Find a Bankruptcy Lawyer in Ocala, Florida

Find the right Bankruptcy attorney in Ocala, FL

In Ocala, Florida, bankruptcy is a court procedure in which a person or business has some or all of their debts excused (or "discharged"), theoretically allowing them to start with a clean slate, and move on with their lives no longer drowning in debt (and hopefully having learned to better manage their use of credit in the process). However, bankruptcy should not be treated as a way to avoid debt that one simply doesn't feel like paying. It is meant to be a safety net for people or businesses who are truly unable to pay off their debts. Because bankruptcy is not without negative consequences (such as a severely damaged credit rating for many years afterward), it should be viewed as an option of last resort.

Therefore, it is a good idea to talk with an experienced bankruptcy lawyer in Ocala, Florida. They will be able to advise you on the likely legal and financial consequences of filing for bankruptcy, and help you determine if it's the right option for your. Because this determination depends heavily on the facts of each individual case, the counsel of an Ocala bankruptcy attorney cannot be substituted.

Types of Bankruptcy in Ocala, Florida

There are three basic bankruptcy schemes that are most commonly used in Ocala: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the procedure for filing for bankruptcy in Ocala, Florida will be roughly the same as it would be anywhere else in the U.S. Chapter 7 bankruptcy involves liquidation of some of the debtor's assets to pay off as much of his or her debt as possible. Once the liquidation is complete, and the proceeds given to the creditors, the rest of the debt is discharged. Liquidation is essentially selling assets to the highest bidder. Only some of the debtor's assets have to be sold, and many classes of property are exempt, meaning that the debtor can keep them, including homes, cars, insurance policies, and retirement accounts. It should be noted that certain types of debt cannot be discharged through Chapter 7 bankruptcy, including student loans, child support payments, criminal fines, and recent taxes.

The other popular bankruptcy system in Ocala is Chapter 13 bankruptcy. Under this system, the debtor's debts are restructured, instead of discharged. This involves creating a new repayment plan that the debtor will find manageable, given his or her income, and that will result in the creditors being paid in a reasonable amount of time. When a repayment plan is approved by a court, creditors are legally barred from attempting to collect under the original terms of their agreement with the debtor. Though Chapter 11 bankruptcy can be used by individuals, it is almost exclusively used by businesses. Similar to Chapter 13, Chapter 11 involves restructuring of debts, rather than complete discharge. The debtor is required to come up with a restructuring plan that lays out how it plans to cut costs, streamline operations, and pay its debts. The plan must then be approved by a vote of participating creditors.

While going through Chapter 11 bankruptcy, a business can continue operations, and its stock can continue to be traded.

How Can a Ocala Bankruptcy Lawyer Help?

One should not make the decision to file for bankruptcy in Ocala lightly. Before making any such decision, it would be highly advisable to contact an experienced Ocala bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Ocala

Ocala is located in Marion County, Florida. About 54,000 people call Ocala home.

In this small city, the median income for a household is approximately ,000. Many residents commute outside of Ocala or making a living doing small labor here and there.

A popular attraction of Ocala is the Ocala Symphony Orchestra. Another popular attraction is the Ocala Civic Theatre. Evidently, Ocala is a small city that is big on the fine arts!

Being so small, Ocala has some small law offices. For larger, more complex legal matters, residents of Ocala can go to neighboring cities for legal services.

All in all, Ocala is a quaint city in Florida, offering tourists a very different feel from the stretch of beaches and metropolitan atmosphere.

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