Legal Question in Bankruptcy in Florida

Lost job, Funds about out, What can be done

Situation: 69 years old male, just lost job. No pension, no real investments, or assets. Working because have to. Have first and second Mortgage due to Credit Card Debt, and still have Credit Card Debt as well. Have loans on 2 cars. Spouse has small pension, and is collecting Social Security. When had very good paying job, could pay all bills, but never could get ahead of the overall debt. Plan to find a job, but all funds run out in 30 days. Never have been late with a payment ever. Should I file for bankruptcy while unemployed? How can I keep my 2 Cars? What is it I can keep. Need a way to survive all this.


Asked on 2/13/03, 7:36 pm

1 Answer from Attorneys
Thaddeus Hunt Law Offices of Thaddeus Hunt

Re: Lost job, Funds about out, What can be done

Filing bankruptcy does not automatically mean you will lose your cars. If you are current on your payments you can choose to reaffirm your obligation to pay on the cars in a bankruptcy.

The question to answer is whether you have any equity in the automobiles. A Trustee is only interested in selling assets with enough equity to provide a meaningful benefit to your creditors.

We can certainly discuss this further. Give me a cal at (847) 223-4410 and we can discuss the options available to you.

Very truly yours,

Thaddeus J. Hunt

Disclosure: The information provided herein is for informational purposes only. Noting herein may be construed as creating an attorney-client relationship.

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Answered on 2/13/03, 10:32 pm


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