Find a Bankruptcy Lawyer in Winter Springs, Florida

Find the right Bankruptcy attorney in Winter Springs, FL

In Winter Springs, 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 heavily 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 Springs, 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 Springs bankruptcy attorney cannot be replaced.

Types of Bankruptcy in Winter Springs, Florida

In Winter Springs, 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 Springs, Florida will be roughly the same as everywhere 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 funds 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 full 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 typical bankruptcy scheme used by consumers in Winter Springs 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 authorized, 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 always 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 authorized by a vote of participating creditors.

One advantage of Chapter 11 bankruptcy is that it allows a business going through it to continue operating, and to trade its stock.

How Can a Winter Springs Bankruptcy Lawyer Help?

One should not make the decision to file for bankruptcy in Winter Springs easily. Before making any such decision, it would be highly advisable to contact an experienced Winter Springs bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Winter Springs

With a population of just around 35,000 Winter Springs, Florida is a popular city to visit and live in. Winter Springs is located in Seminole County and comprises 14.1 square miles. The city has seven public schools and two private schools within its city limits.

The city of Winter Springs has been recognized as a top place to live by Money Magazine and was recently ranked the second best city to live in Florida. With so much recognition it is easy to see why so many businesses have decided to call Winter Springs Home.

Professionals such as bankers, accountants, and lawyers also take advantage of the work/life balance the city of Winter Springs has to offer. Winter Springs lawyers are skilled in a range of practice areas and are always happy to help their local client with whatever legal issue he or she may be dealing with at the time. Whether looking for simple solution to a small legal problem or engaged in a lengthy trial, Winter Springs lawyers are some of the best in the business.

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