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Questions To Ask Your Orlando Bankruptcy Lawyer

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Questions To Ask Your Orlando Bankruptcy Lawyer

Bankruptcy in Florida is a process that requires a great attorney. There are a variety of Orlando bankruptcy lawyers who can help you gauge your rights and get you through the process quickly. Before starting your case, it is important to ask your attorney these questions.

Do I Have Any Non-Exempt Assets?

Non-exempt aspects are those that are not protected from seizure during a bankruptcy proceeding. Florida is one of the many states that does not follow the federal rules. Thankfully, its guidelines are pretty forgiving, with typical exemptions including:

    An unlimited amount of value in your home or property no longer than half an acre in a town or 160 acres out of a town
    Personal property up to $1,000, including furniture and electronics
    Savings for education, health, and hurricane coverage
    Items prescribed to your for health treatment (like hearing aids and wheelchairs)
    Health savings accounts
    Up to $1,000 in motor vehicle equity
    Up to $750 per week of wages

What Type Of Bankruptcy Is Best For Me?

The most common form is Chapter 7, which is an erasure of debts that you can't possibly pay. You keep your property and personal savings, but your credit is severely impacted. Chapter 13 consolidates all of your bills into one monthly payment, paying back what your personal income allows.

The two other forms of bankruptcy are Chapter 11 (for corporations) and Chapter 12 (for family farmers and fishermen). In Orlando, many fishermen have to file Chapter 12 during poor fishing seasons.

Do I Pass The Means Test?

The Means Test is a gauge of whether or not you have too much disposable income (including property, savings, and cash) to file for Chapter 7. Gauging this is a complicated process, and it is one that requires a skilled Orlando bankruptcy lawyer.

While you can use online tests to gauge whether or not you pass, this only gives you a vague idea. Florida has fairly forgiving guidelines, but they vary depending on a variety of factors, including the severity of your debts and your personal income.

Unfortunately, it is possible that a 707b objection may be raised to your Chapter 7 filing. This objection comes if the court decides that you make too much to file for Chapter 7 and that you must file for Chapter 13.

A good bankruptcy lawyer will work to get the objection dismissed on grounds such as quality of life standards, which state that Chapter 13 would decrease your quality of life to a level far below that to which you are accustomed.

Although there are other questions you should ask your bankruptcy attorney (such as their level of experience with cases like yours), the above-mentioned questions are among the most important. Don't hesitate to ask anything else that you feel is important.

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