Consumer Bankruptcy Lawyers in Largo, Florida

Find the right Consumer Bankruptcy attorney in Largo, FL

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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 Largo, Florida will have particular rules for exemptions, so you should speak with a local attorney before filing.

Chapter 7 Bankruptcy in Largo, Florida

In Largo, Florida, there are 2 commonly-used types of consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 bankruptcy involves liquidation of some of the debtor's assets. It requires some percentage of the debtor's property to be sold in order to pay off as much of his or her debt as possible. However, the majority of property that most people own is exempt. This normally includes homes, vehicles, insurance policies, and retirement accounts. These do not have to be sold.

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 Largo, Florida is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Largo, Florida

Chapter 13 bankruptcy in Largo, 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 absolve debt, but restructures it instead. Normally, 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 normally manageable, as long as the debtor can make some sacrifices.

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

Which Bankruptcy type to file under depends strongly on the facts of each particular 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.

Regardless of your situation, you should speak with an attorney in Largo, 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 Largo

Largo is located in Pinellas County, Florida. It is part of the popular Tampa Bay. Today Largo is considered Florida's third largest city, populated with a very diverse crowd.

In the early years, Largo's economy was heavily dependent on agriculture. With the technology boom, that changed. Now, the vast majority of jobs in Largo are services, retail, and health car. Some of the top employers include Largo Medical Center Hospital, Sun Coast Hospital, Eckerd Corporation, Tech Data, Suntasia Marketing, and the County.

Large is also filled with many small law firms, practicing in many areas of law. For complex legal issues, nearby Tampa Bay has many large law firms that house excellent attorneys capable of handling even the most complex legal matter.

Some popular residents of Large include Chloe, Dexter McCluster, Leonard T Schroeder, Terrance Mann, and John Stansel Taylor.

All in all Largo is a small city with a prime location and a wonderful quality of life.