Consumer Bankruptcy Lawyers in Miami Gardens, Florida

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

Chapter 7 Bankruptcy in Miami Gardens, Florida

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

Chapter 13 Bankruptcy in Miami Gardens, Florida

Chapter 13 Bankruptcy in Miami Gardens, Florida differs substantially 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 contracts that gave rise to the debt in the first place. This results in an altered 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 Gardens, Florida

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

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

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Life in Miami Gardens

Miami Gardens is a suburb of Miami. It is home to approximately 107,168 people. It is also known for having the largest Black population in Florida.

Since many know South Beach, the smaller area of Miami Gardens is not as well-known. However, Miami Gardens is home to the Miami Dolphins! The Miami Dolphins play in Sun Life Stadium, near Lake Lucerne. This stadium is host to the annual Orange Bowl for college football. Therefore, if South Beach is filled with a stretch of beautiful beaches, Miami Gardens caters to athletes and sports lovers.

Further, Miami is filled with law firms of all sizes. Therefore, the residents of Miami Gardens will have no issue finding proper legal help. The legal force in Miami is capable of handing any legal inquiry.