If you need a qualified Port St. Lucie bankruptcy attorney with years of legal experience, call Brian K. McMahon, P.A., P.A today.

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.

As a bankruptcy attorney in Port St. Lucie, Attorney McMahon works with clients on all manner of bankruptcy filings, including:

1  Chapter 7

2  Chapter 11

3  Chapter 13

He will assess your current situation to determine whether it would be in your best interest to file for bankruptcy. Depending on your income, assets, and debt, Attorney McMahon will advise which bankruptcy filing to choose and how to carry out the process.
Read on to learn more about bankruptcy filings before your consultation.

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:

1  Assets (i.e., real estate or a car ) and liabilities

2  Income and expenses

3  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:

1  Up to $1,000 if you are a homeowner

2 Up to $4,000 if you are not a homeowner

2 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.

In Port St. Lucie, Chapter 13, a bankruptcy filing may apply if you:

1  Earn more than the median income ($74,000 for a family of four in Florida)

2 Fall behind on your mortgage payments

3 Need to protect assets not covered by the state law’s exemptions

Rumors often circulate that you must pay back all your debt in Chapter 13 bankruptcy filings, but this information is false. You pay according to your ability to do so. Attorney McMahon will work with you, developing a payment schedule for the court that fits your needs.
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:

1  Collect assets

2 Investigate financial transfers and records

3 Verify the truthfulness of bankruptcy statements

4 Scrutinize eligibility for bankruptcy

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.

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.

It’s common to file for bankruptcy under the following circumstances:

1 Losing your job

2 Accumulating medical debt

3 Finalizing a divorce settlement

4 Building up credit card debt

5 Withdrawing from your 401(k) to pay down debt

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.