Bankruptcy protection gives debtors a fresh start. But before filing, it is important to know the common mistakes people make during the process.
Not Being Truthful
The means test is the first step to filing bankruptcy. It consists of several financial questions that will determine if you can pay your creditors. If you don’t mention all of your income or assets, your case could be dismissed. A bankruptcy lawyer can help you make sure everything is presented correctly.
Tampa, Florida, Chapter 7 lawyers are experts in the Florida statutes that govern which of your assets you can keep–and which must be surrendered to the Court trustee who liquidates (sells) them to pay back your creditors.
According to an overview of the Florida bankruptcy process, filing Chapter 7 allows most debtors to completely cancel out their significant credit card debts and get a “fresh start.” And, after the Court trustee pays off your creditors, he (or she) will give you back any monies/items that are “exempted.” These “exemptions”(assets/items not surrendered)–per Florida statutes–include:
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