What will I lose?
I'm worried once I file for bankruptcy, will I lose all the stuff I purchased on those cards? Will I have to give up items like a tv or a game system?
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Read More Answered By: Scott R. Jay |
Re: What will I lose? Under the bankruptcy laws in effect in the State of Florida, you will have to list all of your assets as well as your liabilities in your schedules. A single debtor is entitled to a $1,000.00 personal property exemption. Your homestead is also exempt from creditors' claims. In addition, the Courts allow an additional $1,000.00 exemption for a vehicle used to travel to and from work (but this is generally liberally applied). A leased vehicle is not owned by the debtor and is not affected by the filing of a bankruptcy.
Any assets which do not fall within the exemptions are subject to the trustee's powers to take your property. Alternatively, you may be able to "buy back" items over the exemption limits. Some creditors have secured liens on your personal property and different rules apply.
The filing of a bankruptcy is a serious legal matter and you should consult a competent bankruptcy attorney with your particular situation.
Scott R. Jay, Esq. (305) 249-8000 |
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