Consumer Bankruptcy Lawyers in Tamarac, Florida

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

Chapter 7 Bankruptcy in Tamarac, Florida

In Tamarac, Florida, there are 2 commonly-used types of consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 states that a certain percentage of the debtor's property be liquidated to pay off at least a small part of their debt. However, many forms of property are exempt, and do not need to be liquidated, such as cars, homes, insurance policies, and retirement accounts.

Once eligible assets are sold, and the proceeds turned over to the creditors, most remaining debt is excused. However, some forms of debt cannot be discharged in bankruptcy, including student loans, taxes, child support, personal injury awards, and fines. If most of your debt in Tamarac, Florida is not dischargeable, you may want to consider other options besides bankruptcy.

Chapter 13 Bankruptcy in Tamarac, Florida

Chapter 13 Bankruptcy in Tamarac, 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 Tamarac, Florida

Chapter 13 is usually a good option for people who have a stable income, and a large amount of non-exempt property that they can't part with. On the other hand, if most of the debtor's property is exempt, and he or she does not have a stable income, Chapter 7 might be more beneficial.

Regardless of your situation, you should speak with an attorney in Tamarac, Florida who is accomplished in bankruptcy before making a decision. They will be able to advise you of your options, and the likely consequences of each one, allowing you to make a much more informed decision.

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Life in Tamarac

Tamarac is a small city in Florida with approximately 61,000 people. It is surrounded by Miami, Fort Lauderdale and Pompano Beach.

Some popular spots in Tamarac include Pinellas Park and Commercial Boulevard. Tamarac is known for its community unity and residential neighborhoods.

Most residents commute to neighboring areas for work. Tamarac is also home to some small law offices, where attorneys focus on providing excellent, affordable legal services.

Overall, Tamarac is not one of the cities in Florida that is visited by most tourists. Nor is it one of those cities that is filled with beach bodies and beauty. However, the city has an unified spirit, which it takes much pride in!