Bankruptcy Law - Yankwitt Law Firm PLLC. a Florida Law Firm

We understand, life happens.

The decision to file for bankruptcy is often more emotional than financial. You are so used to doing what you thought was the moral thing. You borrowed the money and you spent time, effort, and angst trying to pay back your creditors. Now take your life back.
First credit card companies knowingly lend money to almost anyone under any condition. The interest rate that they charge is so tremendous that it is in their business model to account for a certain percentage of people not to pay them back. They are big boys and girls.
One of the largest reasons why people go bankrupt is from medical bills. The inflation in medical fees, and the inability to shop during a time of crisis and stress makes the system ripe for bankruptcy
Our country did away with debtor’s prison nearly two centuries ago, you can forgive yourself.
Our constitution and laws allow for bankruptcy to give those of us who try to make a better life for ourselves and family, will then in aggregate make our country better as a whole. The greatest good produced by each of us pursuing our own self interest
Those of us who try to start a business or who have some business setbacks, our government allows us to start over and try to invent that next mouse trap. Tomas Edison failed at many things, but nobody remembers his failures. However, we all remember the invention of the light bulb. He is quoted as saying that “he did not fail, but found 10,000 ways that will not work.” Thankfully bankruptcy is there as an option to pick us up and provide a new lease in life so we can build that better mouse trap and we all gain as a county for it.

Florida Bankruptcy Exemptions.

There are some exemptions from your creditors in bankruptcy. You get to keep the following:

Most Retirement plans
Homesteaded property (now you know why so many move here)
The negative equity in your car. If you are upside down in your car the trustee will not usually strip the specific car loan from the asset of the car to sell the car to pay your other creditors. However, it does not mean the lender can’t take the property back
Cash surrendered value of most life insurance
$1000 worth of your furniture and household items
$1000 worth of net equity of your car value
Social security, workers compensation benefits, veteran benefits
Pre need funeral contract deposits
$4000 extra in a wild card exemptions to be applied where we need

Some debts are not subject to Florida Bankruptcy:

Past due child support
Debts from acts of Fraud, malicious injury to another, DUI Injuries
Most government guaranteed student loans
Unseasoned taxes and fines (generally more than three years old or filed tax returns) Including income tax, sales tax, payroll trust funds penalty
Alimony
Post-bankruptcy condominium or cooperative owner’s association fees

Some frequently asked concerns

You will be able to get credit cards again, generally within 6 months the offers will be arrive. The interest rate may be high and there may be a fee but you will have the convenience of having a credit card again
Bankruptcy will be on your credit report for up to 10 years. However, you will be able to enhance your credit score after discharge of the bankruptcy by several techniques such as using a secured credit card or a passbook loan to start. Generally within 2 years you could have good credit again.
After you file bankruptcy do not talk to creditors. Give them my phone number that is all and do not ever, never ever, talk to them again! Do not talk to the creditors even after you have received the bankruptcy discharge.
You can choose Chapter 13 if you want to keep certain assets, however you will need to set up a payment plan. You must keep your payments current and run the risk of falling into chapter 7 and losing that asset
A secured debt is a debt that is collateralized by property, such as a mortgage
Example of a priority debt is the services rendered by your attorney after the bankruptcy is filed
Unsecured debt are credit cards
You must list all of your creditors, you cannot play favorites
If you are a co-debtor or co-signer with your ex-spouse on a debt, the creditor can require the entire payment of that debt from your share of the marital property, even if the marital settlement says otherwise
There are look back periods on the acquisition of assets and transfer of assets to family and friends. This needs to be discussed at length and is the number one reason why bankruptcy is denied or worse

What to expect when you are expecting to file Bankruptcy

First you must complete our intake forms herein to be downloaded. We can assist you, however if you do it by yourself you generally will save $150 on our fees
After the intake forms are completed we will assess any needed additional information, vulnerabilities, and then discuss in detail any concerns you have when we are armed with the specific information of your case
We will then discuss the timing of your bankruptcy.
You must complete and obtain a certificate from an approved non-profit credit counseling agency during the 180-day period prior to the date of filing. A list of approved Credit Counseling Agencies can be located at www.justice.gov/ust/eo/bapcpa/ccde/cc_approved.htm
You must pay the bankruptcy court fee in full unless we are able to get the court costs waived to start the bankruptcy procedure and to achieve any stays in action by any creditor
You must also take a post-bankruptcy filing class
The creditors meeting (341 meeting) is scheduled in approximately 40 days. Creditors may not show, (their option), you must attend. The meeting with the trustee is generally less than 15 minutes and is under oath. You will need to bring proof of residency ( driver’s license) and your social security card. The trustee will ask you most likely how the circumstances of your bankruptcy came about.
We then wait for the discharge papers that should arrive to you within the following month

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