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...
What types of income are counted in the means test?
There are certain income qualifications for a Chapter 7 bankruptcy. Social security income, including social security disability does not count as income on the means test (the test on the bankruptcy petition that determines which chapter of bankruptcy you qualify...
When I file for bankruptcy is my home protected?
If you have been living in Florida for over 2 years, the homestead exemption can be used as long as there is less than $189,050 in equity for each person filing. For example, if there are two married people filing a joint bankruptcy, then you can double the exemption...
Can I get my money back that has already been garnished?
There are occasions where I get phone calls from potential clients where either a bank account has been “frozen” or money has been seized by a creditor out of their account or their wages have been garnished out of their paycheck. This can lead to a very dire...
