Bankruptcy Attorney Fort Pierce
Helping Hardworking Fort Pierce Citizens Get Their Lives Back on Track through Bankruptcy
When Debt Piles Up, Remember You Have Options that Include Bankruptcy
New lives are being started in Fort Pierce all the time. Whether you have lived here for years and want a new start or just recently moved to the area, Fort Pierce is ripe with financial opportunities.
Unfortunately, past mistakes could hold back your economic future. If you are strapped down by debt or feel that there’s no way you can keep from falling behind, remember that you have options.
One such option is to work with creditors directly to restructure your debt or make installment agreements that fit better within your budget. Another option is to work with a debt consolidation company, which can transform piles of debt into one manageable amount that you can whittle down, month after month.
A third option, reserved typically for those who feel like they absolutely cannot make any payments, is to file for bankruptcy.
Declaring bankruptcy is not an easy decision, and the process can be complicated. Filing the needed paperwork and uncovering the necessary financial documents can feel overwhelming. These struggles are why many who declare bankruptcy in the area choose to work with a Fort Pierce bankruptcy lawyer who will assist with the process. Having your own bankruptcy lawyer means that you can consider all available options and form a strategy that has a high chance of bringing you towards your optimal situation.
Hoskins, Turco, Lloyd & Lloyd has been assisting Fort Pierce locals like you for more than three decades. We want to be there during your time of need to help you make the best financial choices and create a situation where you see the light at the end of the tunnel. Let us help you through the complex and often stressful process of filing for bankruptcy through our trusted, proven Fort Pierce bankruptcy attorney services.
Learn more about your options and the process you could undergo by scheduling a free first appointment now. To schedule your free case review, call us now at 866-460-1990 or contact us online.
Types of Bankruptcy You Can File for in Fort Pierce
The legal process known as bankruptcy can take many forms. Some of the types of bankruptcy you may have heard of only apply to businesses and corporations. Others apply only to private citizens like you.
Some of the most common versions of bankruptcy for individuals include Chapter 7 and Chapter 13 bankruptcy.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is a solution for Fort Pierce residents who think that there is no chance of them ever making the payments they need to get out of debt. This version of bankruptcy allows you to “discharge” nearly all types of debt, although some cannot be gotten rid of no matter what.
In order to file for Chapter 7 bankruptcy, you must be willing to hand over the entirety of your assets. You must also accept that your bankruptcy will stay on your credit report for 10 years, which can affect your ability to seek certain forms of credit until that time has passed.
If these are terms you are willing to undertake, Chapter 7 will essentially provide a clean slate. Most creditors will no longer be able to pursue you, and all foreclosures and other financial proceedings will end immediately.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is an option for people who think they can pay off their debt over time as long as a reasonable agreement can be made. Instead of having to hand over payment to creditors immediately, you arrange a form of debt restructuring that allows you to create a payment plan for paying off your debt within 3 to 5 years.
The drawback to Chapter 13 bankruptcy is that once you make payment arrangements, you absolutely have to honor them. All payments must be made either early or on time. Any time you think you can no longer make payments according to your Chapter 13 agreement, you are responsible for notifying creditors and attempting to negotiate an arrangement. Just a single late payment could violate your agreement, dismissing your Chapter 13 and potentially allowing creditors to demand immediate payment once more.
After filing for Chapter 13 bankruptcy, it will remain on your credit report for 7 years.
Why You Can’t Discharge All Debts through Bankruptcy
Bankruptcy allows you to functionally “discharge” your debt, eliminating the legal right for creditors to pursue you or demand you hand over your assets. Your debts don’t functionally “disappear,” but you are no longer legally obligated to fulfill them. The possibility of repossession and collections will cease so long as you abide by your agreement.
However, not all forms of debt can be discharged through bankruptcy. Back child support or alimony payments, for instance, are not eligible to be discharged. Certain living arrangement fees assessed through organizations like cooperation associations or condominiums similarly cannot be discharged. Additionally, any debt that existed at the time of a previous bankruptcy and that was not discharged cannot be discharged by a new bankruptcy declaration.
Student loans are some of the most cumbersome forms of debt that cannot be discharged. Many young people across the U.S. face substantial debts through their student loan arrangements, and they cannot look to bankruptcy as an option for avoiding this debt. Instead, they must make payment arrangements with their loan servicer or consolidate their debt through a third-party. Only in situations where a student loan can be proven to cause “undue hardship” can these debts be discharged, and this is a rare occurrence.
Owed income taxes are not eligible to be discharged for most people. Only a successful court petition can grant this possibility, which means petitioners must have a good justification for seeking it.
Finally, certain creditors may be able to petition the court to prevent certain debts they hold from being discharged.
Learn Whether Bankruptcy Is the Right Option for You with a Fort Pierce Bankruptcy Lawyer
No one wants to think about his or her debt or the possibility of filing for bankruptcy, 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 experienced Fort Pierce bankruptcy lawyers who can 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 bankruptcy attorney in Fort Pierce for absolutely free. Simply call 866-460-1990 or contact us online today to schedule your free, no obligation case review.
Ft. Pierce, FL 34950
Port St. Lucie, FL 34952
Okeechobee, FL 34972
Vero Beach, FL 32960