Port Saint Lucie Bankruptcy Lawyer

Written By: Emil FleysherMay 10, 2024
Port Saint Lucie bankruptcy lawyer

Deciding to file for bankruptcy is tough, and knowing the process is important. At Fleysher Law, our Port Saint Lucie bankruptcy lawyer specializes in helping individuals and businesses go through the complexities of bankruptcy.

We provide the legal guidance needed to make informed decisions about your financial future. We aim to help you be aware of your rights and the potential outcomes of filing for bankruptcy.

When you're facing overwhelming debt, it can feel like you're out of options. Our experienced bankruptcy attorney in Port Saint Lucie can show you the way forward. We focus on helping you achieve a fresh start by eliminating or restructuring your debts. Trust us to handle your case with the care and dedication it deserves. Learn more about the decision to file bankruptcy.

Our Port Saint Lucie Bankruptcy Lawyer Helps You Get a Fresh Start

Our Port Saint Lucie bankruptcy lawyer helps you get a fresh start

Filing for bankruptcy can be a pivotal step toward regaining financial stability. At Fleysher Law, we work closely with you to assess your financial situation and determine the best action.

Our knowledgeable bankruptcy lawyer in Port Saint Lucie understands the stress and strain that financial troubles can cause, and we are here to help relieve that burden.

Bankruptcy might seem like an end, but we see it as a new beginning. With the right guidance, this process can clear your debts and allow you to rebuild your financial foundation. We offer tailored advice to help clients through their unique financial challenges. Let us help you reset your financial life and start anew with confidence.

What Is Bankruptcy?

Bankruptcy is a legal proceeding that lets people and businesses either remove their debts or repay them with the protection of the local court system. It's designed to help people who can no longer pay their bills find a way out and start over. This process can stop creditors and debt collectors from harassing you and allow you to get your finances back on track.

Bankruptcy laws are complex, and the process varies depending on the type of bankruptcy you file. At Fleysher Law, our Port Saint Lucie bankruptcy attorney can explain how these laws pertain to your financial circumstances. We'll help you become familiar with the protections and limitations of bankruptcy, and then you can decide if this is the right choice.

Types of Bankruptcy Available in Port Saint Lucie

Types of bankruptcy available in Port Saint Lucie

In Port Saint Lucie, residents and businesses typically have two primary types of bankruptcy options: Chapter 7 and Chapter 13.

Chapter 7 Bankruptcy: Liquidation

Chapter 7 bankruptcy, often called liquidation bankruptcy, involves selling off your non-exempt assets to pay creditors. This type of bankruptcy can promptly discharge most unsecured debts, such as healthcare bills and credit card debt. It's typically suited for individuals with limited income who don't have huge assets.

Filing for Chapter 7 can provide a clean slate within months, allowing you to start over financially without the burden of overwhelming debt. 

However, due to income restrictions and other factors, not everyone qualifies for Chapter 7. Our Port Saint Lucie bankruptcy lawyer can see if Chapter 7 is right for you and help you through the filing process.

Chapter 13 Bankruptcy: Repayment Plan

Chapter 13 bankruptcy allows you to keep your assets and repay your debts over three to five years. People who have a steady income and want to prevent foreclosure on their home or asset repossession frequently use this strategy. It's designed to restructure your mounting debt, into manageable payments.

Our Port Saint Lucie bankruptcy attorney can help you draft a feasible repayment plan that reflects your financial capacity. Chapter 13 helps protect your property and allows you to catch up on missed mortgage or car payments.

Comparing the Benefits and Limitations of Each Type

  • Chapter 7 Benefits:
    • Discharges most debts quickly, typically within 3–6 months.
    • Requires no repayment plan, allowing a fresh financial start.
    • Stops creditors from contacting you as soon as you file.
  • Chapter 7 Limitations:
    • May result in the loss of some personal assets.
    • Not available to higher-income earners who fail the means test.
    • Some debts, such as student loans and spousal support, are not dischargeable.
  • Chapter 13 Benefits:
    • Allows you to keep your assets, including your home and car.
    • Spreads debt payments over a longer period, making them more manageable.
    • It can include debts that are not dischargeable under Chapter 7.
  • Chapter 13 Limitations:
    • Requires a steady income to maintain the repayment plan.
    • Prolongs the period of financial recovery compared to Chapter 7.
    • Involves more complexity and a longer duration in the legal process.

Steps to Filing for Bankruptcy

Steps to filing a bankruptcy
  1. Consult with a bankruptcy attorney. Meet with our Port Saint Lucie bankruptcy lawyer to review your financial situation and explore your choices.
  2. Complete credit counseling. Under bankruptcy law, you must complete a credit counseling course from an approved agency before you file.
  3. Prepare your bankruptcy petition. Our attorney will help you gather and prepare all needed documents, including a detailed list of your debts, assets, income, and expenses.
  4. File the petition. We will submit your bankruptcy petition to the bankruptcy court in Port Saint Lucie. This filing automatically stops most collection actions against you, such as garnishments and foreclosures.
  5. Attend the 341 meeting of creditors. About a month after filing, you'll attend a meeting with your bankruptcy trustee and any creditors who decide to come. You must answer questions about your financial situation and your filed documents.
  6. Complete a debtor education course. After the meeting of creditors, you'll need to complete a debtor education course to have your debts discharged.
  7. Receive your discharge. Once all steps are completed and the court approves your case, you will receive a discharge of your debts under the terms of the bankruptcy chapter you filed under.

What Types of Debt are Dischargeable in Bankruptcy?

Many types of debt can be discharged in bankruptcy, providing major relief to debtors. Common examples include credit card debt, medical bills, and personal loans. These debts can be completely wiped out in a Chapter 7 bankruptcy or included in a repayment plan in Chapter 13.

However, not all debts can be discharged. For example, student loans often require a showing of undue hardship to be discharged, which is a difficult standard to meet.

Our Port Saint Lucie bankruptcy lawyer can help you determine which of your debts can likely be eliminated through a bankruptcy proceeding and which might remain.

What Types of Debt are Not Dischargeable in Bankruptcy?

What types of debt are not dischargeable in bankruptcy

Some types of debt are generally not dischargeable in bankruptcy. These include recent tax debts, child support and alimony obligations, and debts incurred through fraud. Knowing which debts cannot be discharged is vital as you consider filing for bankruptcy.

In addition, debts for personal injury or death caused by driving under the influence of alcohol or drugs are also non-dischargeable. Our knowledgeable bankruptcy attorney in Port Saint Lucie can provide detailed guidance on how these rules apply to your specific case.

How a Bankruptcy Lawyer Can Help

  • Expert guidance. Our attorney can explain the complex bankruptcy laws and help you effectively deal with the bankruptcy process.
  • Protection from creditors. Once you ask for bankruptcy protection, creditors must stop all harassment and collection activities, and our lawyer will ensure they adhere to this rule.
  • Preparation of documentation. We handle all the needed paperwork and filings, ensuring accuracy to prevent any delays or issues with your case.
  • Representation in court. If your bankruptcy case goes to court, our lawyer will defend your rights and advocate on your behalf.
  • Debt discharge strategy. We'll develop a strategy to maximize the amount of debt you can discharge and minimize potential liabilities.

Impact of Filing for Bankruptcy

Impact of filing for bankruptcy

Asking for bankruptcy can have a major impact on your financial life. At first, your credit score will drop considerably, and the bankruptcy will stay on your credit report for 7 to 10 years. But bankruptcy can also offer a fresh start by clearing much of your debt and stopping the cycle of missed payments and fees.

Over time, you can rebuild your your credit report, by making consistent, on-time payments and managing your finances responsibly. Our team at Fleysher Law will provide you with strategies to improve your credit score post-bankruptcy and advise on financial management techniques to avoid future debt issues.

Common Myths and Misconceptions About Bankruptcy

  • Bankruptcy ruins your credit forever. While bankruptcy does impact your credit, it's not permanent. You can start rebuilding your credit right after discharge.
  • You'll lose everything in bankruptcy. Many assets, like your home and car, can be protected through exemptions.
  • Only irresponsible people file for bankruptcy. Many responsible individuals face unexpected circumstances like medical emergencies or job loss that lead to bankruptcy.
  • You can't get credit after bankruptcy. Getting credit after bankruptcy is possible, although the terms may not be as favorable initially.
  • Bankruptcy is shameful. Bankruptcy is a legal tool designed to help people recover from overwhelming debt. It's a fresh start, not a moral judgment.

Strategies for Financial Stability

  • Create a budget. Establishing a detailed budget is essential for monitoring and controlling your spending post-bankruptcy.
  • Build an emergency fund. Saving for emergencies can prevent the need for debt in unexpected situations.
  • Use credit wisely. After bankruptcy, carefully manage any new credit you obtain to rebuild your credit score effectively.
  • Regular financial reviews. Periodically review your financial situation to adjust your budget and savings plans. A debt relief agency could also be helpful.
  • Seek financial education. Taking courses in personal finance can improve your familiarity with credit, investing, and debt management, helping you make better financial decisions in the future.

Let Fleysher Law Help You Fight for Your Rights

Filing for bankruptcy can seem overwhelming, but you don't have to go through it alone. At Fleysher Law, our Port Saint Lucie bankruptcy lawyer is committed to supporting you throughout the process.

Our local bankruptcy lawyers are dedicated to helping you overcome them with comprehensive legal assistance and compassionate service.

We tailor our approach to meet your needs, ensuring your financial recovery plan aligns with your long-term goals. Our firm is not just about solving immediate problems; we focus on setting you up for a stable financial future.

Trust our Port Saint Lucie bankruptcy attorneys to protect your interests and guide you toward a fresh start. Let us help you with your bankruptcy filing.

Contact Our Port Saint Lucie Bankruptcy Lawyer for a Free Consultation

Contact our Port Saint Lucie bankruptcy lawyer for a free consultation

If you're considering bankruptcy, it's important to get accurate information and professional advice. At Fleysher Law, our experienced bankruptcy lawyer in Port Saint Lucie can help you.

Our local bankruptcy law firm in West Palm Beach knows the details of filing bankruptcy. We have handled countless bankruptcy cases and can help you during your bankruptcy proceedings. Contact us today to schedule a free case consultation.

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