In bankruptcy proceedings, when your financial security is at stake, it is important to hire an experienced and competent bankruptcy attorney to guide the way and ensure you receive the legal help you need for a financial fresh start!
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Let’s start by changing the way you think about the word bankruptcy
Before you can consider whether Chapter 7 or Chapter 13 is right for you, you must first change the way you think about bankruptcy.
Declaring bankruptcy is not about failure or embarrassment. Bankruptcy is about having the wisdom and wherewithal to pursue your rights per the United States legal court system to stabilize your situation and stop creditors so you can successfully restart your financial future.
In bankruptcy proceedings, when your financial security is at stake, it is important to hire an experienced and competent bankruptcy attorney to guide the way and ensure you receive the legal help you need for a financial fresh start!
A Florida bankruptcy attorney can help you restart
When facing the daunting prospect of bankruptcy, having a skilled and knowledgeable law firm by your side is crucial. This is why it is highly recommended that you hire a local Florida bankruptcy lawyer like Colin Lloyd. With years of experience and a proven track record of success, Attorney Colin Lloyd has the expertise and resources necessary to advocate effectively for your best interests.
By choosing a Florida bankruptcy lawyer, you can benefit from their familiarity with the local court system, judges, and procedures. This can give you a significant advantage in navigating the complexities of bankruptcy law and ensuring that your case is handled efficiently and effectively.
Attorney Colin Lloyd is known for his dedication to his clients and commitment to achieving the best possible outcomes. He understands the stress and uncertainty that can come with financial difficulties and is dedicated to providing compassionate and personalized legal representation to help you confidently move forward.
In addition to over 20 years of bankruptcy legal expertise, Attorney Colin Lloyd has a strong reputation within the legal community and a network of resources that can be invaluable in building a strong case on your behalf. With Attorney Colin Lloyd on your side, you can trust that you are in capable hands and that he will work tirelessly to protect your rights and secure a brighter future for you and your loved ones.
Bankruptcy is a legal process that allows individuals or businesses to reduce or eliminate their financial obligations when they are unable to pay their debts. This can provide a fresh start for those who are overwhelmed by debt and unable to meet their financial obligations.
The courts understand that financial hardships exist, often at no fault of the individual, and allow debts to be eliminated, reduced, or allow more time to catch up on missed payments.
Bankruptcy courts may discharge certain debts, meaning debtors are no longer legally obligated to repay them. Qualifying debts typically include unsecured debts like credit card balances, medical bills, and personal loans. Bankruptcy encourages debtors to reassess their financial habits and adopt responsible financial practices to avoid future debt problems.
In reorganization bankruptcies like Chapter 13, debtors develop repayment plans outlining how they will repay creditors over a specified period. These plans are based on the debtor’s disposable income and may involve partial repayment of debts.
Upon filing for bankruptcy, an automatic stay goes into effect, halting creditor collection efforts, including foreclosure, wage garnishment, and lawsuits. This legal protection gives debtors breathing room to evaluate their financial situation and work toward a solution.
Bankruptcy facts and fallacies
It is a major misconception that filing bankruptcy will cause you to lose your house and car and destroy your credit. There are many misconceptions surrounding bankruptcy, but it’s important to know that an experienced Florida bankruptcy lawyer can help protect your assets from being seized by the court.
Contrary to popular belief, filing for bankruptcy can actually improve your credit score in the long run. By taking the necessary steps to rebuild your credit and manage your finances responsibly after filing for bankruptcy, you can see an increase in your credit score over time. It’s important to work with a knowledgeable lawyer who can guide you through the process and help you make informed decisions about your financial future.
Bankruptcy can be a complex process, and with many years of experience as a bankruptcy lawyer here in Port St. Lucie, Vero Beach, Fort Pierce, and Okeechobee, Attorney Colin Lloyd has the expertise to guide you through this difficult time. And because your financial outlook is at risk, we provide FREE same-day consultations so you can learn your options and start looking forward to your financial future.
What are the different types of bankruptcy?
There are different types of bankruptcy, including Chapter 7 or Chapter 13 bankruptcy for individuals and Chapter 11 for businesses.
In a Chapter 7 bankruptcy, a trustee is appointed to liquidate the debtor’s assets to pay off creditors, while in a Chapter 13 bankruptcy, the debtor creates a repayment plan to pay off their debts over a period of time.
Chapter 11 bankruptcy is a form of bankruptcy that allows businesses to restructure and reorganize their debts in order to continue operating. This type of bankruptcy is often used by businesses that are struggling financially but believe they have a viable path to recovery.
When a business files for Chapter 11 bankruptcy, it typically creates a reorganization plan that outlines how it will repay its creditors over a period of time. This plan must be approved by the bankruptcy court and the business must adhere to the terms of the plan in order to successfully emerge from bankruptcy.
During the Chapter 11 process, the business is able to continue operating and managing its day-to-day affairs. This allows the business to generate revenue and potentially turn its financial situation around. In some cases, businesses may also be able to renegotiate contracts, leases, and other financial obligations in order to improve their financial outlook.
Overall, Chapter 11 bankruptcy provides struggling businesses with a chance to restructure their debts and reorganize their operations in order to become financially stable and continue operating in the long term.
A bankruptcy case can have long-term consequences, such as a negative impact on credit scores and the ability to obtain credit in the future. However, it can also provide debt relief and a chance for a fresh financial start. It is important to consult with a bankruptcy lawyer to understand the process and determine if bankruptcy is the right option for your financial situation.
Which form of bankruptcy is right for my situation?
Chapter 7 (Liquidation) – A Chapter 7 Bankruptcy is the most common form of bankruptcy and is traditionally what most individuals believe to be a bankruptcy filing. In Chapter 7, most debts are immediately discharged within a few months of filing bankruptcy. Bankruptcy courts can restrict the number of assets an individual may protect before being required to turn over such unprotected assets. An experienced bankruptcy lawyer at our firm will carefully review your assets to ensure that this does not happen without your consent prior to filing the bankruptcy petition.
Chapter 13 (Reorganization) – A Chapter 13 Bankruptcy is where an individual proposes a payment plan with the bankruptcy court whereby payments are made on a monthly basis. The court does not seize assets, rather allows an individual who has more assets than can be protected to voluntarily set up a payment plan to keep those assets. The court additionally allows an expanded or “super discharge” in a Chapter 13 Bankruptcy where certain debts that are nondischargeable in Chapter 7 can be discharged.
It is often possible to eliminate a second mortgage on an individual’s homestead, real property, and/or reduce the mortgage on a piece of non-homestead real property to fair market value. This mortgage modification allows individuals to eliminate tens of thousands dollars, even hundreds of thousands of dollars, more than they ever believed was possible.
An experienced bankruptcy lawyer is critical to have on your side to ensure you maximize the benefit of your bankruptcy filing.
What type of debts can be discharged during bankruptcy?
In bankruptcy, certain types of debts can be discharged, meaning you are no longer legally obligated to repay them. The types of debts that can typically be discharged include:
Credit card debt
Medical bills
Personal loans
Utility bills
Past-due rent payments
Business debts (if you’re filing as a sole proprietor)
Some lawsuit judgments
Certain types of taxes (though this can be complex and depends on various factors)
Other unsecured debts
However, it’s important to note that not all debts can be discharged through bankruptcy. Non-dischargeable debts often include:
Child support and alimony payments
Certain tax debts
Student loans (unless you can demonstrate undue hardship, which is difficult to prove)
Court fines and penalties
Debts from personal injury caused by driving under the influence
Debts not listed in your bankruptcy papers
Debts incurred through fraud or malicious intent
The specific rules regarding dischargeable and non-dischargeable debts can vary depending on the type of bankruptcy you file (Chapter 7, Chapter 13, etc.) and your individual circumstances. Consulting with a bankruptcy lawyer can provide personalized guidance based on your situation.
How do I know if I need to file for bankruptcy?
Filing for bankruptcy is a serious decision that should not be taken lightly. The process can be complex and overwhelming, requiring a thorough understanding of the laws and regulations surrounding bankruptcy. It is important to carefully consider all of your options and consult with a qualified bankruptcy attorney before making a decision.
Bankruptcy can have long-lasting consequences on your financial future, including impacting your credit score, ability to obtain loans, and even future employment opportunities. It is crucial to weigh the benefits and drawbacks of filing for bankruptcy and explore alternative solutions before moving forward with the process.
Additionally, there are different types of bankruptcy, each with its own set of rules and requirements. Chapter 7 bankruptcy involves liquidating assets to pay off debts, while Chapter 13 bankruptcy involves creating a repayment plan to pay off debts over time. Understanding the differences between these options and determining which is best for your situation is essential.
Given these factors, it’s crucial to thoroughly understand what the process will mean for you before you decide to file for bankruptcy. It is important to educate yourself, seek professional guidance, and carefully consider all of your options before making a decision that could have a significant impact on your financial future.
When someone is seeking advice on how to handle their debt situation they naturally would want to find the answer to the many questions that will arise after they decide to file. To better understand the process, take a look at this in-depth discussion on knowing whether you need to file for bankruptcy.
Does bankruptcy require me to go to court?
Bankruptcy court can be a daunting and overwhelming experience for many individuals facing financial difficulties. The thought of having to navigate the legal system and potentially lose assets can be terrifying.
While the process may seem intimidating, there are resources available to help guide individuals through the bankruptcy process. A qualified bankruptcy lawyer can provide guidance and support throughout the proceedings and there are often resources available through the court system to help individuals understand their rights and responsibilities during bankruptcy proceedings.
By educating yourself about the bankruptcy process and seeking the assistance of professionals, you can alleviate some of the fear and uncertainty surrounding bankruptcy court.
Schedule a free consultation with our experienced Florida bankruptcy law firm
At Hoskins, Turco, Lloyd & Lloyd, our experienced team of legal experts, led by Bankruptcy Attorney and Senior Partner Colin Lloyd, have helped thousands of clients make a fresh start and recover financially.
During your complimentary bankruptcy consultation at any of our South Florida offices in Port St. Lucie, Vero Beach, Fort Pierce, and Okeechobee, we’ll sit down with you and take the time to discuss the personalized bankruptcy or foreclosure option that best fits your particular scenario. We will also develop customized payment plans tailored to your specific financial situation.
To schedule your complimentary consultation with Colin Lloyd, Bankruptcy Attorney in Port St. Lucie, Vero Beach, Fort Pierce, or Okeechobee, call 866-930-6435 or visit the contact page.
How does it work? It's a simple 3 step process to get us working on your case.
If you are behind on mortgage payments and have been notified that a foreclosure is pending, you must act immediately if you want to save your home. In Florida, a foreclosure can be scheduled very quickly. Therefore, contact our bankruptcy attorneys immediately. We have over 25 years of experience in successfully stopping Treasure Coast home foreclosures. There is no wait time to meet with our attorneys, and your case will have our full and undivided attention. We will assess your circumstances and quickly determine if filing for bankruptcy can protect your assets.
If you are struggling with never-ending debt, Chapter 7 bankruptcy is designed to permit an individual or married couple (or, in certain cases, a business) to essentially wipe the slate clean. This means you may be able to discharge or eliminate your debt for a fresh financial start. Our experienced Treasure Coast bankruptcy attorneys can help you determine if you are eligible for Chapter 7 bankruptcy. Then, we can develop personalized plans that give you the best possible outcome, helping you keep ownership of your primary residence and other assets, such as Social Security and retirement benefits.
Chapter 13 bankruptcy, also known as “reorganization bankruptcy,” is a form of bankruptcy protection available to individuals and couples with regular income who are struggling with overwhelming debt, but have the ability to repay some or all of the debt over time. Therefore, it is essential that you enlist the help of an experienced bankruptcy attorney who can set up a smart and manageable repayment plan. Our bankruptcy attorneys have helped hundreds of Treasure Coast residents successfully navigate Chapter 13 bankruptcy. Call us for a free consultation.
Which form of Bankruptcy is right for my situation?
Chapter 7 (Liquidation) – A Chapter 7 Bankruptcy is the most common and traditionally what most individuals believe to be a bankruptcy filing. In Chapter 7, most debts are immediately discharged within a few months of filing bankruptcy. The Court does restrict the number of assets an individual may protect before being required to turn over such unprotected assets to the Court. An experienced bankruptcy attorney at our firm will carefully review your assets to ensure that this does not happen without your consent prior to filing the bankruptcy petition.
Chapter 13 (Reorganization) – A Chapter 13 Bankruptcy is where an individual proposes a payment plan with the Court whereby payments are made on a monthly basis to the Court. The Court does not seize assets, rather allows an individual who has more assets than can be protected to voluntarily set up a payment plan to keep those assets. The Court additionally allows an expanded or Super Discharge in a Chapter 13 Bankruptcy where certain debts that are nondischargeable in Chapter 7 can be discharged.
It is often possible to eliminate a 2nd Mortgage on an individual’s homestead real property and/or reduce the mortgage on a piece of non-homestead real property to fair market value. This mortgage modification allows individuals to eliminate tens of thousands, even hundreds of thousands of dollars more than they ever believed was possible. An experienced bankruptcy attorney is critical to have on your side to ensure you maximize the benefit of your bankruptcy filing.
The questions that are often asked by consumers who are considering filing bankruptcy are; How do I know if I need to file bankruptcy? What happens if I do file bankruptcy? Will my credit still be in good shape in a few years? How much will it cost me to go through this process?
Bankruptcy is a very complicated process and the decision to file for bankruptcy should not be taken lightly. When someone is seeking advice on how to handle their debt situation they naturally would want to find the answer to the many questions that will arise through the process. To better understand the process, take a look at this in-depth discussion on knowing whether you need to file for bankruptcy.
Which form of Bankruptcy is right for my situation?
There are several different types of bankruptcies that a person could choose from and each has its own pros and cons. Knowing the differences between the different types will help you choose the best option that fits your circumstances.
It is often possible to eliminate a 2nd Mortgage on an individual’s homestead real property and/or reduce the mortgage on a piece of non-homestead real property to fair market value. This mortgage modification allows individuals to eliminate tens of thousands, even hundreds of thousands of dollars more than they ever believed was possible. An experienced bankruptcy attorney is critical to have on your side to ensure you maximize the benefit of your bankruptcy filing.
Are you nervous about going to bankruptcy court? You’re not alone. Bankruptcy court is not a fun time, it’s a very stressful time and you don’t want it to be one of the reasons why you lose your home or your car. Bankruptcy can be scary, especially if you don’t know what is coming, but it doesn’t have to be. Here are some tips that will help you make sure that you’re going to be able to overcome your fear of going to bankruptcy court.
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As the law firm Florida has trusted for over 40 years to fight on their behalf, we are more than ready to represent you. Put our experience and reputation to work. If you need help with any legal matter, whether it’s a personal injury, workers’ compensation, disability or bankruptcy case, contact us now. The consultation is absolutely free.
Get the answers you need. We’ll review your case today, for free.
Bankruptcy is a legal process that allows individuals or businesses to reduce or eliminate their financial obligations when they are unable to pay their debts. This can provide a fresh start for those who are overwhelmed by debt and unable to meet their financial obligations.
Port St. Lucie
