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Living in Vero Beach is often compared to living in paradise, but for those who are struggling with debt, it rarely is. 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 creditors to set up payment plans or working with a debt consolidation company. However, 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 (772) 794-7774 or contact our Vero Beach bankruptcy law firm online for a free consultation today.
There are a few different common types of bankruptcy you may hear about. Many of these apply to just businesses and corporations.
However for private citizens, there are two main types of bankruptcy available. These include Chapter 7 and Chapter 13.
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, but 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.
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 paying your debts immediately.
Chapter 13 bankruptcy stays on your credit report for 7 years.
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. The 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.
When you file for bankruptcy in Vero Beach, it is important to understand the difference between a discharge and a closing. Your debts may have been discharged, but your case is not complete.
Here’s the difference:
A bankruptcy discharge is when you no longer have to pay certain debts. Dischargeable debts typically include credit card debt, personal loans, and medical and utility bills.
When you file for Chapter 7 bankruptcy in Vero Beach, a discharge is usually granted a few months after filing your case. When you file for Chapter 13 bankruptcy in Vero Beach, a discharge takes a little longer.
The bankruptcy court often requires you to complete your Chapter 13 repayment plan before granting you a discharge.
Even if you receive a discharge, regardless of whether you filed for Chapter 7 or Chapter 13 bankruptcy, your case remains open until the court issues a final decree or orders the case to close. If you have a complex bankruptcy case with multiple lawsuits, your case may remain open for a long period of time—sometimes months, even years.
However, for most Vero Beach residents, bankruptcy cases can move quickly, often closing within 6 months of filing.
You will know when your bankruptcy case is complete because the court will issue an official case closing. If you hire a Vero Beach bankruptcy lawyer to help you with your case, your attorney should notify you and update you at each stage of the process.
At Hoskins, Turco, Lloyd & Lloyd, our experienced Vero Beach bankruptcy lawyers have helped hundreds of residents and businesses in Indian River County get a fresh financial start. We offer free consultations for anyone in Vero Beach or Sebastian considering filing for bankruptcy.
Our Vero Beach bankruptcy attorneys will assess your unique situation, discuss your options, and help you decide which chapter is best for you.
Call us at (772) 794-7774 to schedule your free consultation with our Vero Beach bankruptcy lawyers. The sooner you call us, the sooner you can feel better about your finances and future.
If you are considering filing for bankruptcy in Vero Beach, you have several options. Chapter 7 and Chapter 13 bankruptcy are the most common types of bankruptcy filings, and while similar, there are important differences between them.
Below, we have provided information on Chapter 7 and Chapter 13 bankruptcy, but we highly recommend you speak with an experienced Vero Beach bankruptcy attorney before choosing one of the options. At Hoskins, Turco, Lloyd & Lloyd, our Vero Beach bankruptcy attorneys have taken on thousands of bankruptcy cases since 1999, and we have helped people from all walks of life find solutions to the most complex financial problems.
You can schedule a free, no-obligation consultation with our Vero Beach bankruptcy lawyers by calling (772) 794-7774.
Chapter 7 Bankruptcy – also known as liquidation bankruptcy, Chapter 7 bankruptcy eliminates most of your general unsecured debts, such as credit card debt, medical and utility bills, and personal loans. When you file for Chapter 7 bankruptcy in Vero Beach, you usually do not have to pay back these “dischargeable debts.”
To qualify for Chapter 7 bankruptcy, you must meet certain income requirements. If you make too much money, you may have to file for Chapter 13 bankruptcy.
You can learn more about filing for Chapter 7 bankruptcy in Vero Beach here.
Chapter 13 Bankruptcy – also known as reorganization bankruptcy, Chapter 13 bankruptcy is intended for individuals or businesses who make enough money each month that they can pay back at least a portion of their debts through a repayment plan. Even though most people who file for Chapter 13 make too much money to qualify for Chapter 7 bankruptcy, many individuals choose to file for Chapter 13 bankruptcy in Vero Beach because it offers several benefits not available in Chapter 7.
For example, when you file for Chapter 13 bankruptcy, you are able to keep all of your property, including nonexempt assets, but you will have to pay back a portion of your debt.
You can learn more about filing for Chapter 13 bankruptcy in Vero Beach here.
Most people who file for bankruptcy in Vero Beach will have to go to court, but not often. Usually, filing for bankruptcy requires two court appearances.
Once when you submit your forms and file your petition and once for your 341 meeting, also known as the “Meeting of the Creditors.” However, if you hire a Vero Beach bankruptcy law firm, you may not have to go to court at all.
The first “court appearance” simply involves walking your forms into the court and filing them at the clerk’s office. We at Hoskins, Turco, Lloyd & Lloyd as your Vero Beach bankruptcy law firm will handle this process for you, so you will not have to do this.
The second “court appearance” is your 341 meeting, also known as your “Meeting of the Creditors.” This is a brief meeting, typically no longer than 15 minutes, where an official, known as your trustee, will ask you a few questions to make sure you are telling the truth on your bankruptcy forms.
If the trustee believes that you have answered all questions truthfully, then you will be “approved” for a discharge. Depending on your circumstances, our Vero Beach bankruptcy attorneys may be able to schedule this meeting virtually or through video conferencing.
Bankruptcy proceedings do not involve trials and the process is relatively simple. You may have to go to court more than two times if an issue arises, but that rarely happens.
Under United States federal law, an employer cannot fire you for filing for bankruptcy. However, under Florida employment laws, there is nothing that can prohibit an employer from refusing to hire someone who has filed for bankruptcy in the past.
This means that you will not lose your current job, but you may experience some issues in the future.
Bankruptcy filings are public records, so potential employers could learn of your bankruptcy through a credit check. Yet, it’s important to know that most employers do not run credit checks on job applicants unless the position directly relates to financial management.
Therefore, for most people who file for bankruptcy in Vero Beach, employment is not affected.
If you have filed for bankruptcy in the past and are applying for a new job, it is best to answer all job application questions truthfully. At Hoskins, Turco, Lloyd & Lloyd, our Vero Beach bankruptcy attorneys often tell our clients to portray their bankruptcy in a positive way—that they recognized their debt as a budding problem, they took proactive measures to get their finances under control, and now they are managing their finances successfully.
Everyone’s situation is unique; therefore, if you have questions about how bankruptcy will affect your employment or career, contact our Vero Beach bankruptcy law firm for a free, no-obligation consultation at (772) 794-7774.
If you are struggling with debt, bankruptcy should not be your first option. It does have long-term 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 Vero Beach bankruptcy 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.
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.
Our Vero Beach bankruptcy law firm Hoskins, Turco, Lloyd & Lloyd can help you navigate your different options to determine if bankruptcy is right for you.
Call us at (772) 794-7774 or contact us online today for a free, no-obligation consultation to discuss all of your options to handle your debt today.
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