What Property Do I Give Up in a Chapter 7 Bankruptcy?

In a Chapter 7 bankruptcy, a debtor's assets must be turned over to a court-appointed trustee. Certain assets are exempt under Florida law, including up to $1,000 of equity in a motor vehicle and a $4,000 "wildcard" exemption that may be used for any property if the debtor does not claim a homestead exemption for their residence. An experienced Orlando bankruptcy lawyer can advise you on all Florida exemptions and how they may benefit you. Tampa Couple Ordered to Turn Over Car Insurance Proceeds It is important to consult with a bankruptcy attorney before taking any actions that may affect your case. For example,...

07 June

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The Impact of Social Media on Your Bankruptcy Case

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The Impact of Social Media on Your Bankruptcy Case

The most important thing to remember if you plan to file for bankruptcy is don't hide any assets. Even an honest mistake can delay or compromise your bankruptcy case. An experienced Orlando bankruptcy lawyer can help make sure you make all necessary disclosures to the court wherein you do not end up inadvertently hiding anything the law considers to be of value. After you file for a Chapter 7 bankruptcy, the court appoints a trustee who is responsible for taking all of your assets-subject to certain statutory exemptions-and paying back as much as possible to your creditors. The trustee typically performs due diligence...

07 February

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A New President, A New Way of Thinking About Your Finances

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A New President, A New Way of Thinking About Your Finances

As you may know, in a few days we will have a new person sworn in as President of the United States of America. This person is very familiar with bankruptcy law and has used those laws to benefit his businesses, and by extension himself, on several occasions over the years. Why shouldn't you be like our new President, at least when it comes to availing yourself to the relief afforded to you under the bankruptcy law? I recently posed that question to an older gentleman who was in my office for a consultation. After all, Trump will be 70 years...

12 December

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Keeping Your House in an Orlando Bankruptcy

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Keeping Your House in an Orlando Bankruptcy

If you are worried about losing your home, a Florida Constitution, a person's entire "homestead" is exempt from "forced sale" or judgment, subject to certain size restrictions. If the homestead is located in a city, the exemption is limited to one-half acre, but outside of a municipality, the limit is 160 acres. Court Rejects Homestead Exemption for "Unlivable" Property A critical component of the homestead exemption is that it can only be used for the "residence of the owner or the owner's family." In other words, a vacation home or rental property is not protected by the homestead exemption. If you want...

26 November

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When Can a Bankruptcy Court Refuse to Discharge a Civil Judgment?

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When Can a Bankruptcy Court Refuse to Discharge a Civil Judgment

Many people contact an Orlando bankruptcy attorney because they have been recently hit with a civil court judgment. You often see news headlines about plaintiffs who win a multi-million dollar verdict against a defendant. But oftentimes, the defendant lacks the resources to pay such a judgment and instead is forced to file for bankruptcy. Florida Couple Criticized by Court for Failing to Preserve Business Records While many civil judgments can be discharged (canceled) through bankruptcy, there are certain exceptions that a creditor may try and invoke. For example, if a debtor conceals, destroys, or fails to keep proper business records-thereby preventing creditors or the...

Author: Khgpa Team

What Property Do I Give Up in a Chapter 7 Bankruptcy?

The Impact of Social Media on Your Bankruptcy Case

A New President, A New Way of Thinking About Your Finances

Keeping Your House in an Orlando Bankruptcy

When Can a Bankruptcy Court Refuse to Discharge a Civil Judgment?