If you are overwhelmed by debts and unable to keep up with your monthly mortgage, credit card and other financial obligations, you may hesitate to file for bankruptcy because of common misconceptions. You should educate yourself about the subject of bankruptcy and receive your information from a reliable source. Alan J. Fisher, PA has more than 20 years of experience practicing bankruptcy law and we have assisted more than 18,000 bankruptcy cases. It is important to meet with an experienced bankruptcy attorney who can review your financial situation and advise you on the best solutions available to help you resolve your debt problems.

I Will Lose My House if I File for Bankruptcy

Florida has one of the most generous homestead exemptions allowed in the country. Bankruptcy petitioners can take advantage of the unlimited amount of value in one's home/other property covered by the homestead exemption. There are provisions however. The property cannot exceed 160 acres or exceed one-half acre if in a municipality. We can help you with this exemption and review the specifics of your property. The length of ownership is another provision to qualify for a homestead exemption. The petitioner must have owned the property for a minimum of 1,215 days before filing and if that is not the case then $146,450 becomes the limit for the homestead exemption.

My Credit is will be Ruined

Realistically, your credit has suffered already because of nonpayment or late payments to your creditors. The bankruptcy process allows you to take control of your finances and start a life toward debt free living and discharging your debt. It is important to reestablish your credit and our attorneys can advise you on the proper steps to take to achieve that. Following the steps to rebuild your credit can help you avoid falling into the debt trap in the future. Demonstrating responsible financial control can go a long way toward rebuilding credit and you may be surprised at the amount of credit offers you will receive in the mail shortly after the bankruptcy finalizes.

Bankruptcy Will Take My Car, Personal Possessions, Pension

In Florida, certain personal property is exempt from bankruptcy and that includes a maximum of $1,000 in the value of furniture, appliances, art, prescribed health aids, etc. Savings accounts for education, health, or hurricanes are exempt. Certain pensions, government benefits and retirement funds are exempt in Florida. Up to $1,171,650 in IRS's and Roth IRA's are exempt. Some insurance policies and annuities are exempt. Our attorneys can review your inventory of personal property and other assets and advise you on the exempt and non-exempt status of your possessions.

Bankruptcy will Cause me to lose My Job

Employers in Florida cannot fire employees for filing for bankruptcy or take any other type of adverse action against them. Likewise, employers cannot refuse to hire based on the applicants' bankruptcy status. Bankruptcy is public record but most employers do not check employees' credit. Usually employers find out about bankruptcy when the employee makes it known.

No Bankruptcy Help for Late Child Support Payments

While it is true that certain debts are not dischargeable in bankruptcy like marital property settlement, spousal maintenance, and child support, court fines, and most taxes there may be some relief available. Some petitioners are able to restructure their debts in Chapter 13 and that includes late payments and fines worked into the new payment plan approved by the court.

We can answer your questions regarding bankruptcy and establish whether it is the right solution to your financial situation. Our attorneys understand that each person's situation is unique. We work closely with our clients to help them resolve their debt problems.

Get your bankruptcy questions answered by an experienced bankruptcy attorney. Contact Alan J. Fisher, PA for bankruptcy help!