Bankruptcy Attorney Okeechobee
Helping Members of the Okeechobee Community Find Financial Relief through Bankruptcy
Bankruptcy Can Discharge Debt and Help You Move On with Life
Okeechobee is one of the best small cities in Florida. Unfortunately, many who live in this amazing city are dealing with mounds of debt that they may not be able to overcome. Whether you were careless with a credit card when you were younger or had to take out loans to pay for medical bills, it might seem like taking charge of your debt is impossible.
The good news is there are options for you if you’re struggling to make your payments. You may be able to work with your creditors or even a debt consolidation company to restructure your payments. But if this isn’t possible, and you’re being constantly harassed by your creditors, bankruptcy is an option.
Filing bankruptcy and going through the court process can be complicated. You need to file the paperwork properly, get all of your financial statements and asset lists in order, and make sure you’re following all requirements set by the bankruptcy court. With the help of an Okeechobee bankruptcy attorney, the process can be made easier.
The skilled attorneys at Hoskins, Turco, Lloyd & Lloyd have been helping residents of Okeechobee through the process of filing for bankruptcy for over 30 years. Call us at 866-460-1990 today or contact us online to schedule a free, no-obligation consultation.
Bankruptcy Is an Option, but It’s Not the Only Option
When you’re facing an ever-growing mound of doubt, you may think bankruptcy is the only (or at least the best) option for you. But it’s important to understand that you do have other options that are less impactful than bankruptcy. Unfortunately, you may not be aware of all of the options available to you. Before you make the decision to file for bankruptcy, you should speak with an experienced attorney about all the different options you have.
You can take advantage of state and federal laws that protect you from harassment from creditors. You can also negotiate with your creditors on your own. However, that may be less successful than working with a credit counseling agency to negotiate on your behalf. Your attorney may discuss these options before he or she recommends filing for bankruptcy.
The legal team at Hoskins, Turco, Lloyd & Lloyd knows how stressful this time in your life can be. We’ll help you explore all of your legal and financial options before we start discussing the process of bankruptcy. Contact us today for a free consultation.
Chapter 7 versus Chapter 13 Bankruptcy
For private citizens, there are two types of bankruptcy available: Chapter 7 and Chapter 13. These each offers their own advantages and are open to different groups of people.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is also known as liquidation bankruptcy. There is a means test that must be passed, meaning if you make above a certain amount of money, you cannot file Chapter 7. Essentially, this type of bankruptcy is for those who are unable to pay their debts. It allows you to discharge your unsecured debts, such as credit cards and medical debt. Secured debt, such as mortgages and student loans, cannot be discharged.
If you file Chapter 7 bankruptcy, most (if not all) of your property and assets will be sold to cover your debts. There are some exemptions, but your attorney can explain them to you. But once the debts are either settled or dismissed, you can move on with your life with a clean slate. The biggest downside, aside from having to sell all of your assets, is the fact that Chapter 7 bankruptcy stays on your credit report for up to 10 years.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy allows you to reorganize your debt to more easily pay it off. You must have a regular income, and you must have no more than $394,725 in unsecured debt, and/or no more than $1,184,200 in secured debt. If you qualify for Chapter 13, your debt will be restructured so that you can pay it off over 3 to 5 years.
However, there are certain requirements that must be met while you’re under a Chapter 13 repayment plan. First, all payments must be made either on time or early. Late payments are not accepted. If you lose your job or otherwise find yourself unable to continue making payments, it’s up to you to negotiate with your creditors. Other requirements may be put in place, and not following these requirements will mean your case is dismissed and you’re again in charge of paying your debts immediately.
Unlike Chapter 7, Chapter 13 bankruptcy only stays on your credit report for up to 7 years.
Can Student Loans Be Discharged?
One of the most common questions our attorneys get is whether student loans can be discharged by bankruptcy. Unfortunately, student loans can only be discharged if you can prove they will cause undue hardship, either permanently or for most of the remaining life of the loan note.
In addition, debts for alimony or child support cannot be discharged. If you have other debts that weren’t discharged in previous bankruptcies, they can’t be discharged now. The US Bankruptcy Code lists 21 different types of debt that can’t be discharged by bankruptcy.
Speak to an Experienced Okeechobee Bankruptcy Lawyer Today
Deciding to file for bankruptcy is a decision that shouldn’t be made lightly or hastily. It’s important to consider all of your different options before deciding on this path. At Hoskins, Turco, Lloyd & Lloyd, our legal team has been assisting our local community members to navigate their financial and legal options for over 30 years.
To speak with an Okeechobee bankruptcy lawyer about your situation, call 866-460-1990 or contact us today for a free, no-obligation consultation.
Ft. Pierce, FL 34950
Port St. Lucie, FL 34952
Okeechobee, FL 34972
Vero Beach, FL 32960