Okeechobee Bankruptcy Lawyer

Filing for bankruptcy in Okeechobee is not a failure—it’s a fresh financial start

If your debt is becoming unmanageable and you are struggling to pay bills and make ends meet, help is one phone call away. The experienced Okeechobee bankruptcy lawyers at Hoskins, Turco, Lloyd & Lloyd can give you peace of mind and the legal guidance you need to rebuild your financial future.

Our Okeechobee bankruptcy law firm has helped thousands of people on the Treasure Coast and in Okeechobee regain control of their finances through strategic bankruptcy plans that eliminate debt, stop creditor harassment, and protect your precious assets. Take the first step and schedule a free and confidential consultation with our bankruptcy attorneys in Okeechobee.

 

Remove the burden of debt with our Okeechobee Bankruptcy Attorneys

If you are considering filing for bankruptcy in Okeechobee, you are likely feeling scared or worried about how bankruptcy will impact your life or future finances. At Hoskins, Turco, Lloyd & Lloyd, we understand your fear and anxiety, but we also know how positive and beneficial bankruptcy can be for many individuals and businesses.

For decades, our Okeechobee bankruptcy attorneys have helped numerous people within the Okeechobee community remove the burden of debt through smart, strategic, and manageable bankruptcy plans. We specialize in Chapter 7 and Chapter 13 bankruptcies and have a proven track record of negotiating the best possible debt settlement plans.

With us by your side, you can have a bright financial future.

Why you should choose our Okeechobee Bankruptcy Attorneys

When selecting a bankruptcy attorney, it’s essential to choose one who not only possesses expertise and experience in bankruptcy law but also demonstrates a genuine commitment to their clients’ well-being. At Hoskins, Turco, Lloyd & Lloyd, our Okeechobee bankruptcy attorneys stand out among the many options available because we prioritize personalized attention, compassionate support, and effective legal representation.

Our team understands that facing bankruptcy can be a challenging and overwhelming experience, which is why we strive to provide guidance and advocacy tailored to each client’s unique needs and circumstances. From the initial consultation to the resolution of your case, we are committed to guiding you through every step of the bankruptcy process with integrity, empathy, and professionalism.

Want to speak with an Okeechobee bankruptcy attorney for free? Call (863) 357-5800 to schedule a free, confidential consultation with an Okeechobee bankruptcy attorney.

If you are struggling with debt, know that you are not alone

Being in debt can bring about overwhelming worry and stress, especially when it comes to meeting basic needs like putting food on the table and providing for loved ones. The constant pressure of financial obligations can feel like a heavy weight on one’s shoulders, overshadowing daily life with uncertainty and anxiety.

If you find yourself in this situation, it’s important to know that you are not alone.

• In 2023, 452,990 individuals and businesses filed for bankruptcy in the U.S.
• Approximately 8 out of 10 Americans are in some form of debt.
• The average American has a debt of $104,215 (as of 2024).

Three key benefits of filing for bankruptcy in Okeechobee

In times of overwhelming debt and financial uncertainty, filing for bankruptcy can provide a lifeline and a path toward regaining control of your financial future. While the decision to file for bankruptcy may seem daunting, it’s important to recognize the numerous benefits of bankruptcy.

• Significant debt relief – Whether you’re struggling with credit card debt, medical bills, or personal loans, bankruptcy can provide a way to eliminate or restructure your debts, giving you a clean slate to start anew.
• Stop creditor harassment – Filing for bankruptcy triggers an automatic stay, which halts all collection actions by creditors. This means no more harassing phone calls, letters, or legal threats, providing much-needed relief from creditor harassment and giving you the breathing room to focus on rebuilding your finances.
• Asset protection – Depending on the type of bankruptcy you file, certain assets may be protected from liquidation. This means you’ll likely be able to keep your home, car, and personal belongings, providing a safety net for you and your family.

Understanding the different types of bankruptcy

For Okeechobee residents who are overwhelmed with debt, there are primarily two types of bankruptcy that you can file: Chapter 7 bankruptcy and Chapter 13 bankruptcy. It’s important to know the differences between the two to select the best option for you. 

Chapter 7 bankruptcy in Okeechobee

Chapter 7 bankruptcy is also known as liquidation bankruptcy. There is a means test that must be passed, meaning if you make above a certain amount of money, you cannot file Chapter 7.

Essentially, this type of bankruptcy is for those who are unable to pay their debts. It allows you to discharge your unsecured debts, such as credit cards and medical debt.

Secured debt, such as mortgages and student loans, cannot be discharged.

If you file Chapter 7 bankruptcy, most (if not all) of your property and assets will be sold to cover your debts. There are some exemptions, but your attorney can explain them to you.

Once the debts are either settled or dismissed, you can move on with your life with a clean slate. The biggest downside, aside from having to sell all of your assets, is the fact that Chapter 7 bankruptcy stays on your credit report for up to 10 years.

Chapter 13 bankruptcy in Okeechobee

Chapter 13 bankruptcy allows you to reorganize your debt to more easily pay it off. However, to qualify for Chapter 13 bankruptcy, you must have a regular income that enables you to make monthly payments toward your debt repayment plan, and your secured and unsecured debts must be below specific limits.

As of 2024, the limits are $1,257,850 for secured debts and $419,275 for unsecured debts. If you qualify for Chapter 13, your debt will be restructured so that you can pay it off over 3 to 5 years.

There are certain requirements that must be met while you’re under a Chapter 13 repayment plan. First, all payments must be made either on time or early.

Late payments are not accepted. If you lose your job or otherwise find yourself unable to continue making payments, it’s up to you to negotiate with your creditors.

Other requirements may be put in place, and not following these requirements will mean your case is dismissed, and you’re again in charge of paying your debts immediately.

What’s the process for filing for bankruptcy in Okeechobee?

At Hoskins, Turco, Lloyd & Lloyd, our Okeechobee bankruptcy lawyers have helped countless individuals successfully navigate the bankruptcy process. In general, the bankruptcy process is very similar to Chapter 7 and Chapter 13 bankruptcies.

Below, we provide a high-level overview of what you can expect if you file for Chapter 7 or Chapter 13 bankruptcy in Okeechobee.

The Chapter 7 bankruptcy process in Okeechobee

1. Pre-filing counseling: Before filing for Chapter 7 bankruptcy, you must complete a credit counseling course from an approved agency. This must be completed within 180 days of filing for Chapter 7 bankruptcy.
2. Filing the petition: The process begins by filing a petition for Chapter 7 bankruptcy with the bankruptcy court in the district where you reside. Along with the petition, you must submit documents listing their assets, liabilities, income, expenses, and other financial information.
3. Automatic stay: Upon filing, an automatic stay goes into effect, halting all collection actions by creditors, including lawsuits, garnishments, foreclosures, and collection calls.
4. Meeting of creditors: Approximately four to six weeks after filing, you must attend a meeting of creditors, also known as a 341 meeting, where you answer questions under oath from the bankruptcy trustee and creditors. The trustee reviews your financial documents and determines if any non-exempt assets are available for liquidation.
5. Discharge of debts: If there are no objections from creditors and the trustee, you receive a discharge of eligible debts approximately two to three months after the meeting of creditors. Debts discharged in Chapter 7 bankruptcy typically include credit card balances, medical bills, personal loans, and certain other unsecured debts. On average, a Chapter 7 bankruptcy proceeding takes about six months to complete.

The Chapter 13 bankruptcy process in Okeechobee

1. Pre-filing counseling: Similar to Chapter 7 bankruptcy, you must complete a credit counseling course 180 days before filing for Chapter 13 bankruptcy in Okeechobee.
2. Filing the petition: Then, you file a petition for Chapter 13 bankruptcy with the bankruptcy court, along with a proposed repayment plan outlining how you intend to repay creditors over three to five years. This is where having an experienced Okeechobee bankruptcy law firm can make all the difference, ensuring you have a strategic and manageable repayment plan.
3. Automatic stay: Upon filing, an automatic stay is triggered, providing protection against creditor actions while the repayment plan is in effect.
4. Confirmation hearing: Within three to six months of filing, the bankruptcy court holds a confirmation hearing to approve or modify the repayment plan. Creditors have the opportunity to object to the plan if they believe it does not comply with bankruptcy law.
5. Repayment plan: Once the court confirms the repayment plan, you begin making payments to the bankruptcy trustee, who distributes the funds to creditors according to the terms of the plan.
6. Discharge of debts: After completing all payments under the repayment plan, you receive a discharge of eligible debts. Unlike Chapter 7 bankruptcy, Chapter 13 allows you to catch up on missed mortgage or car payments and retain your assets while repaying creditors. Chapter 13 bankruptcy typically involves a repayment plan lasting three to five years.

How much does it cost to file for bankruptcy in Okeechobee?

The cost of filing for bankruptcy in Okeechobee includes court filing fees and attorney fees. As of 2024, the filing fee for Chapter 7 bankruptcy is $338, and for Chapter 13 bankruptcy, it is $313. These fees are paid to the bankruptcy court at the time of filing.

In addition to court filing fees, individuals filing for bankruptcy in Okeechobee typically incur attorney fees for legal representation. Attorney fees vary depending on the complexity of the case, the attorney’s experience and expertise, and other factors.

However, at Hoskins, Turco, Lloyd & Lloyd, we offer flexible payment arrangements tailored to your financial situation. We know you are experiencing financial hardship at this time, so we customize installment plans that accommodate your budgetary constraints.

Does bankruptcy affect your credit score?

Filing for bankruptcy will significantly affect your credit score. A Chapter 7 bankruptcy can stay on your credit report for up to 10 years, and a Chapter 13 bankruptcy can remain for up to 7 years.

However, many people find they can start rebuilding their credit soon after their debts are discharged. At Hoskins, Turco, Lloyd & Lloyd, we have many clients in Okeechobee who have filed for bankruptcy and discovered that they qualify for new credit cards, loans, and even mortgages within a few years.

Do you need to hire an attorney to file for bankruptcy in Okeechobee?

While you are not legally required to hire an attorney to file for bankruptcy in Okeechobee, it is highly recommended. Hiring an Okeechobee bankruptcy lawyer ensures you are protected throughout the entire bankruptcy proceeding.

Here are a few reasons why you should hire an Okeechobee bankruptcy lawyer to represent you:

• Legal expertise – Bankruptcy law is complex and subject to frequent changes. In addition, filing for bankruptcy involves a significant amount of paperwork and adherence to strict deadlines and procedural rules. Our Okeechobee bankruptcy law firm has experts who will ensure that all required documents are accurately completed and submitted on time, minimizing the risk of errors or omissions that could delay or jeopardize your case.
• Protection from errors and pitfalls – Mistakes in your bankruptcy filing can have serious consequences, potentially leading to the dismissal of your case or the loss of valuable assets. By working with a an attorney from our Okeechobee bankruptcy law firm, you can avoid common pitfalls and errors that could jeopardize your financial future.
• Representation in court – Bankruptcy proceedings may require you to appear in court for hearings and meetings with creditors. Having an attorney by your side can provide reassurance and advocacy during these proceedings, ensuring that your interests are protected and your rights are upheld.
• Peace of mind – Dealing with overwhelming debt and financial uncertainty can be incredibly stressful. Hiring an Okeechobee bankruptcy lawyer can provide peace of mind, knowing that you have a knowledgeable advocate on your side to help you navigate the complexities of the bankruptcy process and work towards a fresh financial start.

Work with an experienced Okeechobee Bankruptcy Law Firm today

Deciding to file for bankruptcy is a decision that shouldn’t be made lightly or hastily. It’s important to consider all of your different options before deciding on this path.

At Hoskins, Turco, Lloyd & Lloyd, our legal team has been assisting our local community members to navigate their financial and legal options for over 30 years. To work with an Okeechobee bankruptcy law firm about your situation, call (863) 357-5800 or contact us today for a free, no-obligation consultation.