Consumer Bankruptcy Lawyers in Winter Park, Florida

Find the right Consumer Bankruptcy attorney in Winter Park, FL

Bankruptcy is a legal procedure that allows an individual or business to have some or all of their debts discharged. It is typically considered as an option of last resort, because while it can stave off financial disaster, it has some substantial 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 Winter Park, Florida will have distinct rules for exemptions, so you should speak with a local attorney before filing.

Chapter 7 Bankruptcy in Winter Park, Florida

In Winter Park, 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 the non-exempt property is sold, the rest of the dischargeable debt is excused. Some forms of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Winter Park, Florida is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Winter Park, Florida

Chapter 13 bankruptcy in Winter Park, Florida is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your specific case. Chapter 13 bankruptcy does not absolve debt, it restructures it. This involves a court coming up with an adjusted repayment plan designed to be manageable for the debtor. This new plan sets aside the terms of the original arrangements that created the debt in the first place. This creates a new payment structure, typically involving a single monthly payment, that the debtor should find manageable.

Which Type of Consumer Bankruptcy Should I File in Winter Park, Florida

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

Of course, you should always seek the counsel of an accomplished local Winter Park, 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 specific situation.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Winter Park

Winter Park is a suburb in Orange County, Florida. It is home to a little over 25,000 people.

Some popular sites for residents and tourists include the Edward Hill Brewer House, Kraft Azalea Park, Albin Polasek Museum and Sculpture Gardens, Charles Hosmer Morse Museum of American Art, and Cornell Fine Arts Museum.

Top employers in Winter Park include Winter Park Memorial Hospital, Publix, Bonnier, and the public school district. Although law firms are not included in this list, Winter Park is home to many law small law offices and firms. Although small, these offices and firms provide excellent legal services!

Interestingly, Winter Park has also been home to some very famous residents. These residents include Casey Affleck, Michael Barimo, George Brett, Gina Hecht, Doc Rivers, and Daniel Webster.

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