The Florida bankruptcy attorneys at Treasure Coast Legal assist individuals and families who are struggling with debt in the communities around Stuart and Fort Pierce. Our credit counseling lawyers offer a wide range of options, including Chapter 7 and Chapter 13 bankruptcy. We have assisted hundreds of clients who were facing foreclosure and repossession to keep their homes and automobiles. If you are no longer able to meet your monthly obligations to your creditors, bankruptcy may be a viable option that can help you get a fresh start. To discuss the current financial challenges that you are facing, contact our Stuart or Fort Pierce law office immediately. Our attorneys are here to help.
Most individuals are more familiar with the concept of Chapter 7 bankruptcy. Chapter 7 bankruptcy allows you and your bankruptcy attorney to liquidate your non-exempt assets and discharge your debts. When you emerge from Chapter 7 bankruptcy proceedings, with limited exceptions, you are debt free. This is often referred to as a "fresh start" bankruptcy due to the fact that you no longer face obligations to your creditors. Depending on several factors, you may be able to keep your home in Chapter 7 bankruptcy. In order to qualify for Chapter 7, you must pass a means test based on your area's median income. If you make too much money for Chapter 7, Chapter 13 may still be an option.
Unlike Chapter 7 Bankruptcy, Chapter 13 allows you and your bankruptcy lawyer to negotiate debt with your creditors. Chapter 13 is ideal for individuals and families who have disposable monthly income, but not enough to cover all of their monthly bills. In Chapter 13, you agree to and submit a three to five year payment plan. If you are able to live within the parameters of that plan, when the term expires, you will emerge from Chapter 13 bankruptcy. Many of Treasure Coast Legal's clients prefer Chapter 13 because it allows them to determine which assets they can keep.
One of the most attractive features of both Chapter 7 and Chapter 13 bankruptcy is the automatic stay. When your bankruptcy lawyer files your paperwork in a St. Lucie or Martin County court, the presiding judge will issue an automatic stay. Once your creditors are notified of the stay, they cannot contact you until the stay is lifted. For clients who are being harassed by creditors and collection agents, the automatic stay can be a source of welcome relief.
The keys to overcoming a financial crisis are acting before it's too late and retaining the services of a qualified bankruptcy and credit counseling attorney. If you are struggling with bills and you can foresee a financial crisis looming in the future, or even if you are already in one, contact the law firm that has assisted so many on the Treasure Coast in their times of need. Call Treasure Coast Legal at 772-621-2898.