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?”
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?”
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.
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?”
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?”
Transcripts A Chapter 13 can be used to lower your car payment. The principal amount of the loan can be reduced to the current market value of the car and interest rates, which sometimes are as high as eighteen to twenty percent for people with bad credit, can be reduced to five or six percent.
Transcripts Exemptions are assets that are protected in a Chapter 7 bankruptcy. Exempt assets can’t be sold by the trustee for the benefit of your creditors.
Transcripts Transferring assets to friends or family members prior to the bankruptcy filing is a bad idea. The bankruptcy schedules require you to disclose all transfers, the bankruptcy trustee will ask about transfers, the court can undo any transfers that are deemed to be fraudulent and if the court or the trustee finds out about … Continue reading “Can I transfer assets to someone else before I file a bankruptcy?”
Transcript Florida has a homestead exemption which means 100% of the equity in your house is protected from your creditors or a federal bankruptcy trustee. The rule does not apply to secured creditors such as mortgage or an association.