Fort Pierce, FL Bankruptcy Attorneys Guide Debtors Through the Process

Florida Bankruptcy Law Firm Experienced in All Forms of Consumer Bankruptcy

Like other areas of law, bankruptcy is complex. If you try to handle your own bankruptcy, you may encounter issues that you don't know how to solve. Instead of going on your own, contact the bankruptcy attorneys at Treasure Coast Legal. They will take a proactive approach to your bankruptcy and provide you with solid legal advice.

Consumer Bankruptcy in Florida

Consumer bankruptcy is divided up into several different types of matters – chapter 7, chapter 12, and chapter 13. Each is different and has its own unique advantages, depending upon your financial situation.

Chapter 7

Also referred to as liquidation bankruptcy, in chapter 7 bankruptcy, the bankruptcy trustee sells, or liquidates, some of your property to repay your creditors, and cancels many or all of your debts. The entire chapter 7 process takes an average of four to six months, costs approximately $335 in filing and administrative fees, and commonly requires only one trip to the courthouse.

Chapter 12

Chapter 12 bankruptcy was added to the U.S. bankruptcy laws in 1986 as an emergency response to the increasing scarcity of agricultural credit, and was specifically designed to protect family farmers and fishermen. The provisions of chapter 12 were temporary for nearly 20 years, and did not become permanent until 2005. Under federal bankruptcy law, only a family farmer or fisherman with regular annual income can seek protection under chapter 12.

Chapter 13

Commonly known as reorganization, chapter 13 bankruptcy allows those with regular income to keep their property and repay their debts over three to five years according to a court-approved payment plan. At the end of the payment plan, all debts of the chapter 13 debtor are considered to be paid in full.

If you are considering filing bankruptcy in Fort Pierce, Florida, contact Treasure Coast Legal online or call 772-621-2898 to set up your free initial consultation today.