Bankruptcy Filing Information

Summary

Filing for bankruptcy in florida involves choosing between chapter 7 and chapter 13. Chapter 7 involves asset liquidation, while chapter 13 offers a repayment plan. Floridas homestead exemption can protect your primary residence, and retirement accounts are generally exempt. Required steps include credit counseling, filing a petition, and attending a creditors meeting. Consult local courts for specific details.

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if I co-own a property that I live in with my family and have retirement funds, how can filing effect those?
When filing for bankruptcy in Florida, here are some key points regarding co-owned property and retirement funds:
- Co-Owned Property:
- In Chapter *, the property may be sold to pay creditors, but Florida's homestead exemption might protect your primary residence.
- In Chapter *, you can typically keep your property if you follow the repayment plan.
- Retirement Funds:
- Generally, retirement accounts like *(k)s and IRAs are protected in bankruptcy under federal and Florida state exemptions.
Would you like more detailed information on specific exemptions or any other aspect of bankruptcy?
yes
Sure! Here are some specific exemptions in Florida that might apply to your situation:
- Homestead Exemption: Protects your primary residence, with no limit on value, but the property size is restricted to half an acre in a municipality or * acres elsewhere.
- Personal Property Exemption: Up to $*,* for personal property or $*,* if not using the homestead exemption.
- Retirement Accounts: *(k)s, IRAs, and other qualified retirement accounts are generally fully exempt.
Would you like more details on these exemptions or any other specific aspect?
what's the biggest difference between chapter * and *
Case Rating: *
The biggest differences between Chapter * and Chapter * bankruptcy are:
- Chapter *: Liquidation bankruptcy where non-exempt assets are sold to pay creditors. Quick process (~*-6 months).
- Chapter *: Reorganization bankruptcy with a repayment plan lasting *-5 years, allowing you to keep most assets.
Would you like more details on any of these chapters?