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Bankruptcy

May 13, 2020
bankruptcy questions sign

Bankruptcy – Top 8 FAQs

1. WHO CAN FILE FOR BANKRUPTCY? Any person who resides, does business, OR has property in the U.S. can file bankruptcy. There is no requirement that a person who resides here prove their legal status – so yes, undocumented workers can file bankruptcy as well. The big/main requirement is that you pass the “means test” for filing a Chapter 7 bankruptcy. That means that the bankruptcy filer must show that he or she makes under the median income of the state (In Florida that’s right around $51,000) OR prove that he or she has under $215 in disposable income. 2. […]
May 5, 2020
bankruptcy stamp

The 4-Minute Crash Course in Bankruptcy

Today, we are going tell you everything you need to know about bankruptcy law, and some things you don’t. This will be quick so hold on to your hat.  The idea of bankruptcy has been around since the days of the Old Testament and the tradition of “the Jubilee” in which slaves were freed and debts forgiven every 7 years. This is an ancient counter-part to the modern tradition of The Purge – in which all crimes are legal for 12 hours.  Oh…that’s just a movie.  Darn it, I was making plans … Anyways, going back to the founding of […]
April 29, 2020
Chapter 7 Bankruptcy

Chapter 7 Bankruptcy Basics: FAQs

The idea behind a Chapter 7 Bankruptcy is a “fresh start.”  But the Court will not allow people with a lot of money or assets to keep all their personal belongings and file bankruptcy and not pay their creditors.  So, the first question is, “What assets can you keep after you file bankruptcy and what assets must you give up”? In bankruptcy you generally can retain: $1,000.00 of personal property or $4,000.00 of personal property if you do not own a home with equity in it. We use garage sale figures  – not new or retail! Your home – no […]