Consumer Bankruptcy Lawyers in Winter Haven, Florida

Find the right Consumer Bankruptcy attorney in Winter Haven, 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 normally considered as an option of last resort, because while it can stave off financial disaster, it has some considerable 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 Haven, Florida will have particular rules for exemptions, so you should speak with a local attorney before filing.

Chapter 7 Bankruptcy in Winter Haven, Florida

In Winter Haven, 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 Haven, Florida is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Winter Haven, Florida

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

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

Which Bankruptcy type to file under depends strongly on the facts of each particular case. If you have a stable stream of income (enough to make a payment plan manageable), and a large amount of non-exempt property that you don't want to part with, Chapter 13 may be best for you. If you don't have a stable income or large amounts of non-exempt property, you may be better off filing for Chapter 7.

In any case, it would be a good idea to consult a local bankruptcy Lawyer in Winter Haven, Florida. Your Lawyer can make an educated judgment as to what your best option is, and advise you accordingly (of course, the choice to file for bankruptcy is ultimately yours).

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Life in Winter Haven

Located in Polk County, Winter Haven Florida is home to just under 30,000 residents. The charming city is home to the second largest Legoland in the world and is also the site of the first Publix Supermarket Store.Winter Haven served as the former spring baseball training site for the Philadelphia Phillies and Boston Red Sox and it is easy to see that city's enthusiasm for sports in the many parks and recreation centers that dot the city.

Winter Haven is home to one college: Polk State College, which is a popular choice for local students to attend. With a heavy emphasis on education, Winter Haven is home to some top professionals including bankers, doctors, accountants and lawyers. Winter Haven lawyers enjoy everything the city has to offer, both personally and professionally. Winter Haven lawyers were trained at some of the nation's top universities and are always happy to help their local client with whatever the legal issue may be.