What is a means test?

Is income worksheet/calculator that determines based if you qualify for chapter 7 bankruptcy. The income limitations are based on your state median family income. The means test form calculates your annual income and puts you on a budget based on IRS collection standards. If your means test shows you have too much disposable income, you … Continue reading “What is a means test?”

What about my retirement investments?

IRS, 401ks and cash value of life insurance is exempt in Florida and cannot be taken by the trustee. If you are considering filing for bankruptcy, I suggest consulting with an experienced bankruptcy attorney.

Will I lose my car?

If you are making payments on a leased car or a financed car that does not have a large down payment it is likely that you can keep your car. Bankruptcy law allows you to reaffirm the debt if you want to keep the car or it may make financial sense if the car to … Continue reading “Will I lose my car?”

Can I sell my house after a bankruptcy?

After your bankruptcy is discharged and your case is closed, there are no restrictions on the sale of your home and the creditors you discharged in your bankruptcy will not receive any of the net proceeds. If you are considering filing for bankruptcy, I suggest consulting with an experienced bankruptcy attorney.

Will I lose my house?

Because of the Florida homestead exemption, most people who file chapter 7 will not loose their home. However the homestead exemption may be limited for homes that exceed ½ acre that is located within a municipality. The homestead exemption not prevent your mortgage or association from foreclosing on your home if you fail to make … Continue reading “Will I lose my house?”