Bankruptcy Attorney | When NOT to File for Bankruptcy
Bankruptcy Attorney . Here are 13 examples of when not to file for Bankruptcy.
1. Urban Legend – doing it inappropriately because “everybody at work did it”
2. Foreclosures – to discharge a potential mortgage deficiency on your home – the mortgage lender may never bring it
3. Exemptions – recently moved to Florida from another state, another state’s exemptions apply, and alot of your property is subject to liquidation in a chapter 7 case
4. Too Much Property – substantial amount of property that is not exempt and the chapter 7 trustee is able to liquidate a lot of property
5. Too Much Income – an “abusive filing” and that will be dismissed or converted to chapter 13 or 1
6. Intangible Property – intangible property is real property. A potential personal injury claim or interest in a trust or estate may be very valuable. Non-exempt intangible property is not yours anymore when you file chapter 7 – it belongs to the chapter 7 trustee. That valuable personal claim – all the chapter 7 trustee has to do is pick up the phone and settle for whatever he deems appropriate by the Court – in most case, you get nothing.
7. Chapter 7 – when should have filed under chapter 13
8. Chapter 13 – when should have filed under chapter 7, such as little income and no non-exempt property
9. Cooperation – full cooperation with a chapter 7 trustee is required and the failure to do so may result in the lack of discharge of debt
10. Only One Large Creditor – sometimes if there is only one creditor, you are just moving the state court case over to the Bankruptcy Court – even worse, the creditor may have more power over you in a bankruptcy case
11. Valuable Real Estate in Another Country – a chapter 7 trustee can have a real estate broker in the other country sell it
12. Property Owned Together with Spouse – the exemption for property owned as “tenants by the entireties” is not always not a good bet as does not always fully work or is very difficult to prove
13. Eviction – to buy a few more days -jbublick
If you are unsure if bankruptcy is right for your financial situation, contact a bankruptcy attorney.
Call attorney David Pinkston, bankruptcy lawyer, for a free consultation today: (904) 389-5880. If you are thinking about #bankruptcy, #chapter13bankruptcy or #foreclosure in the Jacksonville, Florida area, you should call attorney David Pinkston. David is very experienced with all aspects of bankruptcy law yet very personable and easy to talk to. Call Us Today! (904) 389-5880.