Consumer Bankruptcy Lawyers in Melbourne, Florida

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

Chapter 7 Bankruptcy in Melbourne, Florida

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

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

Chapter 13 Bankruptcy in Melbourne, Florida

Chapter 13 Bankruptcy in Melbourne, Florida differs significantly from Chapter 7. It might be a better option than Chapter 7, depending on the facts of your case. Chapter 13 Bankruptcy involves a court setting up a revised payment plan, which allows the debtor to pay off most or all of his debts over a longer period of time, through monthly payments that should, assuming that the debtor is willing to make a few sacrifices, be manageable.

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

The answer to this question depends strongly on your individual situation. If you have enough stable income to manage a payment plan, and a lot of non-exempt property that you are unwilling to part with, Chapter 13 may be a good option. If you don't have much stable income, and most of your property is exempt, Chapter 7 might be better.

In any case, you should talk with a local Melbourne, Florida bankruptcy lawyer. Your lawyer can advise you of your options and inform you of their likely consequences. This will make it much easier for your to make an informed choice.

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Life in Melbourne

When people think of Melbourne, they think Australia. However, the state of Florida also has a city named Melbourne. Melbourne was named in honor of its first postmaster, Cornthwaite John Hector. Hector had spent a majority of his life in Melbourne, Australia. Hence, the name Melbourne arose!

Popular employers in the city include DRS Technologies, General Electric, Harris Corporation, Northrop Grumman, Rockwell Collins and Embraer. Many of these companies are in the defense field. Therefore, much of Melbourne's workforce labors towards providing our country with top-notch defense.

Some popular attractions in Melbourne include the Foosaner Art Museum, the Historic Rossetter House Museum, Brevard Zoo, Wickham Park, and the Liberty Bell Memorial Museum.

Melbourne is filled with many small law offices, where attorneys work hard to provide excellent legal services and personalized attention!

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