Find a Bankruptcy Lawyer in Winter Garden, Florida

Find the right Bankruptcy attorney in Winter Garden, FL

In Winter Garden, 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 Winter Garden, 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 Winter Garden bankruptcy attorney cannot be substituted.

Types of Bankruptcy in Winter Garden, Florida

In Winter Garden, 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 Winter Garden, Florida will be about the same as anywhere else in America. 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 complete, 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 recognized bankruptcy scheme used by consumers in Winter Garden is Chapter 13 bankruptcy. In this system, debt is not discharged. Instead, it is restructured. This allows the debtor to have the terms of the agreements that gave rise to their debts in the first place thrown out, and replaced with new terms that call for a structured repayment plan, designed to allow the debtor to survive on whatever income they have, and allowing the creditors to get paid back eventually. Once a payment plan is approved, creditors are not allowed to attempt to collect payment under the original agreements. Though Chapter 11 bankruptcy can be used by individuals, it is almost exclusively used by businesses. Similar to Chapter 13, Chapter 11 involves restructuring of debts, rather than complete discharge. The debtor is required to come up with a restructuring plan that lays out how it plans to cut costs, streamline operations, and pay its debts. The plan must then be approved by a vote of participating creditors.

While going through Chapter 11 bankruptcy, a business can continue operations, and its stock can continue to be traded.

How Can a Winter Garden Bankruptcy Lawyer Help?

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

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Winter Garden

Winter Garden is located 14 miles west of downtown Orlando--home to Disney World! It is a small suburb with about 30,000 people.

Some popular sports include the Luther F. Tilden House, West Orange Trail, Winter Garden Downtown Historic District, Winter Garden Heritage Museum, Winter Garden Historic Residential District, and Garden Theatre.

Winter Garden is a small community filled with down-to-earth people. It is also home to many small law offices where attorneys strive to provide personalized attention to all their clients.

Overall, Winter Garden residents enjoy a wonderful quality of life and are very near the happiest place in the world!

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