Cudjoe Key, FL Bankruptcy Law Firms & Lawyers

In order to determine whether you can file bankruptcy an attorney needs to know all about your financial circumstances. I doubt that the car is worth what you think it is worth. If you do not claim a homestead exemption, you get to claim up to $4,000 as exempt from the claims of creditors. If your expenses exceed your income, you are bankrupt, and as a single person with a dependent child, you can make up to a little over $50,000 per year and still file a chapter 7 bankruptcy. You must list all of your creditors in the schedules and all of your assets, what you owe and what you own. How much do you owe? That can be a deciding point. I charge $1500 for a chapter 7, and the filing fee just went up to $335. You must contact a consumer counseling agency before filing a bankruptcy, and you must take a course after you file in personal financial management. I hope this helps.

When you file bankruptcy, you must list everything YOU own. If you do not own something it should not be listed. You really do need an attorney when you file a bankruptcy. Otherwise, you are just inviting problems.

First, keep in mind that if you repay debts owed to "insiders", e.g. family members or friends, within the one year preceding a Chapter 7 bankruptcy filing, the bankruptcy trustee can bring an action to recover the money that was paid to those creditors. The bankruptcy code is designed to prevent exactly what you are proposing to do - that is repay your family members to the detriment of other creditors. With that in mind, the most important question is how much equity there is in your home. Depending on what county in New York that you reside in, your homestead exemption is between $75,000 and $150,000. If the house is jointly owned, e.g. with your spouse, then the exemption effectively doubles. If the equity in your home is within the homestead exemption limitations, you could file a Chapter 7 bankruptcy, protect your home, and then pay whomever you wish when you sell the house after the bankruptcy case is closed. Keep in mind that there are many other variables that will determine if you can file for a Chapter 7 bankruptcy. You should speak with an experienced bankruptcy attorney before taking any action.