Not necessarily. A bankruptcy attorney can explain to you the different options when it comes to vehicles when filing for bankruptcy. The typical options are:

• You keep your car and keep paying the same amount of money each month.
• You keep your car and reduce your monthly payments.
• You surrender your car because it isn’t in your best financial interest to keep it.

Depending on what chapter you file, these options will be handled differently.

Generally speaking, you do not have to lose any property you do not want to lose, but it may change the type of bankruptcy you would have to file. Our bankruptcy lawyer at Cox Law Group PLLC will advise you about your specific situation and whether your home is protected.

No. The court does not want to take your personal stuff. Depending on what chapter you file and the value of the personal property you own, the assets will be handled on a case-by-case basis. The majority of the time, when someone files for bankruptcy with the help of a bankruptcy lawyer, they don’t lose any personal property. However, if there are any fact-specific issues, this will be worked out with the creditor or trustee throughout the case.

Yes. Many people qualify for loans and purchase homes after a bankruptcy filing with the help of a bankruptcy attorney. How quickly you are able to purchase a home and qualify for a loan is up to the discretion of the lender. You should keep in mind that a bankruptcy filing will remain on your credit report for up to 10 years, according to Capital One.

Yes! One great benefit of filing for bankruptcy is you don’t have to be afraid to answer the phone anymore. Once you file for bankruptcy, the automatic stay goes into place immediately. The court mails a notice to each creditor, which will take a little bit of time before the notices are actually received and processed. Creditors should not make contact with the debtor after bankruptcy is filed, or it’s considered a violation of the automatic stay. Be sure to keep your bankruptcy attorney informed if the creditor contact continues for an unreasonable amount of time after the case is filed.

No. You should never make big changes before filing for bankruptcy unless advised by a bankruptcy attorney. There is no purpose in taking out money from a bank account. Either way, it is required to be reported to the court in your paperwork. Keeping funds in a bank account makes it easier for your attorney to manage your case. Similarly, you should not give away personal property to relatives and friends in an effort to protect this property from creditors.

No. Retirement funds are completely exempt when using Florida’s mandates. This means that by applying for the appropriate exemption, the retirement funds are protected, and you will not be forced to pay your creditors with those funds. Contact our bankruptcy lawyer for more information!

Possibly. It depends on when the tax debt was assessed and when the tax return was filed. The details are very important when analyzing whether your IRS debt is dischargeable. You can speak with a bankruptcy attorney to learn more about whether your IRS debt is dischargeable or not.

No. A debtor cannot pick and choose what debts they want to declare bankruptcy on. As our bankruptcy lawyer will tell you, you must list all debts and everyone you owe money to. All unsecured debts will be discharged, and you will have the ability to elect what your intentions are with secured debts, such as a car loan or mortgage.

Not necessarily. Just because a couple is legally married does not mean that they both have to file. If the debts are only in one of the spouses’ names, they can be the only one to file. However, the non-filing spouse is required to provide proof of their income for the case, unless the couple is separated and living in separate households. Additionally, there are times when it may be better for both spouses to file. Contact our bankruptcy lawyer to learn more!