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?”
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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?”
What do I get to keep?
In Florida your homestead is exempt (subject to few restrictions), IRAs and 401ks, cash value of life insurance, the Wages of the Head of the Household, $1000 in personal property and $1000.00 equity in an automobile. Additionally, those who do not own and home or claim a homestead exemption are entitled to an extra $4,000 … Continue reading “What do I get to keep?”
What does exempt mean?
Exempt means the asset is protected and will not be sold to pay your creditors. If you are considering filing for bankruptcy, I suggest consulting with an experienced bankruptcy attorney.
How do you choose between 7 & 13?
The choice of which bankruptcy to file is based on your financial problems. Everybody has different issues that will determine which type of bankruptcy is appropriate. If you have limited assets and income and lots of credit card debt then a chapter 7 may be appropriate. If you own a small business, then it is … Continue reading “How do you choose between 7 & 13?”
What is Chapter 13 Bankruptcy?
A chapter 13 Bankruptcy is a reorganization for individuals and marital couples. A chapter 13 can be used to stop a mortgage foreclosure and help you work out an affordable plan to save your home. A chapter 13 is also useful if you make too much money to qualify or too many assets to file … Continue reading “What is Chapter 13 Bankruptcy?”
What is Chapter 7 Bankruptcy?
A chapter 7 Bankruptcy is a way for individuals and families to wipe out or discharge their unsecured debts such as credit cards and medical bills. In exchange for wiping out the debts the court has the right to sell your non-exempt assets. However, most people who file chapter 7 have non-exempt property. If you … Continue reading “What is Chapter 7 Bankruptcy?”