Legal Question in Bankruptcy in Florida

I have $5000. in credit card debt and $5000. in hospital bills. 2 questions #1 I have some stocks as my only assets , if I sold them and showed no assets at all would I be able to file for bankruptcy and be free of my credit card and hospital bills... #2 I will be recieving social security disability paymentsthis fall, if I can file for bankruptcy can the disability payments be touched by my creditors


Asked on 6/15/11, 1:39 pm

1 Answer from Attorneys
Sanford M. Martin Sanford M. Martin, P.A.

Assuming you are considering filing under Chapter 7 bankruptcy, the particular debts to be discharged and which assets and personal property is exempt depends on the details included in your petition. Generally, credit card debts and hospital debts will be discharged. Regarding the disposition of the stock, if you file withing 2 years of selling or transferring the stock, you will be asked to explain the transaction and the use of the funds. If you pay debts with the funds, you will not likely be penalized. Regarding disability benefits, creditors cannot lien, garnish, attach, or otherwise collect such income to satisfy debts.

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Answered on 6/15/11, 3:36 pm


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