When you fall behind on bills and start receiving harassing phone calls from lenders or collection agencies, it may feel as though you have nowhere to turn. However, that’s not the case. If you feel that you have lost control of your financial life, you may want to consider filing for bankruptcy. While filing for bankruptcy may not be the best choice for every person who has fallen on difficult financial times, it may be the right choice for you. When you choose to file for bankruptcy, many of your debts will be discharged or canceled, once the process of filing for bankruptcy is completed.
If you feel that filing for bankruptcy might be the right choice for you or your family, it would be wise to contact an experienced Florida bankruptcy attorney to help guide you through the process and give you specific details about what to expect on your journey to financial freedom. The attorneys at Hoskins, Turco, Lloyd, and Lloyd have over 30 years of experience of successfully working with clients who are in the process of declaring bankruptcy.
Most individuals who file for bankruptcy choose to file for Chapter 7 bankruptcy relief. If you are unsure about which bankruptcy relief is right for you, contact your attorney who has experience in dealing with a variety of bankruptcy cases and can help guide you in the right direction.
In general, you can expect the entire process to take about four months. Here are the steps in a Chapter 7 bankruptcy case:
In short, no, not all debt is eligible to be discharged in Chapter 7 bankruptcy relief.
Most unsecured debt, such as credit card debt, medical bills, and personal loans are eligible for being discharged when you declare bankruptcy. However, there are certain categories of debt that are not dischargeable. These 19 categories of debt were decided by Congress to be ineligible for discharge, generally due to public policy reasons.
Debts ineligible for discharge include any federal student loan debts and domestic debts such as child support or alimony, as well as any recently accrued federal, state, or local taxes. It is also important to note that any new debt that has been taken on since the start of the bankruptcy proceedings would be ineligible for discharge, as only the debts listed in the initial bankruptcy petition will be considered.
There are also situations where the debts may not be dischargeable if the creditor objects.
Though less common, it is also worth noting that any debt that is connected to any kind of fraudulent activity may not be eligible to be discharged. There are also other specific kinds of debts that will not necessarily be discharged because of creditor objections, such as luxury purchases within 90 days of your initial filing, or any cash advances over $1,000 taken out within 70 days of filing. Creditors would have to file their objections with the court and the court would make the final decision about whether those particular debts would be able to be discharged or if the bankruptcy petitioner would still be liable to repay them.
If most of your debts are debts that are not dischargeable under Chapter 7, it may not be in your best interest to declare bankruptcy. If this is the case, it is important that you contact an experienced bankruptcy attorney in your area who can review the facts of your case and help you make an informed decision about which route to take that works best for your specific situation.
If you have been having a difficult time honoring your financial obligations and are wondering if bankruptcy might be right for you, contact an experienced bankruptcy attorney.
At Hoskins, Turco, Lloyd, and Lloyd, we have over 30 years of experience representing our clients in bankruptcy cases. Hiring an attorney during this stressful time can help ensure that you are able to make the right choices for yourself and your family. With four offices located across the Treasure Coast for your convenience, we have experience representing clients in Vero Beach, Port St. Lucie, Ft. Pierce, and Okeechobee.
Contact us today to schedule your complimentary, no-obligation consultation, where you’ll get to sit down with one of our knowledgeable attorneys and receive personalized advice about your case and how to best move forward. Whether you would prefer to meet in person or virtually, you can schedule your consultation by calling us at 866-460-1990 or contacting us online.
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