Consumer Bankruptcy Lawyers in Margate, Florida

Find the right Consumer Bankruptcy attorney in Margate, FL

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

Chapter 7 Bankruptcy in Margate, Florida

In Margate, 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 typically includes homes, vehicles, insurance policies, and retirement accounts. These do not have to be sold.

Once the appropriate property is sold, and the funds transferred to the creditors, the dischargeable debt is absolved. Some forms of debt, however, can't be excused in Chapter 7 Bankruptcy in Margate, Florida. These include student loans, criminal fines, and taxes, among others. If most of your debt can't be excused, Chapter 7 may not be the best choice for you.

Chapter 13 Bankruptcy in Margate, Florida

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

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

Whether Chapter 7 or Chapter 13 is the right choice for you depends heavily on your distinct situation. If you have a stable income stream, and a lot of non-exempt property, Chapter 13 might be right for you. If you don't have a stable income, and most of your property is exempt, Chapter 7 might be a better way to go.

Of course, you should always seek the counsel of an accomplished local Margate, Florida bankruptcy attorney before you make the decision to file. He or she will be able to advise you of your options, and suggest the best possible course of action for your specific situation.

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Life in Margate

Margate is a part of the Miami-Fort Lauderdale-Pompano Beach metropolitan area. Margate has an approximate population of 54,000 people.

Two of the most popular attractions in Margate include Sparez and the Eagle Lakes Golf Course. Margate is filled with many naturistic spots where residents and tourists can sit back, relax, and enjoy nature!

Being so near Miami and Fort Lauderdale, Margate residents have available to them a plethora of law firms that train excellent attorenys. These attorneys are highly-qualified to handle both simple and complex legal matters.

All in all, Margate offers residents a small town feel with an unified, community-like spirit.

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