BANKRUPTCY AND CREDIT COUNSELING LAWYERS FOR ST. LUCIE, MARTIN, AND PALM BEACH COUNTIES

From their offices in Stuart and Fort Pierce, the Chapter 7 bankruptcy attorneys of Treasure Coast Legal offer assistance to individuals and families who are drowning in debt. If you have little or no income and you cannot pay your monthly bills, Chapter 7 bankruptcy may be the best option to help get you back to financial stability. Treasure Coast Legal we have forged a reputation throughout Central and South Florida by guiding our clients through the complex process of Chapter 7 bankruptcy. If you are considering Chapter 7 bankruptcy and have concerns about whether or not you will qualify, contact our Stuart or Fort Pierce office and speak to one of our lawyers.

The Means Test for Chapter 7 Bankruptcy in the State of Florida

Many individuals who are contemplating filing for Chapter 7 bankruptcy are surprised to learn that they must first pass a means test. The means test compares your monthly income for a family of your size with that of similar families in your county (Martin, St. Lucie, Indian River, et cetera). If your income is below the median, you will more than likely qualify for Chapter 7 bankruptcy. If it is over, you can still file for bankruptcy, but it will have to be under Chapter 13. The Florida bankruptcy lawyers at Treasure Coast Legal can perform a financial assessment that will rapidly determine whether or not you qualify for Chapter 7. Once we know what options are available to you, we can help you determine a course of action that returns you to financial solvency.

Chapter 7 vs. Chapter 13 Bankruptcy

Aside from the means test requirement for Chapter 7 bankruptcy, there are a few distinct differences between the two types of individual bankruptcies. In Chapter 7 bankruptcy, your non-exempt assets are liquidated and the proceeds are used to pay a portion of your outstanding obligations. Upon emerging from Chapter 7, you are debt free. In Chapter 13, your attorney works with creditors to establish a three to five year payment plan. You remain under Chapter 13 bankruptcy for the duration of that plan. Chapter 13 can be beneficial when it comes to protecting assets from liquidation.

Professional Bankruptcy Lawyers for Martin, St. Lucie, and Orange Counties

The attorneys of Treasure Coast Legal have decades of combined FL bankruptcy experience. They have assisted hundreds of clients in their struggle to return to financial stability. To schedule an appointment with one of Florida's top credit counseling and bankruptcy teams, contact our Fort Pierce or Stuart law office at 772-621-2898.