Legal Question in Bankruptcy in Florida

Bankruptcy

We had 2 years ago a net worth of 15 mil in Ok. We lost all of the properties ( held in a S Corp) some of the vehicles and left credit card debt as well as vender debt. We have now moved to Fl bought a small trailer house We still have a vehicle worth maybe 15K. and a vehicle we have not made pmnts on in 3 months The lein holder does not know where we are at this point . Can we gift the truck to someone ( title held by a LLC) How will the court handle any cash in checking account How will they handle the spending of the cash in months gone by as far as questions of how we spent the money. Should we turn the vehicle with the note on it (some equity in the vehicle) in to the lein holder or the court. We are attempting to start over and not have the creditors chasing us for the money from the S Corp as we stood for the loans and mortgages personally as well Also our credit is shot which we used to have a score of 725 and we want to rebuild Is bankruptcy the answer?


Asked on 4/22/08, 8:33 am

1 Answer from Attorneys
Paul Daley Daley Law

Re: Bankruptcy

The state of Florida exemption for vehicles is $1,000 of equity per filing person. Cash would be counted against your personal exemptions which is $1,000 per filing person. You have many complex questions which could be best answered by consulting an attorney.

Your attorney would need to know how much cash you spent, was it used for living expenses, how much remains in your checking and savings, is the s-corp disolved, what happen to the assets, and many more questions.

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Answered on 4/22/08, 9:05 am


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