Re: Bankruptcy & judgement liens
NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then you are instructed to stop here, and do not read any further.
Generally speaking, yes. In a Chapter 7 bankruptcy filing, a debtor is allowed to keep up to $1,000.00 of possessions and property plus an additional $1,000.00 in the value of an automobile. Currently, under Florida law, your homestead is also exempt from claims of creditors.
All unsecured debts are more or less stricken by the Court upon the completion of the bankruptcy. In return, you surrender all other property to the court appointed Trustee who liquidates the same for the benefit of the creditors.
Scott R. Jay, Esq., 305-249-8000
