland's Winery, and Turkey Point Nuclear Generating Station.

Homestead has some small law offices that can cater to the reasonable legal inquiries of residents. For larger legal issues, nearby Miami has many small to large size law firms with excellent attorneys, capable of handling the most complex legal matters. Therefore, the residents of Homestead can remain assured that any and every legal inquiry of theirs can be easily tackled.

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