personal and business bankruptcy relief when you need it most
Port St. Lucie Bankruptcy Attorney
Attorney McMahon began his practice in 1999 and has offered legal counsel on bankruptcy to individuals and businesses for the past twenty (20) years. His credentials also include extensive experience in family law in Port St. Lucie, where he has become a trusted disability lawyer and social security disability attorney.schedule free consultation
Chapter 7 Bankruptcy in Port St. Lucie
With a bankruptcy attorney by your side, filing for Chapter 7 bankruptcy in Port St. Lucie should not be difficult. Chapter 7 filings remain common among people with large amounts of credit card debt.
Essentially, you need to go before the bankruptcy court and provide a financial statement and declare a “schedule” of your:
- Assets (i.e., real estate or a car ) and liabilities
- Income and expenses
- Relevant contracts and leases
Furthermore, you state that you cannot pay off your debts with your current income. Chapter 7 works as a de facto liquidation process of your assets.
However, using certain legal exemptions, you can protect some of your personal property from seizure. The exemptions vary on a state-by-state basis, and Attorney McMahon can help identify what exemptions may help you.
For example, under Florida law, you can protect:
- Up to $1,000 if you are a homeowner
- Up to $4,000 if you are not a homeowner
- Up to $1,000 in car equity
While most lawyers consider Chapter 7 to be a more straightforward legal process than Chapter 11 or Chapter 13, it can become challenging if bankruptcy trustees or creditors pose any obstacles.
Chapter 11 Bankruptcy in Port St. Lucie
In rare cases, Chapter 11 bankruptcy may be necessary for you or your business. Chapter 11 filings occur in Port St. Lucie when excessive amounts of debt become involved.
Chapter 11 falls under “reorganization bankruptcy” per US bankruptcy law .,Chapter 11 most applies to businesses that need to restructure their debt to avoid financial insolvency. Chapter 11 allows companies to hit the pause button to reassess their financial future.
Suffice to say, filing Chapter 11 remains a complicated legal procedure. Attorney McMahon will discuss the steps involved and help determine if this is the appropriate move for you.
Chapter 13 Bankruptcy in Port St. Lucie
In Port St. Lucie, Chapter 13, a bankruptcy filing may apply if you:
- Earn more than the median income ($74,000 for a family of four in Florida)
- Fall behind on your mortgage payments
- Need to protect assets not covered by the state law’s exemptions
For both Chapter 11 and Chapter 13 bankruptcy filings, a trustee becomes appointed as part of the bankruptcy process to look into the debtor’s bankruptcy estate. The bankruptcy estate exists as a separate legal entity for the debtor’s property.
Bankruptcy trustees can:
- Collect assets
- Investigate financial transfers and records
- Verify the truthfulness of bankruptcy statements
- Scrutinize eligibility for bankruptcy
Should I File for Bankruptcy?
Knowing when (and whether) to file for bankruptcy can be surprisingly hard to determine.
You might find that alternatives will be better for your financial stability than declaring bankruptcy. These alternatives include strict budgeting, loan consolidation, or debt management programs.Essentially, if you cannot pay for an upcoming financial burden, it’s wise to talk to a qualified legal professional in Port St. Lucie about your bankruptcy options.
It’s common to file for bankruptcy under the following circumstances:
Losing your job
Accumulating medical debt
Finalizing a divorce settlement
Building up credit card debt
Withdrawing from your 401(k) to pay down debt
Why Do I Need a Bankruptcy Lawyer?
You may be tempted to file the bankruptcy paperwork yourself. However, the fees of processing the paperwork will rack up quickly, costing you time and money that would be better spent on an attorney.
Moreover, a trusted Port St. Lucie bankruptcy attorney can help determine which Chapter to file and whether you should even file for bankruptcy.
Keep in mind that not all debt can be eliminated, and bankruptcy is not the best choice in all situations.
When you have questions about filing for bankruptcy, speak to a Port St. Lucie bankruptcy attorney.schedule free consultation