FAQs

Not necessarily. A bankruptcy attorney can explain your options regarding vehicles when filing for bankruptcy. These typically include continuing to pay the same monthly amount, reducing your monthly payments, or surrendering the vehicle if it's not financially beneficial to keep. The handling of these options varies depending on the type of bankruptcy chapter you file.

Generally, you don't have to lose any property you wish to keep, but this may affect the type of bankruptcy you file. At Cox Law Group PLLC, our bankruptcy attorney will assess your specific situation and advise whether your home is protected.

No, the court doesn't aim to take your personal belongings. The treatment of assets depends on the bankruptcy chapter and the value of your personal property. Most individuals filing for bankruptcy with legal assistance don't lose personal property. Any specific issues are typically resolved with creditors or trustees during the case.

Yes, many individuals qualify for loans and purchase homes after filing for bankruptcy. The timeline for qualifying depends on the lender's discretion. It's important to note that a bankruptcy filing may remain on your credit report for up to 10 years, according to Capital One.

Yes, this is a significant benefit of filing for bankruptcy. Once filed, an automatic stay is implemented immediately. The court notifies each creditor, though it may take some time for these notices to be received and processed. Creditors should cease contact after the bankruptcy is filed, as continued contact could violate the automatic stay. Inform your bankruptcy attorney if creditor contact persists unreasonably after filing.

No, it's not advisable to make significant changes before filing for bankruptcy unless directed by a bankruptcy attorney. There's no benefit in withdrawing money from bank accounts as all funds must be reported to the court in your paperwork. Keeping funds in a bank account simplifies case management for your attorney. Similarly, avoid giving away personal property to friends or relatives in an attempt to protect it from creditors.

No, retirement funds are fully exempt under Florida's mandates. By applying for the appropriate exemption, your retirement funds are protected and cannot be used to pay creditors. For more detailed information, consult with our bankruptcy attorney.

Potentially, depending on when the tax debt was assessed and when the tax return was filed. The specifics are crucial in determining whether your IRS debt is dischargeable. Consult with a bankruptcy attorney to evaluate your particular situation regarding IRS debt dischargeability.

No, a debtor cannot selectively choose which debts to include in bankruptcy. Our bankruptcy attorney will advise that all debts and creditors must be listed. All unsecured debts will be discharged, while you can decide your intentions regarding secured debts like car loans or mortgages.

Not necessarily. Marriage doesn't require both spouses to file if the debts are only in one spouse's name. However, the non-filing spouse must provide income proof for the case, unless the couple is separated and living apart. In some instances, it may be beneficial for both spouses to file. Consult our bankruptcy lawyer for guidance specific to your situation.