Consumer Bankruptcy Lawyers in Port Orange, Florida

Find the right Consumer Bankruptcy attorney in Port Orange, 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 creation of federal law, bankruptcy will go through federal courts. Accordingly, the process for filing for bankruptcy in Florida is essentially the same as the process anywhere else in the United States. However, particular courts in Port Orange, Florida will have individual rules for exemptions, so you should speak with a local attorney before filing.

Chapter 7 Bankruptcy in Port Orange, Florida

In Port Orange, Florida, there are 2 commonly-used types of consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 involves liquidation of part 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 eligible property is sold, and the funds transferred to the creditors, the dischargeable debt is excused. Some forms of debt, however, can't be discharged in Chapter 7 Bankruptcy in Port Orange, Florida. These include student loans, criminal fines, and taxes, among others. If most of your debt can't be discharged, Chapter 7 may not be the best choice for you.

Chapter 13 Bankruptcy in Port Orange, Florida

Chapter 13 Bankruptcy in Port Orange, Florida is very different from Chapter 7. Whether or not it is a better option is very dependent on the facts of each individual case. Chapter 13 does not eliminate any debt, but it creates a new payment plan that should give the debtor some breathing room. Typically, all of the debts are consolidated into 1 periodic payment. While this may make it take longer to pay off the debt, if the debtor is willing to make a few sacrifices, the plan should be manageable.

Which Type of Consumer Bankruptcy Should I File in Port Orange, Florida

This depends entirely on the facts of your particular case. If you have a decent amount of stable income, and a large amount of non-exempt property which you don't want to part with, Chapter 13 may be the best option for you. If most of your property is exempt, and you don't have much stable income, Chapter 7 might be the best option.

Of course, you should always seek the counsel of an accomplished local Port Orange, Florida bankruptcy attorney before you make the decision to file. He or she will be able to advise you of your options, and suggest the best possible course of action for your particular situation.

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Life in Port Orange

Port Orange is a city in Florida with a population a little over 500,000 people. It seen known as a principal city in Florida's Fun Coast region.

Many businesses of all sizes call Port Orange home. The largest employers include the education, health care and government areas. Specifically, Halifax Hospital, Northstar Food Service, Thompson Pump and Manufacturing, Don Bell Industries, Meypack Packaging Systems, La-Man Inc., Sun Coast Imaging, and the Palmer College of Chiropractic are the top employers. To support these employers and industries, Port Orange has many law firms capable of serving residents' and businesses' legal needs.

Some popular residents of Port Orange have included Thomas Block, Brittany Croxford, John Travolta, Mike Skinner, and Ryan Lochte.

All in all, Port Orange is a medium sized city with small town charm that offers residents a wonderful quality of life!