Legal Question in Bankruptcy in Florida
In bankruptcy, if you make commissions in real estate and there is a signed contract for a few weeks but it has not closed yet do you have to give that money to the court to pay the debt?
Asked on 6/16/11, 3:38 pm
1 Answer from Attorneys
Sanford M. Martin
Sanford M. Martin, P.A.
In Chapter 7 bankruptcy, income from commissions or other sources are explained in the petition as part of the overall income, expenses, assets, debts, etc. Some earnings, tax refunds, sales of property may be required to be used to pay debts, but not necessarily. Simply because the source of earnings is commissions does not require you to pay debts. It is necessary to review the total petition.
Answered on 6/16/11, 3:45 pm
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