Ah, I am glad you asked !!!
The timing of the Bankruptcy is very important. It may make a difference in whether your bankruptcy will "smooth sailing" or a "Tsunami".
Tax Refunds: Are you expecting a large tax refund. Don't file your bankruptcy. The Trustee will take your refund. Wait, get the refund, use it to pay your necessities, may be even pay the legal fees to your lawyer to file the bankruptcy, and then file your bankruptcy. True Story: A potential client once consulted with me [three times]. After the third time, of course she is an expert on bankruptcy law, files her own bankruptcy without a lawyer...and then the trouble starts. She is due a refund of $12,000. The Chapter 7 Trustee takes the refund, along with the car in which she had an equity of $6,000, and pays her creditors 100% of what they are owed. What did the filing of the bankruptcy do for her. Absolutely a waste.
Transfer: A "transfer" happens when a person contemplating for bankruptcy gives, donates, sells, transfers or gives up the rights or ownership of an asset to another person or business. For example, sale of a car, quit claim deed of real estate, pawning of jewelry, trading an old car for a new one, etc. etc. True Story: A potential client who consulted with me owned 2 condos paid for free and clear valued at $165,000. They owed $30,000 on their credit card debts. They did not retain me. They used a colleague of mine, and filed their bankruptcy about 6 months later. However, they failed to tell their attorney about the 2 condos which they had transferred via a quit claim deed to their daughter for "no value." Everything was going smooth [and I promise you I did not squeal on them. I would never do that. Attorney-Client Confidentiality.] The Chapter 7 Trustee somehow found out. Now they have an adversary complaint [a lawsuit] against them for denial of discharge. And the daughter is being sued to return the properties back to the bankruptcy estate. If you intend to transfer assets [my advice is 'don't do it.'] wait for 2 years under the bankruptcy law or if you want to be absolutely sure, wait for 4 years to get past the Florida Fraudulent Conveyance Act. Or better yet do some asset planning and don't file a bankruptcy. Once a Chapter 7 Trustee has his fangs around you, it is downhill from then on. Trustees are sharp people. Don't mess with them.
Exemptions: If you have have not lived in Florida for at least 730 days or more before the filing of the bankruptcy, you cannot use Florida's exemption. You have to use the Federal Exemptions or the State where you lived last and the most. True Story: This Client never consulted with me. This gentleman lived in California where he was being chased by creditors. To escape his creditors, he sells his mansion, and gets net proceeds of $400K. He moves to Florida the next day leaving behind a mountain of bills, and buys a home in Boca Raton for exactly the same amount. Two months later a local Palm Beach attorney files this person in a Bankruptcy. The Trustee objects to exemptions. The Court rules in favor of the Trustee. The Trustee sell the Debtor's home. The California creditors get almost 60% of their debt paid. Debtor is very unhappy and poor now. The good thing about this case is that the Trustee does not object to the Debtor's discharge.
Debts paid to family members: This is called a preference. Even paying your wife is considered a preference. The gist of the preference law is that you are preferring to pay the debts of your family members and friends rather than Visa and Mastercard. This is not allowed. True Story: Again this Client never consulted with me. I don't know her. She files a bankruptcy. Six months earlier she settled a personal injury lawsuit and received about $50,000. Immediately [as most moral people would do] she starts paying the debts she owed to her family members who had loaned her money when she was not working. She paid 2 sister, mother, father, and grandmother. The Trustee sued all these relatives, and objected to the discharge of the debtor. This story has a great ending. This must be one great family. All family member came together, spoke to the Trustee's attorney, and immediately agreed to pay the Trustee $50,000 plus his legal fees. The only thing they asked in return was that the Debtor get her discharge. Trustee agreed and everything ended up well after all. I give three cheers for this family. Most families would have turned on each other..but not this one.
Foreclosure Sales: You must file your bankruptcy before the home is sold. You cannot get your home back after the foreclosure sale [unless the creditor consents].
Garnishment: If you know a creditor is getting ready to execute on the judgment, the proper time is to file the bankruptcy before the Writ of Garnishment or Levy is issued by the Clerk. Once the Clerk enters the Writ, the Writ becomes a lien on that bank account, and it may be impossible [in some cases] to have that bank account or property released.
LIFE IS SHORT. GET RID OF DEBTS !!!
Attorney
Elias Leonard Dsouza concentrates his practice on Bankruptcy [Chapter
7, 13 & 11,] Foreclosure Defense, Defense of Credit Card Lawsuits,
Credit Restoration, and Debt Settlement & Credit Counseling. Our
office also handles complex Civil Litigation, Business & Corporate
Transactions & Litigation, Employment Law, Collections, Creditor
representation, Real estate transactions, Personal Injury, Family Law,
Immigration, Landlord-Tenant law, Franchise Law, Tax Law and We Sue Debt
Collectors under the Fair Debt Collection Practices.
If you have questions on this Program, please call me at 954-358-5911.
MY MISSION:
I
am very passionate about helping consumers protect their rights, and my
goal is to compassionately and passionately help people reorganize
their debts, help them keep all or most of their property, save their
homes from Foreclosure, stop wage garnishments, and assist people to
“get a fresh financial start”. I am available to assist and advise you
on how to rebuild your credit and buy the new house or start the new
business that you always wanted to. This is a small law firm, and as
such, can and does provide personal service, professional
representation, and follow up. If you would like to learn
more about your options, contact me as soon as possible for a FREE INITIAL CONSULTATION so
that I can assist you through these difficult times. I also offer an affordable payment plan for legal fees.
Elias Leonard Dsouza, Esq.
"The best compliment you could ever give me is a referral."
A CONSUMER RIGHTS PROTECTION LAW FIRM
LIFE IS SHORT. GET RID OF DEBTS !!!
"Life is Short. Get Rid of Debts"
111 N. Pine Island Rd., Suite 205
Plantation, Florida 33324
Phone: 954-358-5911
Fax: 954-357-2267
www.DsouzaLegal.com
Skype: elias.leonard.dsouza
Skype: 954-762-7608
Http://Facebook.com/Elias.Leonard.Dsouza
Blog: http://dsouzalegal.blogspot.com
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