Can my bankruptcy discharge be denied?
Yes, pursuant to 11 U.S.C. § 727, the debtor’s discharge may be denied in a Chapter 7 case for the following reason: (1) the debtor failed to keep or produce adequate books or financial records; (2) the debtor failed to satisfactorily explain any loss of assets; (3) the debtor committed a bankruptcy crime such as […]
If I have filed for bankruptcy in the past, can I file again?
The Bankruptcy Code allows debtors to file Bankruptcy again. There are no restrictions on the number of bankruptcy cases you can file or when you can file another bankruptcy. However, the code does limit the number of bankruptcies discharges you may receive during a specified period. Filing a bankruptcy and receiving a bankruptcy discharge are […]
How does a debtor know which assets they can keep?
Exempt assets are ones the debtors get to keep, and non-exempt assets are surrendered to the trustee? A debtor can ‘exempt” or keep certain assets by applying the appropriate statutes to the asset on the bankruptcy petition. There are numerous factors that determine what assets can be exempt. Ideally a debtor uses all the exemptions […]
Can I keep my retirement account?
Most retirement accounts are “exempt,” meaning you keep them so long as you do not liquidate or cash out your retirement account immediately before filing bankruptcy. The following types of pensions and retirement funds are exempt in Florida: Do not withdraw money from your 401(k) or other retirement accounts without consulting your attorney first. Money, […]
Bankruptcy for employed, self-employed, unemployed, or retired?
Yes. Your employment status will not affect your ability to file for bankruptcy protection. However, your income will determine what chapter you file. Some of my concerns for my self-employed clients and their business is “are there any assets associated with the business (or otherwise) that the Trustee can seize? What is the business worth? […]
Bankruptcy Education
Where can I find information regarding the classes that must be taken both before and after filing for bankruptcy? Information relating to pre-bankruptcy credit counseling and post-bankruptcy debtor education is found on the Program’s Web site at: Credit Counseling & Debtor Education Information. After your bankruptcy petition is filed, you will be required to take the […]
Top reasons people file for bankruptcy
What are the top reasons people file for bankruptcy?
Secured vs Unsecured debt in bankruptchy
Secured debt is collateralized (secured) by property. A lender that owns the secured debt has the right to repossess or foreclose on the property. What is unsecured debt? An unsecured debt is when you agree to pay a creditor for a loan that was taken out by you, but you have not pledged any […]
What debts are considered priority debts?
A priority debt is a creditor that is entitled to receive payment before other creditors. They “stand in line first,” so to speak, when money is being distributed. The Bankruptcy Code 11 U.S.C. §507 defines priority debt as follows:
What is a Chapter 7 bankruptcy?
A Chapter 7 bankruptcy is where a trustee examines your assets to determine if any property is available to be sold or recovered for the benefit of your creditors. Most if not all your property will be “exempt” under Florida law, meaning you keep it. If there are no assets to liquidate, you are considered […]