Consumer Bankruptcy Lawyers in Palm Coast, Florida

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

Chapter 7 Bankruptcy in Palm Coast, Florida

In Palm Coast, 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 the non-exempt property is sold, the rest of the dischargeable debt is absolved. Some types of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Palm Coast, Florida is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Palm Coast, Florida

Chapter 13 Bankruptcy in Palm Coast, Florida differs significantly from Chapter 7. It might be a better option than Chapter 7, depending on the facts of your case. Chapter 13 does not discharge debt, but restructures it instead. Usually, various debts are consolidated into a single monthly payment. This is designed to make the debt more manageable, giving the debtor the chance to pay off the debt over a longer period of time, without all of it coming due at once. This is usually manageable, as long as the debtor can make some sacrifices.

Which Type of Consumer Bankruptcy Should I File in Palm Coast, 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.

Whatever your situation, you should speak with a local Palm Coast, Florida bankruptcy attorney. Your lawyer will be able to advise you of your options and their likely consequences, which will help you make a more educated decision.

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Life in Palm Coast

Palm Coast is located in Flagler County, Florida. It has a population of around 76,000 people. It is seen as one of Florida's most rapidly growing areas.

Palm Coast is filled with small to mid-size businesses of all types. One of the larger employers include Palm Coast Data, which employs around 1,000 people. This area is building itself up after the 2009 recession. With these small businesses looking to improve, many Florida residents are moving to Palm Coast for employment purposes.

With Palm Coast being such a business-savvy area, it has a good deal of law firms ready and capable of serving these businesses for any and all of their legal needs.

Overall, Palm Coast is an up and rising area of Florida filled with small businesses aiming to thrive and succeed in the U.S. economy.

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