Bankruptcy Attorney Vero Beach
Helping Those in Vero Beach Move Forward with Their Lives by Declaring Bankruptcy
With the Help of a Vero Beach Lawyer, Bankruptcy Doesn’t Have to Mean Financial Ruin
Living in Vero Beach is often compared to living in paradise. But for those who are struggling with debt, it’s anything but. If you have been living with overwhelming debt, it may seem like there’s no way to climb to the top of your bills, even if you’re making regular payments. The bank or other creditors might be harassing you, you may be dealing with a foreclosure, and your wages might be garnished.
There are often some options for people struggling with debt, such as working with the creditors to set up payment plans or working with a debt consolidation company. But when all other options are exhausted, it may be time to consider bankruptcy.
Bankruptcy can be a complicated process. You may not be sure how to even declare bankruptcy, much less what financial statements and other documents you may need for the process. That’s why it’s important to speak to an experienced Vero Beach bankruptcy lawyer about your legal options.
The legal team at Hoskins, Turco, Lloyd & Lloyd has been helping members of the Vero Beach community overcome their debt through bankruptcy for over 30 years. We know how complex the process can be, and we’re here to help you every step of the way. Call us at 866-460-1990 or contact us online for a free consultation today.
Types of Bankruptcy Available to Vero Beach Residents
There are a few different common types of bankruptcy you may hear about. Many of these apply to just businesses and corporations. But for private citizens, there are two main types of bankruptcy available. These include Chapter 7 and Chapter 13.
Chapter 7 Bankruptcy
If your debt is completely overwhelming, and you believe there’s no way you could ever pay it off, Chapter 7 bankruptcy is an option. Chapter 7 bankruptcy will usually eliminate most, if not all, of your debt. However, you will need to hand over all of your assets on which you owe money.
The good news is: once Chapter 7 bankruptcy is complete, you get a fresh start with a clean slate. Creditors will stop harassing you, foreclosure proceedings will cease, and you can move on with your life. It is important to note that a Chapter 7 bankruptcy will stay on your credit report for 10 years.
Chapter 13 Bankruptcy
If you have the means to pay for your debt over time, but you simply don’t have the money to meet your creditors’ immediate demands for repayment, you may be eligible for Chapter 13 bankruptcy. Essentially, Chapter 13 allows you to restructure your debt and create a payment plan to pay it all off within 3 to 5 years.
If you file Chapter 13 bankruptcy, you must make all new payments on time or early. Late payments can get you into deep trouble with your creditors. If you find yourself in a situation where you are unable to continue making payments, it’s up to you to work out new payment plans with your creditors. If you don’t follow the terms of your bankruptcy, your case could be dismissed, meaning you are responsible again for your paying your debts immediately.
Chapter 13 bankruptcy stays on your credit report for 7 years.
Debts that Can’t Be Discharged with Bankruptcy
When you file for bankruptcy and your case is accepted by the court, your debt is said to be discharged. This does not mean your debt disappears. Instead, your creditors can no longer take action against you, such as repossession or collection attempts. However, not all debts can be discharged with bankruptcy, no matter what chapter you file.
If you owe a debt for child support or alimony, those debts cannot be discharged. Same goes for cooperation association or condominium fees. Additionally, if you have debts that weren’t discharged in previous bankruptcies, they cannot be discharged with a new bankruptcy.
One of the most common debts for young people is student loans. In nearly all cases, they cannot be discharged with bankruptcy. The only reason student loans can be discharged is if they cause undue hardship either permanently or for the majority of the remaining life of the loan.
Income tax debts can also not be discharged in most cases. You can get a special exemption, but you must petition the court and explain why you deserve relief from these debts. Certain creditors may be able to stop certain debts from being discharged in certain cases.
Is Bankruptcy Right for You?
If you are struggling with debt, bankruptcy should not be your first option. It does have long effects on your life, and there are other options available. Before you come to the decision to file bankruptcy, you should consult with an experienced lawyer to discuss all of your legal options. Otherwise, you may be making an unnecessary step in your life.
If bankruptcy is right for you, it’s important to know that this isn’t the end of the world. In 2016, nearly 800,000 people filed for bankruptcy. Once their debts were taken care of, they were able to move on with their lives. It may have been more difficult to get loans or credit cards, but 7-10 years isn’t too long of a time to work on recovering financially.
Speak with a Vero Beach Bankruptcy Lawyer Today
Realizing that you can’t take care of your debts on your own is a scary moment. The good news is you don’t have to face it alone. A Vero Beach bankruptcy lawyer at Hoskins, Turco, Lloyd & Lloyd can help you navigate your different options to determine if bankruptcy is right for you.
Call us at 866-460-1990 or contact us online today for a free, no-obligation consultation to discuss all of your options to handle your debt today.
Ft. Pierce, FL 34950
Port St. Lucie, FL 34952
Okeechobee, FL 34972
Vero Beach, FL 32960