Consumer Bankruptcy Lawyers in Pensacola, Florida

Find the right Consumer Bankruptcy attorney in Pensacola, FL

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 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 Pensacola, Florida will have particular rules for exemptions, so you should speak with a local attorney before filing.

Chapter 7 Bankruptcy in Pensacola, Florida

In Pensacola, 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 normally 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 Pensacola, Florida is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Pensacola, Florida

In Pensacola, Florida, Chapter 13 is very different from Chapter 7. Chapter 13 may or may not be the best choice for you; this depends on the facts of your individual situation. 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 Pensacola, Florida

Whether Chapter 7 or Chapter 13 is the right choice for you depends heavily on your particular situation. If you have a steady income stream, and a lot of non-exempt property, Chapter 13 might be right for you. If you don't have a steady income, and most of your property is exempt, Chapter 7 might be a better way to go.

In any case, it would be a good idea to consult a local bankruptcy attorney in Pensacola, Florida. Your attorney can make an educated judgment as to what your best option is, and advise you accordingly (of course, the choice to file for bankruptcy is ultimately yours).

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Life in Pensacola

Pensacola is one of the cities i the "Florida Panhandle" of Escambia County, Florida. The population is around 460,000 people.

What makes Pensacola a key city of Florida is that it is a sea port on the Pensacola Bay, connecting Florida to the Gulf of Mexico. Also, Pensacola is nicknamed "The City of Five Flags" because five governments (Spain, France, Great Britain, the U.S., and the Confederate States of America) have flown flags over it. Pensacola does not have just one nickname. It has many! Other nicknames include "World's Whitest Beaches," "Cradle of Naval Aviation," "Western Gate to the Sunshine State," "American's First Settlement," "Redneck Riviera," "Emerald Coast," "Red Snapper Capital of the World," and "P-Cola." From the long list of nicknames, it is evident that Pensacola is a city rich with history, innovation, and culture.

The economy primarily comprises of the health care, military, and tourism industries. As for the legal industry, Pensacola is also home to many small to mid size law firms practicing in many areas of law.

One of Pensacola's most popular attraction is the National Naval Aviation Museum. Other popular spots include the Pensacola Civic Center, Saenger Theater, and the Pensacola Opera.

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