• Do I need to be behind on my debts in order to file bankruptcy?
  • NO. You can be current or behind and still be able to file bankruptcy. There is no requirement to be behind on your debts in order to be able to file for bankruptcy.
• If I file for bankruptcy will my credit be ruined for the rest of my life?
  • NO. Once your bankruptcy is complete your credit will begin to recuperate. Most individuals are able to buy cars at normal interest rates shortly after their cases close.
• Can I go to jail for not paying my debts?
  • No. You cannot go to jail or prison for not paying your debts. What can happen is your creditors can sue you and once they receive a judgment they can garnish your wages, freeze accounts, place liens on your property, and seize assets.
• A friend of mine told me that prior to filing bankruptcy I should transfer my stuff into someone else’s name to protect my stuff. Should I do that?
  • NO, you should not transfer property to anyone prior to bankruptcy for the sole purpose of “protecting” assets and keeping them from your creditors. When you file for bankruptcy, the law provides you certain exemptions or protections that allow you to keep certain amounts of assets. Most individuals that file are able to keep the majority of their possessions while still discharging their debt. These exemptions are different for every state and vary in amount depending on how many people are filing and whether or not you wish to keep any real property.
• Can I keep my house in a bankruptcy?
  • The majority of the time individuals are able to keep their primary residence while still discharging the rest of their debts. It all depends on how long you have lived in Florida, when the home was purchased, and what your home is worth. Every case is different and I would suggest setting an appointment for a free consultation to discuss your specific options.
• If my homestead is paid in full will I lose it if I file bankruptcy?
  • In most cases your homestead property is protected in bankruptcy. Again, you should set an appointment to see how your particular home will be affected by filing a bankruptcy.
    

For information regarding our other areas of practice - Criminal Law & Family Law - Click Here