Find a Bankruptcy Lawyer in St. Petersburg, Florida

Find the right Bankruptcy attorney in St. Petersburg, FL

In St. Petersburg, Florida, bankruptcy is a court procedure in which a person or business has some or all of their debts excused (or "discharged"), theoretically allowing them to start 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 truly 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 experienced bankruptcy lawyer in St. Petersburg, 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 individual case, the counsel of a St. Petersburg bankruptcy attorney cannot be substituted.

Types of Bankruptcy in St. Petersburg, Florida

In St. Petersburg, Florida, 3 types of bankruptcy procedures are in common use: Chapter 7, Chapter 11, and Chapter 13. Being governed by federal law, the procedures involved in filing for bankruptcy in St. Petersburg, Florida will be about the same as anywhere else in America. Chapter 7 bankruptcy involves liquidation of some of the debtor's assets to pay off as much of his or her debt as possible. Once the liquidation is complete, and the proceeds given to the creditors, the rest of the debt is discharged. Liquidation is essentially selling assets to the highest bidder. Only some of the debtor's assets have to be sold, and many classes of property are exempt, meaning that the debtor can keep them, including homes, cars, insurance policies, and retirement accounts. It should be noted that certain types of debt cannot be discharged through Chapter 7 bankruptcy, including student loans, child support payments, criminal fines, and recent taxes.

The other commonly used bankruptcy system in St. Petersburg is Chapter 13 bankruptcy. This allows a debtor to repay most or all of their debts in a structured manner. It reorganizes the debt into lower periodic payments that, with a bit of frugality, the debtor should find manageable. This allows the debtor to continue to earn a living, and allows the creditors to eventually collect what they are owed. Once a repayment plan is approved by the bankruptcy court, creditors are legally barred from seeking repayment under the terms of the agreements that gave rise to the debt in the first place, and will instead have to accept payment under the new plan. Chapter 13 bankruptcy is usually a better option for people who have a steady income. 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.

A main advantage of Chapter 11 bankruptcy is that businesses can continue their operations while going through the process. Also, they can continue to buy and sell their stock.

How Can a St. Petersburg Bankruptcy Lawyer Help?

Filing for bankruptcy in St. Petersburg is a very important decision, and should not be made lightly. Before filing, one should consult with a good St. Petersburg bankruptcy attorney for advice.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in St. Petersburg

St. Petersburg, Florida is the fourth largest city in the state of Florida, and a popular vacation destination for both domestic and international tourists. St. Petersburg is the second largest city in the Tampa Bay area, and home to just under 250,000 residents. The sizeable city is located between the Gulf of Mexico and Tampa Bay -- a location that makes St. Petersburg highly accessible. Nicknamed, "The Sunshine City"boasts 360 days of sunshine a year. Not surprisingly, St. Petersburg is also apopular retirement destination. The St. Petersburg Pier, Museum of Fine Arts, and the Salvador Dali Museum are just a couple of the more popular attractions in the sunny city. St. Petersburg is also home to three professional sports teams for football, baseball, and hockey as well as hosts to many amateursports teams. Professional athletes are not the only professionals that thrive in St. Petersburg. Doctors, lawyers, and accountants are also plentiful in the city. St. Petersburg lawyers have a range of skills and are available to help their clients with big or small legal problems. St. Petersburg lawyers are skilled in any issue a client may be dealing with. With the great weather and growing industries, it is no wonder that St. Petersburg also attracts so many fabulous attorneys.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Ian M.
Ian M.

Bankruptcy, Banking & Credit

Richboro, PA

Eddy H.
Eddy H.

Bankruptcy, Banking & Credit

San Mateo, CA

Howard B.
Howard B.

Bankruptcy, Banking & Credit

Rye Brook, NY