Legal Question in Bankruptcy in Florida

Re: Bankruptcy

Hello:

You raise a good question. Can I assume you have either researched the bankruptcy law or consulted with an atty? I ask this because this refers to one of the most important aspects of a chapter 7 and it is also important in a chap. 13. That is the amount of assets you are allowed to keep as you discharge debts.

No creditor would be able to attach liens if you file BR. However, your interest in monies jointly owned would count towards the amount of assets you are allowed to keep. Fla. exemptions state if you are filing by yourself, you can keep $1,000.00 of personal property. There are other exempt assets such as $1,000.00 in a car, retirement funds, etc. If these CD's are in some retirement acct., they would be exempt. If they are simply in an investment acct., they would not be exempt. If your mother simply put you down as "right of survivorship" on her CD's, they would not be considered yours. Also, they would be excluded from her estate if she passed away.

There's more to explain that would require more time, but I hope this helps. Tom Rosenblum