Florida Bankruptcy Lawyer Blog

As we all know, when an individual files a bankruptcy case, they are required to disclose all of their assets, and the total value of those assets is the starting point for determining how much (if any) they must pay to their creditors in the case. So, of course, in my work as a consumer bankruptcy attorney in Southwest Florida, I get a lot of questions about how to protect one’s assets before filing a bankruptcy case. Specifically, one of the most common things that people want to know about is protecting their bank accounts. When it comes to bank accounts, it is mainly about organization. There are several specific exemptions, or protections, that can be applied to bank accounts to shield them from the reach of the bankruptcy trustee so that you can keep that money available to support your family after the case is filed. These exemptions are based on the source of the money that was deposited into the bank account, the most popular ones being wages and social security. The key to protecting the specific types of deposits that are specifically exempt in bankruptcy is to keep those deposits separate from the rest of your non-exempt money and to spend those protected monies after all other types of money that you have. That way, there is no question as to the source of the money that is in your bank account on the date that you file for bankruptcy protection.

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One of the situations that I see all to often as a Bankruptcy attorney in Southwest Florida, is where a family member or friend has lent money to someone to purchase a vehicle but has failed to protect this loan with a properly perfected lien and security agreement. When lending money to a friend or family member no one wants to ask for a security interest because it makes it seem like you doesn’t think the person will pay the money back or that you are watching over their shoulder as “big brother.”

However, asking for a security interest when loaning money to a friend or family member actually serves to protect not only you the lender, but also protects the family member that is borrowing the money as well, especially if they are forced to file bankruptcy or have a judgment against them from a lawsuit.

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Secured Credit Cards can be a very helpful tool when attempting to re-establish your credit after bankruptcy. They can also be useful for younger individuals seeking to establish credit for the first time. Hopefully, this video will help you navigate the maze of secured credit cards.

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One of the biggest problems in a Chapter 13 bankruptcy is failure to make plan payments. As we all know, individuals in Chapter 13 bankruptcy are required to make monthly payments for 36 to 60 months, unless all creditors are paid in full prior to that time. For any number of reasons, an individual may have something happen in their lives which will cause them to miss a payment to the Trustee's office. When this happens, it is important to speak with your attorney's office. Otherwise, the Court will dismiss your bankruptcy case if payments are not made. Therefore, it is very important to keep good track of your payments.

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