What happens if I used my EDIL funds for personal use?
SBA Loan funds were intended to be used for normal operating expenses such as rent, inventory, employee payroll, working capital, purchasing products, purchasing equipment, and paying off business debt. If you have misapplied those proceeds and used them to pay your...
Tenancy by the Entireties
People often assume that if their house or bank accounts that are joint with another person they are protected from creditors as Tenants by the Entireties. That may not always be the case. Tenants by the Entireties ownership in Florida requires six characteristics. ...
Can my RV or Boat be considered homestead in my bankruptcy?
With home ownership and rental costs on the increase, many people are choosing alternatives such as residing in a mobile home, RV or houseboat. When it comes to filing for bankruptcy we always need to analyze if your property is exempt from the trustee. Ordinarily...
Are my divorce settlement funds exempt in bankrupty?
Divorce settlement funds are only exempt if used for a limited purpose of reinvesting those funds into another homestead. Let’s say for example there is a martial home. One spouse moves out and the other spouse stays in the home. Both spouses are on the deed to the...
Will bankruptcy help me lower my car’s interest rate?
The short answer to that question is sometimes. You cannot lower your interest rate in a Chapter 7. If your vehicle is underwater or has no equity you have the option to surrender the vehicle to the lender and find another vehicle. There is also another option...
Are my taxes dischargeable in bankruptcy?
There are three types of tax debt. The first type is unsecured priority tax debt which is not dischargeable in bankruptcy. That includes recent tax debt within the last three years. The second type is unsecured non-priority tax debt. This type of tax debt is...
What documents do I need to produce when I file for bankruptcy?
It is quite a bit of work for both the client and our office to make sure we have all the proper documentation to analyze your case and prepare the bankruptcy petition. The bankruptcy petition is not a “simple” or “basic” form. Clients are surprised to learn that...
What is a 2004 Exam?
A 2004 exam is something you do not want to happen in your case. This is not to be confused with a 341 hearing. A 341 hearing is a 10–15 minute hearing that happens in every bankruptcy case where the trustee asks you questions and clarifies information listed in...
Will bankruptcy get rid of my solar panel debt?
Many people in Florida get solicited and opt to install solar panels in their home to reduce their electric bills. It’s not uncommon for the cost of the solar panels to be in the $30,000 range with relatively high interest rates. The contracts usually last for 20...
Do I have enough debt to file for bankruptcy?
There is no minimum threshold amount of debt to be able to file for bankruptcy. My personal recommendation is that it’s probably not worth it for a debt amount under $5,000. If you have debt over $5,000, your minimum monthly payments are causing you a hardship, and...
