Find a Bankruptcy Lawyer in Pembroke Pines, Florida

Find the right Bankruptcy attorney in Pembroke Pines, FL

In Pembroke Pines, Florida, bankruptcy is a court procedure in which a person or business has some or all of their debts cleared (or "discharged"), theoretically allowing them to begin 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 honestly 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 seasoned bankruptcy lawyer in Pembroke Pines, 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 particular case, the counsel of a Pembroke Pines bankruptcy attorney cannot be substituted.

Types of Bankruptcy in Pembroke Pines, Florida

There are three basic bankruptcy schemes that are most commonly used in Pembroke Pines: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the procedure for filing for bankruptcy in Pembroke Pines, Florida will be roughly the same as it would be anywhere else in the U.S. Chapter 7 bankruptcy, or "liquidation," requires the debtor to sell some of his or her property to the highest bidder, and using the proceeds from the sale to pay down as much debt as possible. Once the sale is fulfilled, all dischargeable debt is deemed paid in full, whether or not the sale was able to raise the entire amount owed. You should note that some property (usually the types of property deemed essential) is fully or partially exempt from liquidation, meaning that the debtor gets to keep it. This includes houses, cars, and retirement accounts, among others. Some types of debts, however, cannot be discharged in bankruptcy, including taxes, child support, and student loans.

The other popular bankruptcy system in Pembroke Pines 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 contract with the debtor. Chapter 11 bankruptcy is almost exclusively used by businesses, but there is nothing that legally prevents it from being used by individuals, and its use by individuals is very rare. Chapter 11 bankruptcy requires the debtor to come up with a restructuring plan - telling the court how they propose to cut costs, improve their operations, and pay down their debts. The plan has to be approved by a majority vote of participating creditors.

One advantage of Chapter 11 bankruptcy is that it allows a business going through it to continue operations, and to trade its stock.

How Can a Pembroke Pines Bankruptcy Lawyer Help?

The decision to file for bankruptcy in Pembroke Pines is not one to be made lightly, and it certainly should not be made without first obtaining the advice of an accomplished Pembroke Pines bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Pembroke Pines

Pembroke Pines is the 157th largest city in the United States and still manages to win "All America City Awards" and outstanding achievement in the Civil Livability Awards Program. The 150,000 residents of Pembroke Pines are also within the limits of Broward County that has won the Five Star School Award from the Florida department of Education. The schools were recognized for outstanding community involvement exemplifying the city's motto: "Join us and progress with us." Pembroke Pines was originally incorporated in 1960 and was named for the nearby road, Pembroke Road. The convenient location along the Florida Turnpike makes it a great place for commerce. In addition to an airport and the Broward Correctional Institution, Pembroke Pines also plays host to some of the best shopping in all of Broward County and maybe even the state. There are a number of shopping centers, malls, and outlet stores nearby. Many celebrities and sports stars call Pembroke Pines home. Baseball players Manny Ramirez, Jeff Fiorentino, Mike Napoli, and Miami Dolphins wide receiver Kendall Newson all call Pembroke Pines home. Demographically, Pembroke Pines is very diverse. Many lawyers are residents of Pembroke Pines and are familiar with local legal issues and procedures. Pembroke Pines lawyers are knowledgeable of the Florida State Judicial System and will be able to help you figure out your options and fight for you.

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