Once a Stuart bankruptcy lawyer helps you file for bankruptcy, your property interest and debts will become subject to the control of the bankruptcy court. All of your assets and debts are combined to become the “debtor’s estate,” and this includes: (a) your legal and equitable interests in all property that is under your management and control (even if it’s owned or held by somebody else); and (b) property you acquired within 180 days after filing for bankruptcy (such as an inheritance, marital settlement property, or life insurance proceeds).

Assets can be exempt or nonexempt. Debts can be dischargeable or non-dischargeable.

What counts as an “asset” for bankruptcy purposes?

For an individual debtor, the following count as assets (and are thus part of the debtor’s estate):

• The money you have in your checking and/or savings accounts;
• Any property you received by inheritance, property settlement agreements, or a life insurance policy within 180 days after filing;
• Your real property;
• Household goods;
• Clothing;
• Stocks and bonds;
• Vehicles;
• Wages you earned from work;
• Jewelry;
• Your inventions;
• Your literary works;
• Your insurance policies;
• Money that other people owe you;
• Any lawsuits to which you are a plaintiff; and
• (Sometimes) animals.

Of course, the bankruptcy court will not strip you of all your assets; it recognizes that you need some things to live on and begin anew. The assets that the court allows you to keep are called exempt assets. There are federal and state laws that list exempt assets.
The bankruptcy court will valuate your exemptions by using the fair market value of the assets (that is, how much you’d get for the item at a garage sale) at the time of bankruptcy filing, not at the time of purchase. The court will then deduct the amount of any lien on your property; the end result is your actual equity.
If you’re considering filing for bankruptcy anywhere in the Treasure Coast, including Jensen Beach, Hobe Sound, Port Salerno, or Stuart, bankruptcy lawyer Jon L. Martin can help. He is admitted to practice in the State of Florida and The Southern and Middle Districts of the Federal Bankruptcy Court in Florida. Fill out the form on this page for a free initial consultation, or call (772) 419-0057.
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The first thing that happens after a Stuart bankruptcy lawyer helps you declare bankruptcy is that you get an automatic stay. In this article, Treasure Coast bankruptcy lawyer Jon L. Martin will explain what this means for you and your creditors’ attempts to collect on your debt.

Right after you file for a voluntary bankruptcy proceeding, creditors are not allowed to collect or attempt to collect debts from you for a certain period of time. (Actions that are proscribed include continuation of any lawsuits, wage garnishments, or telephone calls to you demanding that you pay.) This prohibition is called an automatic stay: debtors are protected from the collection activities of creditors, and all administrative collection proceedings are also halted for the time being. The clerk sends an Order for Relief to all creditors, thereby effectuating the stay.
However, there are some activities that cannot be stayed. They include:

• Criminal proceedings;
• Domestic proceedings (which include domestic violence cases, divorce proceedings, paternity actions, visitation actions, and child support and alimony actions);
• The withholding or suspension of your driver’s license or other licenses;
• Reporting unpaid child support to a consumer reporting agency;
• Intercepting your tax refund;
• Landlord’s action against a tenant for regarding an expired nonresidential lease;
• Etc.

Once a creditor receives the Order for Relief, it is not allowed to contact you in any way, unless you filed for bankruptcy pro per (that is, you’re representing yourself, without the help of a Stuart bankruptcy lawyer). If a creditor willfully violates this, you are entitled to recover actual damages (which include costs and attorneys’ fees), and you may be entitled to recover punitive damages under certain circumstances.
If you’re filing for bankruptcy under Chapter 7, 11, or 13 and your prior bankruptcy case was dismissed within one year of filing this new petition, then the automatic stay will end 30 days after filing unless the court determines that your refiling of the bankruptcy petition was done in good faith. If you had two or more bankruptcy petitions within the year that were dismissed, then there is no automatic stay, and the court will enter a confirmation that there isn’t one. At the request of a party, the court has the discretion to impose an automatic stay.
If you are looking for help filing for bankruptcy in Sebastian, Vero, Port Salerno, or Stuart, bankruptcy lawyer Jon L. Martin can help. He practices throughout the Treasure Coast. To schedule a free initial consultation, simply fill out the form on this page or call (772) 419-0057.