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?”
What happens if I don’t disclose all my assets?
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.
Can I sell my house after a bankruptcy?
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.
Will my spouse’s income or assets affect my bankruptcy?
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?”
What about spouses, can an individual declare 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?”
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?”