What is the means test in bankruptcy?
The means test is used to determine whether or not you are allowed to apply for Chapter 7 bankruptcy. They’ll evaluate your assets and expenses, but most importantly your wages. If you come below the median income for Florida that is set for that year, then you probably would be able to proceed with… Read More »
What is the role of an attorney in a bankruptcy?
An attorney in bankruptcy can determine whether or not the Federal and/or State laws apply to your particular case. They also can help you determine which debts you might be able to show can be discharged, and also what assets you might be able to hold onto. It’s very important that someone filing for… Read More »
Will I lose my house in a bankruptcy?
If you are current on your payments, you will be able to keep your home. However, if you’re behind on your payments and you can’t get caught up, it’s possible the home could be taken from you and then they would sell it and you would be able to either keep or they would… Read More »
Are there debts that I cannot discharge through bankruptcy?
There are some debts that you can’t discharge in bankruptcy. That includes child support and alimony payments, student loans, and income tax that goes back at least three years and maybe more.
Can I keep my car if I file for bankruptcy?
If you’re current on your payments, you can probably keep your car. If you’re not current on your payments, the car will be taken, and usually the equity that you have in your car will be applied towards other debt that you already have.
How do I determine if should file bankruptcy?
The bottom line is, whether or not you can pay your bills. If you find, or feel as though you probably can’t pay your bills off in total, in the next five years or so, you may want to consider whether or not, you should apply for bankruptcy. Now, if you apply and if… Read More »
How do I qualify for bankruptcy?
Bankruptcy for most individuals is either Chapter 7 or Chapter 13. If you’re a Chapter 7, it will come down to the amount of money that you make, the income, assets, and liabilities that you have. If you make too much, it’s possible that you may be pushed into a Chapter 13, so you’ll… Read More »
How will a bankruptcy filing affect my future finances?
If you’re approved for bankruptcy, you obviously will have some debt discharged. However, you have a negative impact on your credit which can last up to 10 years. You’ll also have difficulty trying to secure loans for at least the first couple of years, but you have to weigh that against the situation you’re… Read More »
What are exempt assets?
Those are certain assets or payments that the individual can keep even if they are in bankruptcy. For instance, if you’re the head of a household, you’re entitled to keep your wages up to a certain amount of money. You’re also entitled to keep your money payments if they are social security, disability, disability… Read More »
What are non-exempt assets?
Non-exempt assets are assets that the trustee could look at to try to satisfy your outstanding debt. That includes cash, bank accounts, stocks, coin collections, second cars, second homes.
