What Can You Keep in Bankruptcy?

What Can You Keep in Bankruptcy?One of the most popular questions asked by bankruptcy filers is, “Will I lose any of my assets in bankruptcy?” The short answer is, “No,” but keep reading anyway.

Your assets come into play more in a Chapter 7 bankruptcy than a Chapter 13 because the Chapter 7 trustee’s focus is on the value of your non-exempt assets, whereas the Chapter 13 trustee’s focus is on your household disposable income.

What are your “non-exempt assets?” Under Florida law, certain of your property is protected from creditors and, by extension, the bankruptcy trustee. For instance, […]

June 12th, 2019|

Will My Business Bankruptcy Affect My Personal Credit?

Will My Business Bankruptcy Affect My Personal Credit?If you are deciding to close your business and file for business bankruptcy, you may be wondering how this decision will affect your finances, particularly your credit score. If you are personally liable for a business debt, then a business bankruptcy will affect your credit score. Your liability depends on several factors including, what type of business entity you have, whether you signed a personal guarantee for business debts and your company’s tax liability.

Business Entity Type

It is essential to examine the structure and entity classification of your business to determine […]

May 22nd, 2019|

Should I File Bankruptcy Before or After Divorce?

Should I File Bankruptcy Before or After Divorce?

Getting a divorce is a stressful and painful process that is only made more difficult when coupled with ongoing financial problems. It’s crucial that you understand how bankruptcy and divorce are affected by one another as you decide which options are best for you. One issue of importance is the timing of bankruptcy filing relative to divorce. Below, we’ll examine a few factors worth considering when deciding if it’s best to begin the bankruptcy process before or after a divorce.


Bankruptcy Type

The type of bankruptcy you want to file is one […]

May 15th, 2019|

Can I Keep My House in Bankruptcy if I Have Past Due HOA Fees?

Can I Keep My Home in Bankruptcy?If you are considering filing for bankruptcy while owing past due HOA (homeowner association) fees, it’s vital that you know how this financial obligation affects the bankruptcy process. If you are behind on your HOA dues, a homeowner’s association lien can be placed on your home, and the HOA has the right to sue you to recover past due fees.

Filing for bankruptcy may allow the home to be preserved and control the HOA fees. This typically means that you will have to catch up on your missed HOA payments if you […]

May 8th, 2019|

Can You File Bankruptcy on Student Loans?

Can You File Bankruptcy on Student Loans?Being overwhelmed by debt that seems insurmountable is not an easy place to be. If you are in student loan debt and are also considering bankruptcy, it’s important to learn about your options and not give up hope. Getting student loan debt discharged in bankruptcy is difficult, but not impossible. In fact, student loans may be dischargeable if they cause undue hardship.

The Brunner Test

The relationship between bankruptcy and student loans is a complex one. In trying to better understand these complexities and determine whether it’s possible for your student loan debt […]

April 26th, 2019|

What Is the Bankruptcy Means Test?

What Is the Bankruptcy Means Test?The bankruptcy means test is an important aspect to understanding which chapter filing of bankruptcy is most likely to fit your particular situation. This test determines the income level—the “financial means”—of any individual seeking to file bankruptcy. The means test formula was originally designed to ensure high-income earners file Chapter 13. It is also now used to determine if your income is low enough to qualify you for filing Chapter 7 bankruptcy.

How Does the Test Work?

Do you have enough monthly disposable income after paying your expenses in order to pay back your […]

April 12th, 2019|

Can You File Bankruptcy on Child Support?

Can You File Bankruptcy on Child Support?If you are considering filing for bankruptcy while also paying or owing child support, it’s vital that you know how this financial obligation affects the bankruptcy process. The courts consider child support to be a priority debt, and so it doesn’t qualify for discharge in bankruptcy. Because of this, if you complete your bankruptcy case and receive a discharge, you are still responsible for your back child support payments.

Child Support Takes Precedence Over Other Types of Debt

Bankruptcy and child support are complex issues. It’s important to understand that priority debts are […]

April 5th, 2019|

5 Common Myths About Filing Bankruptcy

5 Common Myths About Filing BankruptcyThe stigma around filing bankruptcy is widespread, and many people are afraid of the process because of it. With the right attorney and understanding on your side, bankruptcy is not something to fear. If you are struggling with a significant financial burden, it may be the right decision to help you get ahead of your debt.

There are many myths surrounding bankruptcy that cause people to view it negatively. They arise from misunderstands and lack of education on the topic. We at Parker & DuFresne want you to be gain enough knowledge about […]

March 29th, 2019|

Reasons You Should Hire a Bankruptcy Attorney

Reasons You Should Hire a Bankruptcy Attorney.Bankruptcy can be a frustrating and messy process if not handled correctly. Hiring an experienced attorney can make the process significantly easier and help ensure you receive the best financial outcome. The success rate of a bankruptcy case without legal counsel is extremely low when compared to the success rate with legal representation. Attorneys can notice right away if there are any issues, and work with you to resolve them quickly. They help you determine what kind of bankruptcy you should file, assist during your case, and continue to work with […]

March 15th, 2019|

What is an Automatic Stay in Bankruptcy?

What is an Automatic Stay in Bankruptcy?When filing for bankruptcy, it is vital to protect yourself from bill collectors. As soon as you file, an immediate court order called the automatic stay goes into effect. This stops most civil lawsuits and collection actions against your property by a creditor. There are certain situations where an automatic stay may be able to help, such as foreclosure or having wages garnished.

Utility Disconnections

If you are late on paying your bills, and the utility companies are about to turn off your services, an automatic stay may be able to postpone this […]

March 8th, 2019|