Monthly Archives: December 2020

Florida Exemptions

As I take down my website, I thought I would post the following list of exemptions applicable in Florida. The reader should consult an attorney for any updates and how the exemption law applies in your particular case. Exemption List Will I lose my home if I file bankruptcy?  Will I lose my car?  Can I protect my retirement account?  The answers to these questions are based on the law of exemptions from the claims of creditors or from the bankruptcy trustee. The following is a list of several exemptions for Florida residents. Florida residents who have not resided in Florida for two years cannot use these exemptions in bankruptcy. However, the debtor often is better off using the prior states’ exemptions, except as to the homestead. This list does not mean you can now transfer the asset to make it exempt. The exemption can be rejected because you fraudulently…
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Bankruptcy Planning: Don’t do the following!

Bankruptcy Planning: What not to do As I take down my website, I thought I would post the following information I have had on my website for years. Still good advice. Thirty-Three DON’TS in preparing to file a Chapter 7 1.  Don’t leave out Bank, Checking, Savings, Brokerage, Credit Union accounts. 2.  Don’t keep a bank account where you owe money such as a credit card debt. 3.  Don’t use your credit cards. 4.  Don’t take Credit Card Cash Advances. 5.  Don’t use convenience checks. 6.  Don’t do balance transfers. 7.  Don’t pay money to family. 8.  Don’t pay money to friends. 9.  Don’t tell a creditor that you intend to pay. 10. Don’t leave assets off of your paperwork. 11. Don’t file bankruptcy if you are about to receive a tax refund or inheritance.  Discuss the timing with your attorney. 12. Don’t fail to tell your attorney about your…
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Student Loans

Student loan debt is larger than credit card debt. We usually consider issues of debt relief with respect to credit cards, medical bills, business debts, mortgages, and other similar debts. But a student loan debt is often the biggest debt that confronts individuals and their families. Unlike other debts, the student loan debt may appear to be unsolvable, but potential solutions are available. Bankruptcy and non-bankruptcy student loan remedies should be reviewed. Student loan debts usually cannot be discharged in chapter 7 bankruptcy. The burden of establishing “undue hardship” is extremely high. A lawsuit within a bankruptcy case called an adversary complaint must be filed to establish an undue hardship. There is also legal authority that can permit a partial discharge based on undue hardship to eliminate a portion of the student loan debt. These remedies are more likely to be successful as to private student loans then non-private student…
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