Consumer Bankruptcy Lawyers in Ocala, Florida

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

Chapter 7 Bankruptcy in Ocala, Florida

In Ocala, Florida, there are 2 commonly-used forms of consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 involves liquidation of some of a debtor's assets. It requires that a certain percentage of the debtor's property to be sold to pay off as much debt as possible. The majority of property that most people own, however, is exempt. This usually includes homes, vehicles, retirement accounts, and others. These are not available to creditors.

Once eligible assets are sold, and the money turned over to the creditors, most remaining debt is discharged. However, there are certain types of debt that cannot be discharged in bankruptcy, including student loans, taxes, child support, and criminal fines. If most of your debt is non-dischargeable, it may not be a good idea to file for bankruptcy in Ocala, Florida.

Chapter 13 Bankruptcy in Ocala, Florida

In Ocala, Florida, Chapter 13 is quite different from Chapter 7. Chapter 13 may or may not be the best choice for you; this depends on the facts of your particular situation. Chapter 13 bankruptcy does not eliminate debt, it restructures it. This involves a court coming up with a new repayment plan designed to be manageable for the debtor. This new plan sets aside the terms of the original agreements that created the debt in the first place. This creates a new payment structure, usually involving a single monthly payment, that the debtor should find manageable.

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

Which Bankruptcy type to file under depends heavily on the facts of each individual case. If you have a steady stream of income (enough to make a payment plan manageable), and a large amount of non-exempt property that you don't want to part with, Chapter 13 may be best for you. If you don't have a steady income or large amounts of non-exempt property, you may be better off filing for Chapter 7.

Regardless of your situation, you should speak with an attorney in Ocala, Florida who is experienced in bankruptcy before making a decision. They will be able to advise you of your options, and the likely consequences of each one, allowing you to make a much more informed decision.

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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.