Attorney Justin Lefko discusses when bankruptcy may be the best choice for you

7 signs that filling for bankruptcy is the best option for you

Attorney Justin Lefko shares 7 situations when filing for bankruptcy is the smart choice

Are you feeling the impact of inflation? Throughout the Treasure Coast, current economic trends are creating financial hardships for residents. Gas prices are rising. Unemployment is high. And many small businesses are still reeling from the detrimental effects of the pandemic. As a result, a record number of people are overwhelmed with debt and struggling to make ends meet. But is filing for bankruptcy the solution?

Attorney Justin Lefko, a bankruptcy specialist who was recently elevated to shareholder of our firm, shares seven situations when filing for bankruptcy is a smart decision.

In the decade that I’ve been helping Treasure Coast residents restructure debt and overcome significant financial hardships, I have seen a variety of reasons for why people file for bankruptcy. However, when I meet with a potential client, I tend to ask these seven questions.

  1. Do you have to take out payday loans, cash advances on credit cards, or other forms of high interest loans to make ends meet?
  2. Are you behind by more than two months on major bills, such as a mortgage or car payment, and cannot catch up?
  3. Have you lost a significant source of income?
  4. Have you incurred a drastic increase in expenses, such as large medical bills?
  5. Do you have tax debt that you cannot pay off within two years?
  6. Are you constantly being pursued or harassed by creditors?
  7. Do you suffer anxiety or lose sleep due to your worry over money and making payments?

If you answer yes to any of these questions, filing for bankruptcy may be a smart choice for you.

How filing for bankruptcy can help you

I always tell clients that there are real benefits to filing for bankruptcy. While each case is unique, here are just a few ways that bankruptcy can help you.

  • You can prevent foreclosures, repossessions and utility shut-offs. When you file for bankruptcy under Chapter 7 or Chapter 13, the bankruptcy court will issue an automatic stay that puts a stop to any and all collection efforts.  This includes mortgage foreclosure, auto repossession, and other property repossession.
  • You can completely wipe your debt clean. Chapter 7 bankruptcy completely wipes clean and discharges eligible unsecured debts.  Likewise, at the end of your Chapter 13 repayment period, any remaining debt that is covered will be discharged.

Is filing for bankruptcy right for you?

The best way to know whether or not filing bankruptcy is right for you is to speak with an experienced and local bankruptcy attorney.

At Hoskins, Turco, Lloyd & Lloyd, our experienced bankruptcy attorneys understand how stressful filing for bankruptcy can be. If you have questions about filing for bankruptcy or regarding your current legal matter, don’t hesitate to contact our office. We provide free, no-obligation consultations so you can know the facts.

At times like this, you need a partner you can trust. And we give you the best, most complete information to make informed decisions. Call us today at 866-930-6435.

Verdicts and Settlements

$1.2 Million

Auto Accident Settlement

$1.6 Million

Wrongful Death Settlement

$11.1 Million

Settlement for motorcycle accident


Ft. Pierce Office
302 South Second Street
Ft. Pierce, FL 34950
Phone: (772) 464-4600
Fax: (772) 465-4747
Port St. Lucie Office
1555 NW St. Lucie West Blvd
Suite 203, Port St. Lucie, FL 34986
Phone: (772) 344-7770
Fax: (772)344-3838
Okeechobee Office
1910 S Parrott Ave
Okeechobee, FL 34974
Phone: (863) 357-5800
Fax: (863) 763-2237
Vero Beach Office
2101 15th Avenue
Vero Beach, FL 32960
Phone: (772) 794-7774
Fax: (772) 794-7773