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?”
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.
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?”
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?”
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?”
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.
Transcript The majority of people who file a Chapter 13 do not have to pay back 100% of their debt. The payment is based on your income, your expenses, your household size, and your non-exempt assets.