A: Bankruptcy is a process pursuant to federal law in which an individual or business may eliminate debt. Depending on your circumstances, you may be able to erase all of your unsecured debt. In other circumstances, you may have to develop a plan in which you repay your creditors.
A: Chapter 7 bankruptcy discharges (gets rid of) your unsecured debt (like credit cards) because you simply do not have the money to pay them. If after paying your monthly rent or mortgage, car payment, utilities, food, gasoline, and other regular monthly expenses, you have no money left over for any payment to the credit card companies, then Chapter 7 may be the solution for you.
A: Chapter 13 bankruptcy involves restructuring debt and developing a plan for repayment. This plan usually spans three to five years and involves paying mortgage arrears and a portion of other debts. Chapter 13 stops foreclosures and car repossessions because you make a repayment plan to pay off the back payments that you owe, and continue to make your current payments. The great part of this is that YOU determine how much you can afford to pay each month, based upon your income and expenses. The creditors don't dictate the terms. Our experienced bankruptcy attorneys work with you to create a payment plan that you can actually afford.
A: There is no one answer that is right for everyone. If your credit card bills are sky high or you’re falling behind on your mortgage or car payment, bankruptcy can be a way to get rid of the credit card debt and save the house or car. Bankruptcy will stop all legal actions against you, so if there’s a foreclosure, a credit card lawsuit, a utility shut-off, or repossession in the works, filing for bankruptcy will halt these actions.
If you have reached the point where you can’t pay your bills when they are due, it’s time to talk to a bankruptcy attorney. With more than 25 years of experience practicing in the area of bankruptcy law, the bankruptcy attorneys at the Law Firm of Hoskins, Turco, Lloyd & Lloyd are in a strong position to advise you on when you should file for bankruptcy.
A: Some people have a very simple case that they can potentially handle on their own, but it is a good idea to have an attorney guide you through the process and make sure you do things correctly. One of our bankruptcy attorneys will guide you through the intricacies of the process and help you avoid the pitfalls. Although you may think you case is easy, if you file incorrectly, it can significantly delay your discharge and in some cases, your case could be dismissed. Moreover, if you file for the wrong bankruptcy, you could put yourself in jeopardy of losing assets, including your home. The Law Firm of Hoskins, Turco, Lloyd & Lloyd offers affordable bankruptcy representation and has an impressive success rate for filing all types of bankruptcy cases.
A: A common misconception about bankruptcy is that you will automatically lose your home, car and property; however, this is not usually the case. While some vacation properties or show cars could potentially be sold to repay debts, personal property is generally retained by the owner.
A: Yes! In fact, many of our clients see an increase in their credit scores after filing for bankruptcy. Bankruptcy gives you the chance to become debt free and start fresh with your finances so that you can begin rebuilding credit as soon as you file.
A: Under the Fair Debt Collection Practices Act, creditors are prohibited from contacting you once they are made aware of the fact that you have hired an attorney to handle your debt situation. If creditors violate this Act, they can be sued in State or Federal court with attorney’s fees, actual damages and sometimes punitive damages awarded to the plaintiff.
A: No. We offer free, face-to-face initial consultations at any of our four offices in Fort Pierce, Port St. Lucie, Vero Beach or Okeechobee, where you can get your questions answered without obligation.
A: To be honest, it depends. Every case is different and we aren’t going to advertise a one price fits all bankruptcy. We charge less for uncomplicated cases and we charge more for complicated cases. Frankly speaking, the question you should be asking your bankruptcy attorney is not what they charge, but what is included in the charge. Generally a bankruptcy will be a flat fee. Some attorneys then seek to minimize their legal responsibility to the client by that flat fee. It would be beyond the scope of this FAQ to really delve into what we include in our agreements (though it is more than most), but a good rule of thumb is the less you pay the less you get. Don’t go shopping for a bargain on a parachute.
A: Dealing with unmanageable debt can create immeasurable amounts of stress for you and your family. The Law Firm of Hoskins, Turco, Lloyd & Lloyd is here to help with affordable and attentive bankruptcy representation. Our bankruptcy department is dedicated to finding the best debt relief solution for you, and we have a proven track record of providing clients with a fresh financial start. Whether you need help filing for bankruptcy or you are seeking information on bankruptcy alternatives, you can rely on us to get you back on the right financial path.
If you’re interested in a fresh start for your financial future, call us today for free answers to your questions or to schedule a free consultation at one of our four offices on the Treasure Coast.