Consumer Bankruptcy Lawyers in Miami Beach, Florida

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

Chapter 7 Bankruptcy in Miami Beach, Florida

In Miami Beach, Florida, there are 2 commonly-used forms 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 need to be sold.

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

Chapter 13 Bankruptcy in Miami Beach, Florida

Chapter 13 Bankruptcy in Miami Beach, 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 does not discharge debt. Instead, it restructures it. This involves the bankruptcy court coming up with a new payment plan that supersedes the terms of the agreements that gave rise to the debt in the first place. This results in a new payment plan that the debtor should find manageable, if he or she can make a few sacrifices.

Which Type of Consumer Bankruptcy Should I File in Miami Beach, Florida

Chapter 13 is usually a good option for people who have a steady 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 steady income, Chapter 7 might be more beneficial.

Of course, you should always seek the counsel of an experienced local Miami Beach, 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 particular situation.

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Life in Miami Beach

Miami Beach is known to many because of South Beach! Millions of tourists visit South Beach every year to relax and enjoy the Miami beaches and night life! Miami Beach, as well as Downtown Miami, is the commercial center of South Florida. Miami Beach is known as one of the U.S.'s "pre-eminent beach resorts."

Besides the beaches, some popular sites include the Guggenheim Museum, Walt Disney Concert Hall, the Miami City Ballet, and the Live Wallcasts building, designed by award-winning architect Frank Gehry.

Some famous Miami Beach residents include Walter Briggs, Sr, Kent Cooper, Jackie Gleason, Knute Rockne, Nicholas Schenck and Albert Warner.

Miami is also filled with many law firms, of all sizes. These firms train excellent attorneys. Therefore Miami Beach residents can remain rest assured because any and every legal matter of theirs can be handled by Miami's legal force!

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