In a chapter 7, it is possible to have the trustee take your tax, refund, your tax. Refund is an asset. They may not be fully exempt in a Chapter 7, bankruptcy proceeding. However, in Florida, the portion of your tax, refund, that is from earned income. Credit is 100% exempt. If you are considering … Continue reading “Will the trustee take my tax refund?”

Assets transferred to friends or family prior to filing bankruptcy have to be disclosed to the court and can be set aside by a bankruptcy trustee. If the transfers are not disclosed and hidden it can result in denial of the bankruptcy and criminal prosecution. If you are considering filing for bankruptcy, I suggest consulting … Continue reading “Can I give some assets away to friends and family?”

Very often people with non-exempt assets ask if they can sell their assets prior to the bankruptcy. This often does not solve the problem, because the bankruptcy trustee will ask for proof the assets were actually sold and for an accounting of the proceeds. If you are considering filing for bankruptcy, I suggest consulting with … Continue reading “Can I transfer assets prior to filing bankruptcy?”

If you fail to disclose your assets you are committing bankruptcy fraud. Your bankruptcy can be denied and you may be charged with a federal crime and a punishment that includes jail time. If you are considering filing for bankruptcy, I suggest consulting with an experienced bankruptcy attorney.

If you fail to cooperate with the court or properly disclose your assets, income and other information required on your bankruptcy schedules, your bankruptcy discharge can be denied. If you are considering filing for bankruptcy, I suggest consulting with an experienced bankruptcy attorney.

Even if your spouse does not file bankruptcy his or her income is required to complete the Means Test to determine if you are eligible for a chapter 7. Your spouses assets typically will not affect your bankruptcy. Assets transferred from one spouse to another prior to filing bankruptcy have to be disclosed to the … Continue reading “Will my spouse’s income or assets affect my bankruptcy?”

It is common and allowed for one spouse to file a bankruptcy. In Florida, assets that are titled in your spouses name are not a part of your bankruptcy estate. It is important to note that a bankruptcy filing by one spouse does not discharge liabilities on joint debt. The non-filing spouse will remain responsible … Continue reading “What about spouses, can an individual declare bankruptcy?”

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?”

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.