Bankruptcy Attorney Port St Lucie
Dedicated Port St. Lucie Bankruptcy Attorneys Who Want You to Feel in Control of Your Life Again
Giving Those Overwhelmed by Past Debt a Second Chance at a Bright Future
You will find many successful enterprises in Port St. Lucie, including the Cleveland Clinic Martin Health and the long-time local publishing enterprise, Treasure Coast Newspapers.
At the same time, you may find people in Port St. Lucie who are down on their luck and struggling with mounting debt. They may not even be who you think, considering that the average U.S. household has $139,500 in debt as a result of mortgages, credit cards, student loans, and other common debt sources.
Sometimes, it can feel impossible to get out from underneath all of this debt. We at Hoskins, Turco, Lloyd & Lloyd want you to know that you have options. Those options can include forging payment agreements with creditors, applying for income-based student loan repayments, or restructuring your debt into one manageable whole.
Another option, typically reserved for those who think they will be unable to make their monthly payments and handle their debt as it stands now, is to file for bankruptcy. Bankruptcy can help you discharge much of your debt and start your life anew. Going through the process isn’t easy, but you can get help.
Our Port St. Lucie bankruptcy lawyers can help you with your financial need. For over 30 years, we have helped individuals like you consider their legal options for managing debt. Our expertise can guide you towards the type of bankruptcy you may want to file considering your personal situation. We can also assist with the paperwork, documentation, and legal proceedings involved in bankruptcy. Finally, we can advise you on how to comply with all of the requirements set by the bankruptcy court so your debt can feel behind you once and for all.
Speak to a Port St. Lucie experienced bankruptcy lawyer for absolutely free during a no-obligation consultation. You can schedule your free case review when you call 866-460-1990 or contact us online using our simple form.
The Difference Between the Types of Bankruptcy Available to People in Port St. Lucie
There are a number of types of bankruptcy, but only two are generally available to individuals: Chapter 13 and Chapter 7.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is an option for people who have the means to pay their debt over time. Filing Chapter 13 bankruptcy forms an arrangement between you, the courts, and your creditors that allows you to restructure your debt and pay it off in monthly installments over 3 to 5 years.
Know that if your Chapter 13 bankruptcy does go through, you are required to make every single payment either on-time or early. If you are worried about your ability to make a payment on time, you must make individual arrangements with creditors beforehand. Missing just one payment deadline could place your arrangement in limbo and give creditors permission to demand immediate payment in full once more.
Once Chapter 13 proceedings have been completed, the filing will remain visible on your credit report for up to 7 years.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is intended for those who feel like they have no possible way to pay off their current debt. This legal process will force you to hand over any assets for which you currently own but have debts on, but once the bankruptcy is completed you will be cleared of most debt. Creditors will no longer be able to pursue you, and any foreclosure proceedings will halt.
After filing for Chapter 7 bankruptcy, the action remains on your credit report for up to 10 years.
Types of Debt that Cannot Be Erased through Bankruptcy
Individuals filing for bankruptcy should first note that their debts are not forgiven or brought down to zero, but rather “discharged.” A discharge means that you are no longer legally obligated to pay your debts and that creditors have no legal means to pursue your assets or force you to make payments on the debt.
Generally speaking, only unsecured types of debt are eligible to be discharged. Credit card debt, for instance, is unsecured because there is no collateral. Mortgages, however, are secured by the home itself, making them ineligible to be discharged.
Additional types of debt that cannot be discharged include back child support, alimony, and federal student loans. Debts that existed at the time of your last bankruptcy filing are also not allowed to be discharged.
You can review more types of debt that can and cannot be dealt with through bankruptcy when you work with a Port St. Lucie bankruptcy lawyer.
Deciding Whether Bankruptcy Might Be Right for Your Financial Situation
Every year, hundreds of thousands of individuals and businesses seek to amend their financial situation by filing for bankruptcy. In 2016 alone, nearly 800,000 people filed for bankruptcy. Know that you don’t have to be embarrassed or feel like you have “given up” when you file because there are literally hundreds of thousands of others facing down their debt, just like you.
On the other hand, Chapter 13 and Chapter 7 bankruptcy carry some fairly heavy consequences. If you have other options at your disposal that would allow you to alleviate your debt, you may want to consider them first before deciding whether bankruptcy is your preferred option.
You can review the choices at your disposal and prepare for the act of filing for bankruptcy using the help of one of Port St. Lucie’s experienced bankruptcy attorneys.
Get Help from a Port St. Lucie Bankruptcy Lawyer
Ready to learn more about your options for managing debt? Want to find out what you would need to do to file for bankruptcy?
You can begin working with a trusted bankruptcy attorney in Port St. Lucie when you reach out to Hoskins, Turco, Lloyd & Lloyd today. We will guide you through all of your options and help you feel less overwhelmed by them.
Call now at 866-460-1990 or contact us online to schedule a free first appointment where you can discuss your case with a licensed bankruptcy lawyer.
Ft. Pierce, FL 34950
Port St. Lucie, FL 34952
Okeechobee, FL 34972
Vero Beach, FL 32960