Fort Pierce Bankruptcy Lawyer

Get a fresh start with our Fort Pierce bankruptcy legal experts

If you are overwhelmed with debt and facing credit harassment and impending home foreclosure, help is one phone call away. Our Fort Pierce bankruptcy lawyers have decades of experience helping Fort Pierce residents find debt relief and regain control of their finances.

Take the first step by scheduling a free, no-obligation consultation with our trusted Fort Pierce bankruptcy attorneys.

Eliminate your debt with our Fort Pierce Bankruptcy Attorneys

If you are struggling with debt and feeling overwhelmed by credit card balances and loan payments, there are options available to help you regain control of your finances. Financial hardship can happen to anyone, and seeking help is a courageous step toward a brighter future.

Our experienced Fort Pierce bankruptcy attorneys specialize in Chapter 7 and Chapter 13 bankruptcies and have helped hundreds of residents throughout the Treasure Coast consolidate debt, stop credit harassment, and get a fresh financial start.

Why choose Hoskins, Turco, Lloyd & Lloyd?

• Expertise: Our team specializes in bankruptcy law and has a proven track record of successful cases.
• Personalized approach: We understand that each situation is unique, and we craft strategies that fit your specific needs.
• Compassionate support: Facing financial challenges is stressful, and we provide the compassionate support you deserve.

Ready for a fresh financial start? If you are considering filing for bankruptcy in Fort Pierce, speak with our Fort Pierce bankruptcy attorneys at no charge with a free consultation. Call us today at (722) 464-4600 for your free consultation.

More than 80% of Americans have some form of debt

Debt has become a pervasive issue for many Americans. Countless individuals and families find themselves struggling to keep up with mounting bills, credit card balances, student loans, and unexpected medical expenses.

This financial strain can lead to overwhelming stress, sleepless nights, and a constant feeling of anxiety and uncertainty about the future. If you’re feeling overwhelmed with debt, it’s important to know that you are not alone.

• Approximately 80% of Americans have some form of debt.
• The average American has a debt of $104,215 (as of 2024).
• Debt tends to be highest between ages 40 and 49.

Hit the reset button with our Fort Pierce bankruptcy plans

Bankruptcy is often viewed as a last resort, but for many people drowning in debt, it can be a beacon of hope and a path to a brighter financial future. It’s a chance to hit the reset button, break free from the suffocating weight of debt, and start anew.

In fact, there are many benefits of filing for bankruptcy, enabling you to wipe the slate clean, eliminate debt, protect your assets, and stop creditor harassment. However, before you make the decision to file for bankruptcy in Fort Pierce, you must first understand the different types of bankruptcy and their eligibility requirements.

Types of bankruptcy available in Fort Pierce

If you are considering filing for bankruptcy in Fort Pierce, you primarily have two options: Chapter 7 and Chapter 13. Understanding the differences between these two types of bankruptcy can help you make an informed decision about which path is right for you.

Filing for Chapter 7 bankruptcy in Fort Pierce

Chapter 7 bankruptcy, also known as “liquidation bankruptcy,” is intended for individuals and businesses who cannot repay their debts. This type of bankruptcy involves the sale of non-exempt assets to pay off creditors.

It provides a relatively quick way to eliminate most unsecured debts, such as credit card bills, medical expenses, and personal loans.

Key features of Chapter 7 bankruptcy

1. Eligibility: To file for Chapter 7 in Fort Pierce, you must pass the means test, which compares your income to the median income in Florida. If your income is below the median, you qualify. If it is above, further calculations determine if you have enough disposable income to repay some of your debts.
2. Process: Once you file for Chapter 7 bankruptcy, an automatic stay goes into effect, stopping most collection actions against you. A trustee is appointed to oversee your case, review your assets, and sell non-exempt property to pay creditors.
3. Exemptions: Certain assets are exempt from liquidation, meaning you can keep them. Exemptions vary by state but typically include necessary items like your primary residence, a vehicle, clothing, and household goods.
4. Debt discharge: At the end of the process, most of your unsecured debts are discharged, relieving you of the obligation to pay them.

Benefits of Chapter 7 bankruptcy

• Quick resolution: The entire process usually takes three to six months.
• Debt elimination: Most unsecured debts are discharged, giving you a clean slate.
• Protection from creditors: The automatic stay halts collection efforts, providing immediate relief.

Filing for Chapter 13 bankruptcy in Fort Pierce

Chapter 13 bankruptcy, also known as “reorganization bankruptcy,” is intended for individuals with regular income who can repay some or all of their debts over time. This type of bankruptcy allows you to keep your assets while making manageable payments to creditors through a court-approved repayment plan.

Key Features of Chapter 13 Bankruptcy

1. Eligibility: To qualify for Chapter 13, your secured and unsecured debts must be below specific limits set by the federal government. As of 2024, these limits are $1,257,850 for secured debt and $419,275 for unsecured debt. You must also have a regular income to make monthly payments.
2. Process: You propose a repayment plan that lasts three to five years, detailing how you will pay off your debts. A trustee is appointed to review the plan and distribute payments to creditors.
3. Debt repayment: Priority debts, such as taxes and child support, must be paid in full. Secured debts, like mortgages and car loans, can be paid off over the life of the plan. Unsecured debts may be partially paid, with the remaining balance discharged at the end of the plan.
4. Asset retention: Unlike Chapter 7, you can keep all your assets, provided you adhere to the repayment plan.

Benefits of Chapter 13 bankruptcy

• Asset protection: You can retain your home, car, and other assets.
• Debt repayment: Offers a structured way to repay debts, potentially saving your home from foreclosure.
• Comprehensive debt relief: Includes a broader range of debts, such as overdue mortgage payments.

How to know if you are eligible for bankruptcy in Fort Pierce

If you’re considering filing for bankruptcy in Fort Pierce as a debt relief solution, you must understand the unique eligibility requirements for Chapter 7 and Chapter 13 bankruptcy. While we provide a high-level overview of the eligibility requirements, the only way to know for certain whether you qualify for bankruptcy is to contact an experienced bankruptcy attorney in Fort Pierce.

You can call our Fort Pierce bankruptcy law firm at (722) 464-4600 for a free consultation.

Do you qualify for Chapter 7 bankruptcy?

• Do you pass the means test?

Your income must be below the median income for a similar household size in Florida. As of 2024, the median income varies based on household size and is updated periodically.

You can check to see what the median income is at the time of reading this article here.

If your income is above the median, you must pass the means test, which calculates your disposable income by deducting allowed expenses from your monthly income. If your disposable income is too high, you may not qualify for Chapter 7 and might need to consider Chapter 13.

• Have you filed for Chapter 7 bankruptcy before?

You cannot file for Chapter 7 bankruptcy if you have received a Chapter 7 discharge in the last eight years or a Chapter 13 discharge in the last six years.

• Are you willing to complete a credit counseling course?

In the State of Florida, you must complete a credit counseling course from an approved agency within 180 days before filing for bankruptcy. The course can be completed online or over the phone and typically costs between $10 and $50.

• You must file a petition with a bankruptcy court.

You need to file a petition with the bankruptcy court and provide various documents, including a list of all creditors, a detailed statement of your income and expenses, a list of property, and a statement of your financial affairs. A bankruptcy attorney from Hoskins, Turco, Lloyd & Lloyd will be able to help you with this step.

Do you qualify for Chapter 13 bankruptcy?

• Do you have a regular income?

To qualify for Chapter 13, you must have a regular income that allows you to make monthly payments towards your debt under a court-approved repayment plan.

• Is your debt below specific limits?

Your secured and unsecured debts must be below specific limits. As of 2024, the limits are:

• Secured debts: $1,257,850
• Unsecured debts: $419,275

• Have you filed for bankruptcy before?

You cannot file for Chapter 13 bankruptcy if you have received a Chapter 7 discharge in the last four years or a Chapter 13 discharge in the last two years.

• Are you willing to complete a credit counseling course?

Similar to Chapter 7, you must complete a credit counseling course from an approved agency within 180 days before filing for bankruptcy.

• You must file a petition with the bankruptcy court.

You need to file a petition with the bankruptcy court and provide a proposed repayment plan, along with documentation of your financial status, including income, expenses, assets, and liabilities.

• You must have recent tax filings.

You must have filed state and federal income tax returns for the previous four years before filing for Chapter 13 bankruptcy.

Can you file for bankruptcy if you are unemployed?

Many people who file for bankruptcy in Fort Pierce are unemployed. In fact, to qualify for Chapter 7 bankruptcy, you must have a monthly income under a certain amount.

Being unemployed can provide a short window of opportunity to quickly wipe out debt before finding a new job. In contrast, to file for Chapter 13 bankruptcy, individuals need a steady income, and therefore, you usually can not file for Chapter 13 bankruptcy if you are unemployed. 

Do you need an attorney to file for bankruptcy in Florida?

Yes, you can legally file for bankruptcy without a Fort Pierce bankruptcy lawyer. However, we caution individuals about going it alone.

We understand that you may not be able to pay for a Fort Pierce bankruptcy law firm; after all, you’re filing for bankruptcy, but having a Fort Pierce bankruptcy law firm on your side can actually save you time, money, and stress in the long run.

If the cost of hiring an attorney is a concern, our Fort Pierce bankruptcy law firm can help. We offer free, no-obligation bankruptcy consultations.

This means you can meet with us, discuss your options, and learn about the next steps. At the bare minimum, even if you intend to file for bankruptcy by yourself, take advantage of this free meeting with our Fort Pierce bankruptcy law firm.

You can schedule your free meeting by calling (722) 464-4600.

Our Fort Pierce bankruptcy attorneys also offer reasonable payment plans. We let our clients pay in installments. We work with you to decide what you can afford. Our job is to help you take control of your finances; we don’t want to add to the burden.

Finally, having a Fort Pierce bankruptcy lawyer handle your bankruptcy will ensure you receive the best possible protection from creditors and lawsuits. Our Fort Pierce bankruptcy attorneys will handle the entire process for you—the paperwork, the meetings, the filings—sparing you the stress, frustration, and aggravation of filing for bankruptcy on your own.

Is bankruptcy right for you? Find out with a free consultation with a Fort Pierce Bankruptcy Law Firm.

Filing for bankruptcy can be intimidating, but once you make a decision, you can feel in control of your financial future. Realize that you don’t have to go through the process alone.

You can work with an experienced Fort Pierce bankruptcy lawyer who will assist you with your filing, advise you on what legal strategies could best be applied to your situation, and help you understand the full impact of each decision at your disposal.

If you are ready to take your life back from creditors and move forward past your debt, you can speak with a Fort Pierce bankruptcy lawyer in Fort Pierce for absolutely free. Simply call (722) 464-4600 or contact us online today to schedule your free, no-obligation case review.