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 experts 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.
Frequently Asked Questions
How much does it cost to file bankruptcy?
Bankruptcy allows individuals and businesses in debt to make a fresh start. However, this start will come at a price. At Hoskins, Turco, Lloyd & Lloyd, our Port St. Lucie bankruptcy attorneys receive many calls from the public, and one common question is, “How much does it cost to file for bankruptcy?”
To file a bankruptcy petition in Port St. Lucie, you need to pay a filing fee.
The filing fee for Chapter 7 bankruptcy in Port St. Lucie is $335. However, if you earn less than $1,595 per month, you can ask the bankruptcy court to waive the filing fee. If you’re not eligible to have your filing fee waived, you can request to pay your filing fee in installments. This enables you to file your bankruptcy petition and stop all collection actions against you while your bankruptcy proceeding is pending in court.
The filing fee for Chapter 13 bankruptcy in Port St. Lucie is $310. While you cannot have a Chapter 13 bankruptcy filing fee waived in Port St. Lucie, you can request the court to pay your fee in installments. Note, that when filing for Chapter 13 bankruptcy, you may have to pay additional fees, such as a $45 fee for a mortgage modification request, or a $25 fee if you change your Chapter 13 claim to Chapter 7.
When filing for either Chapter 7 or Chapter 13 bankruptcy in Port St. Lucie you may have to pay additional costs, such as fees for obtaining your credit report or attending a credit counseling class.
That’s why it is important to seek help from an experienced Port. St. Lucie bankruptcy attorney. Although our Port St. Lucie bankruptcy attorneys will charge a fee for their legal services, having a bankruptcy expert guide you through the process will ensure you receive the best possible bankruptcy protection. Our Port St. Lucie bankruptcy attorneys will make sure you understand the complete bankruptcy process, and they can help you eliminate paying certain debts. Therefore, hiring a Port St. Lucie bankruptcy attorney can actually save you money in the long-run.
We invite you to contact one of our experienced Port St. Lucie bankruptcy attorneys to schedule a free consultation to discuss how filing for bankruptcy could impact and improve your financial situation. Call us at 866-930-6435.
How does bankruptcy help me in the short run?
While it is true that a bankruptcy filing can affect a person’s finances for years to come, for many people, filing is the best option. In Port St. Lucie, if you file for Chapter 7 or Chapter 13, you will likely experience the following short-term benefits.
- An automatic stay against creditors. Once you file for bankruptcy in Port St. Lucie, the court automatically issues an order that stops any and all debt collection activity. This does not cancel your debt, but it prevents debt collectors from contacting you or taking action against you. This means no more:
- Calls, emails, or letters from debt collectors or agencies
- Wage garnishments
- Home mortgage foreclosures
- Property repossessions
If a creditor contacts you or tries to collect a debt from you after the court grants your automatic stay, your Port St. Lucie bankruptcy attorney can bring a contempt of court action against them. This means the court can make them stop their collection attempts, pay a fine, or even pay you damages for their wrongful actions.
- Dischargeable debts. If you file for bankruptcy in Port St. Lucie, you may be able to discharge, or cancel, certain debts. This means that you will not be required to repay them. A dischargeable debt typically includes personal loans, credit card debt, and medical and utility bills.
- Retain ownership of your property. Filing for bankruptcy in Port St. Lucie may allow you to retain ownership of your property. Certain property can be labeled as “exempt”, which means it cannot be seized in bankruptcy. Our Port St. Lucie bankruptcy attorneys can help you determine which property and assets you have the right to keep.
- Credit score. Many people who file for bankruptcy in Port St. Lucie are worried about the negative impact it will have on their credit score. While a bankruptcy will remain on your credit record for 7-10 years, many people who file for bankruptcy actually see an almost immediate improvement in their credit score. Bankruptcy will eliminate certain debts that you have to pay (dischargeable debts), enabling you to move forward with a clean slate.
Deciding if and when to file for bankruptcy is a major consideration that should not be taken lightly. Speaking with our experienced Port St. Lucie bankruptcy attorneys will help you choose the solution that is right for you, your family, or your business. We offer free consultations. Call us at 866-930-6435.
What is a reaffirmation agreement and how does it work?
If you are considering filing for bankruptcy in Port St. Lucie, you may have heard the term “reaffirmation agreement.” A reaffirmation agreement is a contract that acknowledges your intent to pay off the debt that is owed.
As mentioned above, certain debts (dischargeable debts) can be eliminated when you file for bankruptcy in Port St. Lucie. However, you may not want to have all debts cleared away. For example, if you are in debt with car payments, you may not want to eliminate those back payments because that would mean you would likely lose the car.
A reaffirmation agreement means that you and the creditor will enter into a new contract—usually on the same terms—in which you agree to pay the debt that is still owed. This means that the creditor cannot sue you to collect the debt. However, the creditor still has a lien on the property that secured the debt, such as your car. So, if you fail to repay the debt after entering into a reaffirmation agreement, the creditor can repossess the property.
Reaffirmation agreements are nuanced. We highly recommend speaking with our experienced Port St. Lucie bankruptcy attorneys about your particular financial situation. We offer free consultations to review your options and help you find a solution that is best for you.
What can I do to prevent repossessions and foreclosures?
One of the benefits of filing for bankruptcy in Port St. Lucie is the chance to prevent repossessions and foreclosures. When you file for bankruptcy in Port St. Lucie, the court will order an automatic stay against creditors. This will essentially stop all forms of debt collection, including repossessions, foreclosures, and evictions. Except in rare circumstances, this automatic stay goes into effect immediately after you file your bankruptcy petition.
In Port St. Lucie, filing for Chapter 7 or Chapter 13 bankruptcy will trigger the automatic stay and stop repossessions and foreclosures. However, filing for Chapter 7 bankruptcy will only provide temporary relief. The automatic stay will be lifted once the bankruptcy court closes your case, which is usually 5 to 7 months after filing. If you need a more permanent solution, filing for Chapter 13 bankruptcy will offer long-term protection.
When deciding whether to file for Chapter 7 or Chapter 13 bankruptcy, it is important to understand the differences between them. Our experienced Port St. Lucie bankruptcy attorneys have helped hundreds of Treasure Coast residents get a fresh financial start. We offer free consultations for anyone in Port St. Lucie considering filing for bankruptcy. Our Port St. Lucie bankruptcy attorneys will assess your unique situation, discuss your options, and help you decide which chapter is best for you.
Call us at 866-930-6435 to schedule your free consultation with our Port St. Lucie bankruptcy attorneys.
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.
The hiring of a lawyer is an important decision that should not be based solely upon advertisements. Before you decide, ask us to send you free written information about our qualifications and experience.
We are a debt relief agency and attorneys. We help people file for Bankruptcy relief under the Bankruptcy Code. The hiring of a lawyer is an important decision that should not be based solely upon advertisements. Before you decide, ask us to send you free information about our qualifications and experience.