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By Bankruptcy Lawyer in Post St Lucie Jon L Martin, the author of “What Everyone ought to Know about Debt Relief Today!”

Most people tend to grossly overvalue their possessions for Bankruptcy valuation purposes. It’s not how much you paid for them. It’s not how much you would have to spend to buy new or replace them. Nor is it what someone has listed similar items for in the paper or online. (Bear in mind, asking price often has little to do with what someone is willing to pay for an item). So how do you make an honest estimate of value?

Age has a lot to do with it for most people. Condition of course is relevant also.

For example:

Take a couple that has been married for 20+ years. They had some “starter” furniture given to them when they first got married and they have bought a piece here and there along the way. They had three children, four cats and two dogs over the years. The cats sharpened their claws on the backs of the furniture, the dogs pee’d on the oriental rug, and the kids ran their bikes into the TV cabinet and broke a door off the bookcase cabinet. Now what do you think it’s all worth?

A debtor has to use the above model and adjust their situation realistically. In short, while our possessions seem priceless to us (because they are part of our lives and precious memories), in reality the value is in the eye of what a potential buyer would be willing to pay for the same items.

Ask yourself, what would I pay for 10-20 year old furniture if I was looking to buy it? (Even if you just recently purchased your furniture, remember, as soon as they took it off the truck and into your house, it became used furniture and is lucky to still be worth 1/3 of what you paid for it retail).

Is it what I could get if I had an auction?

Is it what I could get if I had a garage sale?

Is it what I would be willing to pay for new furniture?

Looking at it realistically, usually our “treasures” are only “treasures” to ourselves. Be accurate and reasonable in listing values when filling out your personal property forms, but don’t handicap yourself either. Talking to an experienced Bankruptcy attorney can make the difference between successfully completing a Bankruptcy Plan or ending up with a disastrous failure.

For more information on bankruptcy and debt settlement issues, please contact Jon L Martin Bankruptcy Attorney at (772)419-0057 or visit us online http://jonlmartinlaw.com/. With over 40 years of combined legal and business experience, we have helped hundreds of people in and around Martin and St Lucie County to relieve their financial problems. Bankruptcy Lawyer Port St Lucie Florida and a chairman of Martin County Bar Bankruptcy Committee Jon L. Martin helps clients throughout the following cities and surrounding areas: Hobe Sound, Jensen Beach, Palm City, Port Salerno, Port St. Lucie, Stuart, Vero Beach, and the entire Treasure Coast of Florida.

People sometimes think they can’t afford an attorney to file Chapter 7 bankruptcy. They might consider the following alternatives.

 

File on your own;

Obtain assistance from a free clinic or legal aid society in your area;

Find a pro bono attorney; or

File for Chapter 13 bankruptcy to pay attorney fees through your repayment plan

 

Filing for Chapter 7 Bankruptcy without an Attorney

 

Bankruptcy laws don’t require you to have an attorney, however, read the article “Don’t try this at home,” Bankruptcy laws are complex, even simple Chapter 7 cases require you to complete extensive forms, research exemption laws, and follow all local court rules and procedures. You will have to consult an attorney if you are not comfortable filing on your own.

 

Free Clinics and Legal Aid

 

Some bankruptcy courts have free clinics to help debtors file for bankruptcy relief on their own. Mr. Martin conducts such a class monthly as part of the Southern District of South Florida’s “Pro Se” Bankruptcy Program. Go to https://www.facebook.com/jonlmartinlaw/ for dates and times.

 

Pro Bono Attorneys

 

Some attorneys take on a limited number of pro bono (no fee) cases. For instance, seniors with little or no income are sometimes able to find some help.

 

Filing for Chapter 13 Bankruptcy

 

Filing for Chapter 13 bankruptcy allows debtors to pay all or a portion of their attorney fees through their repayment plan. However, filing for Chapter 13 bankruptcy may not work for everyone. And you will still encounter certain up-front costs. Moreover, many courts reject “fee only” Chapter 13’s. If you don’t have enough income to afford your Chapter 13 plan, you will not qualify.

 

Filing any bankruptcy is complex. Most people need help. Many times, an attorney can suggest resources such as legal aid services and local help programs for attorney fee assistance. Don’t ignore your money problems just because you think you can’t afford an attorney! Remember, doing nothing, changes nothing!

 

Talk to an attorney! It’s the surest way of changing your life for the better.

Remember…

Bankruptcy is not the end…IT’S THE BEGINNING OF A BETTER LIFE!!!

For more information on bankruptcy and debt settlement issues, please contact Jon L Martin Bankruptcy Attorney at (772)419-0057 or visit us online http://jonlmartinlaw.com/. With over 40 years of combined legal and business experience, we have helped hundreds of people in and around Martin and St Lucie County to relieve their financial problems. Bankruptcy Lawyer Port St Lucie Florida and a chairman of Martin County Bar Bankruptcy Committee Jon L. Martin helps clients throughout the following cities and surrounding areas: Hobe Sound, Jensen Beach, Palm City, Port Salerno, Port St. Lucie, Stuart, Vero Beach, and the entire Treasure Coast of Florida.

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By Bankruptcy Lawyer in Post St Lucie Jon L Martin, the author of “What Everyone ought to Know about Debt Relief Today!” 

  1. Don’t transfer assets to anyone unless it is a genuine sale for fair value.
  2. Don’t borrow money without talking to your attorney first
  3. Don’t write bad checks.
  4. Don’t put your money in your children’s bank account.
  5. Don’t hide assets or debts.
  1. Don’t gamble.
  2. Don’t make balance transfers.
  3. Don’t give of gift property to anyone.
  4. Don’t misrepresent facts to your attorney.
  5. Don’t assume you understand bankruptcy fully, ask your bankruptcy lawyer.

If you would like to schedule a FREE consultation with a Bankruptcy Lawyer Port St Lucie, please contact Jon L Martin Bankruptcy Attorney at (772)419-0057 or visit us online http://jonlmartinlaw.com/. With over 40 years of combined legal and business experience, we have helped hundreds of people in and around Martin and St Lucie County to relieve their financial problems. Bankruptcy Lawyer Port St Lucie Florida and a chairman of Martin County Bar Bankruptcy Committee Jon L. Martin helps clients throughout the following cities and surrounding areas: Hobe Sound, Jensen Beach, Palm City, Port Salerno, Port St. Lucie, Stuart, Vero Beach, and the entire Treasure Coast of Florida.