DeLand, FL Bankruptcy Law Firms & Lawyers

The current market value as of the filing date will need to be listed on Schedule B for any asset. Sometimes, the "current market value" is determined by the use of an expert appraiser or accountant.

No. People often ask if they can keep homes, second homes, cars, boats, tax refunds, etc., when they are contemplating Bankruptcy. I always tell them they can keep what they want of they can pay for it, or if the equity or value is protected by an exemption in their State! There are two types of Bankruptcy for most individuals. Chapter 7 (liquidation) and Chapter 13 (payments are made to a Chapter 13 Trustee to be distributed pursuant to a Plan you and your attorney draft). To determine of you get to keep the property you have to know two things... 1) What is the equity in the property? (I.e., what is it worth minus what you owe on it). 2) Will the exemption laws that are applied to the property protect the equity? Bankruptcy is much more concerned with equity than it is with debt. If you have no equity in a rental home the Trustee in a 7 or 13 does not have an interest in the property and you may keep it. If you owe more on the vacation home than it is worth you may be able to use Bankruptcy to reduce the amount of the debt, and again, keep it. When you have equity in something that is not protected by an exemption then that is an issue that a lawyer must evaluate. See an attorney right away before you act. Good Luck!

When a bankruptcy petition is filed, the "automatic stay" that goes into effect at the time of filing prevents creditors from making any attempt to collect on a debt. Typically, this includes prohibiting the creditor from contacting the debtor.