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Need advice please (BANKRUPTCY & CONSUMER CREDIT)

Tue, 03 Jun 2003 13:25:00 GMT

What is the name of your state? FL
I've recently been considering bankruptcy, but I'm afraid of the small print. The equity in my house has gone up, but I can't refinance because I don't want the higher payment. I also have a car in my name that my stepson pays me for. The only items in my home that are worth anything are my home entertainment system. Is there a chance that I will lose any of those items? I don't want to ramble too much here, but want to get some detail so you all know what I'm concerned about. My husband also owns a small business. Will we lose that?
Thanks for any advice.

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  • Tue, 03 Jun 2003 15:19:00 GMT(1)
  • FL has a 1 % homestead exemption, so your home should be completely safe.
    "Real or personal property including mobile or modular home to unlimited value; property cannot exceed acre in municipality or 16 contiguous acres elsewhere; spouse or child or deceased owner may claim homestead exemption
    May file homestead declaration
    Property held as tenancy by the entirety may be exempt against debts owed by only one spouse"
    As for your personal property, you value everything using garage sale prices.. so that entertainment unit may not be worth as much as you think under those circumstances.
    Your FL exemptions are here:
    http://www.thebankruptcysite.com/exemptions/florida.htm
    Anything NOT on that list is subject to siezure by a Trustee.
    The vehicle you'd have to reaffirm the loan to keep it.
  • Tue, 03 Jun 2003 17:50:00 GMT(2)
  • Thanks very much. I've not seen that website yet and it is a big help. I still don't know if I'm going to do it or not, but the more I know, the better
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