The Elliot Legal Group, P.A. Offices | Fort Lauderdale and Miami

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Surfside bankruptcy attorney asset protection

Everyone’s biggest fear with filing for bankruptcy is losing everything -- your house, vehicles, savings, and more. What many do not know is that filing for bankruptcy does not mean that everything is taken away from you. There are a number of exemptions that Florida allows its residents to keep their assets even after filing for bankruptcy. In order to classify for such exemptions, you must be a Florida resident, not a recently relocated individual. You must have lived in Florida for the past two years to qualify, and if not, you will have to follow your previous state’s exemption requirements. Although it is always best to consult with a bankruptcy lawyer, you should be aware of possible exemptions available to you.

Homestead Exemption

If you are a Florida homeowner, you will likely be able to keep your home after filing for bankruptcy. Most states limit the amount of equity you can have in your house, but Florida is slightly more lenient. As long as you bought and have owned your property 1,215 days (a little less than 3.5 years) before filing, and your property does not exceed a half-acre in size, you qualify for Florida’s homestead exemption.

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Surfside bankruptcy and repossession attorney

Having your belongings taken from you is a frightening situation to imagine. If this occurs, it typically involves your most valuable assets, such as your home or car. Most people have heard the term foreclosure and understand that this means having your home taken away from you. What many may not realize is that any items you have purchased with the help of a loan can be repossessed by the lender if you fail to make payments. This can be a terrifying thought, especially if you rely on your car to get to and from work. Luckily, there are actions that you can take with the help of a skilled bankruptcy attorney to avoid such drastic measures.

How Does Repossession Work?

The term “repossession” refers to the lender reclaiming ownership over the object for which they have helped pay. This can include a house, vehicle, jewelry, furniture, or any other tangible asset that you may be in the process of paying off. Home foreclosures take a period of time and require a number of notices to be made to the owner before repossession can occur. However, vehicle repossession is not always so drawn out. Lenders are technically able to repossess items as soon as a payment is missed and do not need a court order to do so. This often involves a tow truck appearing on your driveway to take your car away. This is typically not the best option for lenders since the value of the car is less than what they would receive from you as you continue to make your payments. However, if you are delayed on multiple payments, it is not out of the question for your lender to seek payment in some form, even if that means repossessing the vehicle.

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Sunrise bankruptcy attorney

Filing for bankruptcy is often the last thing that a person wants to do, which is why many people only consider bankruptcy if they feel they have no other options. Many people may falsely believe that filing for bankruptcy means handing over everything they have. Luckily, there are two types of bankruptcy which allow individuals to choose which one works best for them and avoid losing all of their assets to pay off their debts. Since filing for bankruptcy is often a last resort, you may not be educated on the topic. If you find yourself facing financial difficulty, it is important to understand which type of bankruptcy fits your unique situation.

Chapter 7 Bankruptcy

This type of bankruptcy is the more well-known of the two options. Also known as liquidation bankruptcy, Chapter 7 bankruptcy allows individuals to discharge or eliminate their outstanding debts after their bankruptcy trustee sells their property or assets to pay off as much of their debts as possible. Chapter 7 bankruptcy is typically only used by those who have little to no disposable income. In other words, if you do not have enough income left over after paying ongoing expenses to repay some or all of your debts, you should consider filing for Chapter 7 bankruptcy. The court will use a Chapter 7 means test to see if you are eligible to file for this form of bankruptcy, and if you qualify, you can report the income you earn and the assets you own. Non-exempt assets will be turned over to the bankruptcy trustee to be liquidated, but there are a variety of exemptions that will allow you to keep certain property, and once the bankruptcy process is complete, you will no longer be required to pay your debts. Filing for Chapter 7 bankruptcy should be done with the help of an experienced bankruptcy lawyer who can ensure that you report all income and assets properly and that your debts are fully discharged.

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