Legal Question in Bankruptcy in Florida

encumbering assets

I have a business I've borrowed lots of money to start. The business is failing. I am thinking of filing both business and personal bankruptcy as I cannot pay my bills. I want to keep my car, which I paid off before I started the business. If I borrow money against my Miata, and buy a trailer & land, then declare that my primary residience, could I then reaffirm that debt & thus keep my car?

Also, my spouse has a vehicle & wants to keep it. We purchased it after marriage (it is nearly paid off, but it is in the name of only my spouse. I know that FL is a property by entirety state. Does this mean that the trustee could sell half of the vehicle, even though it is not in my name?


Asked on 11/14/00, 12:04 am

1 Answer from Attorneys
Alexander M. Rosenfeld Rosenfeld & Stein, P.A.

Re: encumbering assets

Respectfully, your question cannot be answered simply. I urge you and your wife to consult with competent counsel. such as me, so your entire financial picture can be carefully reviewed. Then you can go forward with confidence and peace of mind that you know what will happen and why.

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Answered on 11/30/00, 7:48 pm


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