hi all

we're considering bankruptcy and i had a few questions if anyone could
give me some advice.

1. we're in florida, is there anything i should be concerned about
with florida?

2. all the debt is in my spouse's name and she would be the one to
file; however, she's not working and i'm the sole income. will i need
to list my income?

3. we have a computer and a camera from circuit city, still being paid
off. i've been reading that circuit city regards their purchases as
"secured debt". should i expect they'll try to collect these items?

4. in regards to that, i have a few other computers that were paid for
with cash. do these need to be reported?

5. i was reading on cnn archives about a new "means test" provision.
can anyone explain that in more detail?

thanks everyone, I appreciate the help.

I think the means test applies to the new bankruptcy reform bill. I
want to say it's not part of current bankruptcy law.

As for the exemptions, each state has its own. You need to check
with a bankruptcy attorney in your area about that. All assets need
to be reported. That means your furniture, clothing, appliances, and
computers. Since you have more than one computer, you can list one
under the personal property exemption, the other under the tools of
trade exemption.

Even if the Circuit City computer and camera are used as security
against the debt, they cannot take it from you if you are in
bankruptcy without first asking the court to lift the automatic stay
on any collection actions. They could petition the court to lift the
stay, but I think they'll find that more trouble than what it's
worth.

J.

"matt" <mylaptop@cfl.rr.com> wrote in message
news:4d8ed3f2.0308300536.5993b987@posting.google.c om... hi all we're considering bankruptcy and i had a few questions if anyone
could give me some advice. 1. we're in florida, is there anything i should be concerned
about with florida? 2. all the debt is in my spouse's name and she would be the one to file; however, she's not working and i'm the sole income. will i
need to list my income? 3. we have a computer and a camera from circuit city, still being
paid off. i've been reading that circuit city regards their purchases
as "secured debt". should i expect they'll try to collect these
items? 4. in regards to that, i have a few other computers that were paid
for with cash. do these need to be reported? 5. i was reading on cnn archives about a new "means test"
provision. can anyone explain that in more detail? thanks everyone, I appreciate the help.

"matt" <mylaptop@cfl.rr.com> wrote in message
news:4d8ed3f2.0308300536.5993b987@posting.google.c om... hi all we're considering bankruptcy and i had a few questions if anyone could give me some advice. 1. we're in florida, is there anything i should be concerned about with florida?

Yeah. It's really hot down there in August.

With the generous homestead exemption, Florida is actually a debtor friendly
state. For more detailed information, of course, speak with an attorney.
2. all the debt is in my spouse's name and she would be the one to file; however, she's not working and i'm the sole income. will i need to list my income?

Directly, no.

3. we have a computer and a camera from circuit city, still being paid off. i've been reading that circuit city regards their purchases as "secured debt". should i expect they'll try to collect these items?

In theory they likely could...in reality, they probably would not go through
the trouble of trying to repossess them.

4. in regards to that, i have a few other computers that were paid for with cash. do these need to be reported?

You would report them as assets, and probably they can be exempted.
Obviously, if you paid with cash, you would have no creditors to worry about
as far as repossessing them was concerned.
5. i was reading on cnn archives about a new "means test" provision. can anyone explain that in more detail?

It won't apply to you if you file anytime soon. This is a possible part of
new bk legislation, which may or may not even become law.
thanks everyone, I appreciate the help.

Sure. It's a slow day here on the ranch.


--



*****

Rob Stumpf, Esq.

Stumpf and Ginter, Attorneys at Law
Practicing Bankruptcy in NY and NJ

visit us at www.online-law-firm.com
or email rob@online-law-firm.com


Disclaimer: No email or newsgroup communication is to be construed to
establish any sort of an attorney-client relationship, is not legal advice,
and is not a replacement for the advice of a competent attorney in your
jurisdiction.

> 1. we're in florida, is there anything i should be concerned
about with florida?

Love bugs.
2. all the debt is in my spouse's name and she would be the one
to file; however, she's not working and i'm the sole income. will
i need to list my income?

In a Chapter 13, yes. In a Chapter 7, probably not.
3. we have a computer and a camera from circuit city, still
being paid off. i've been reading that circuit city regards their
purchases as "secured debt". should i expect they'll try to collect these
items?

Unlikely.
4. in regards to that, i have a few other computers that were
paid for with cash. do these need to be reported?

Certainly. *All* assets need to be listed.
5. i was reading on cnn archives about a new "means test"
provision. can anyone explain that in more detail?

It is only in BARF, which has not yet been passed by Congress.
Assuming you file soon, it won't affect you.

I have written a Bankruptcy FAQ which should answer many of your
questions about what is involved--it may be found at
http://users.erols.com/lawyer/FAQ/br_faq.htm.

I strongly recommend speaking with a local bankruptcy attorney.
Most offer free initial consultations and he or she should be
able to review your specific situation and let you know what you
can and can't do.

Take care.

--
Brett

************************************************** ***************
* Personal Injury/Malpractice Bankruptcy *
* *
* BRETT WEISS, P.C. *
* Attorneys at Law *
* Maryland, D.C. and Federal Bars *
* lawyer@erols.com *
* http://www.erols.com/lawyer *
* *
* Small Business Estates & Estate Planning *
************************************************** ***************

The Small Print: This response is for discussion purposes only.
It isn't meant to be legal advice and you shouldn't treat it as
such. If you want legal advice, speak with a local lawyer
familiar with your state's laws who can review *all* of the facts
and the law applicable to your situation.
************************************************** ***************

On 30 Aug 2003 06:36:39 -0700, mylaptop@cfl.rr.com (matt) wrote:
hi allwe're considering bankruptcy and i had a few questions if anyone couldgive me some advice.

I am not an attorney, but am going through C7 now, so I'll try...
1. we're in florida, is there anything i should be concerned aboutwith florida?

As stated before, Florida has a very good homestead exemption policy -
basically that you can keep your house (whether owned outright or
still under mortgage). Florida also has (I beleive) a $1K each
personal and car exemption. Your personal property is typically valued
at "garage-sale" or "flea-market" prices. The car exemption is the
only real poor point as you may need to pay back the difference
between the $1K and what the car is worth (in "used-car purchased from
dealer" price).
2. all the debt is in my spouse's name and she would be the one tofile; however, she's not working and i'm the sole income. will i needto list my income?

See an attorney.
3. we have a computer and a camera from circuit city, still being paidoff. i've been reading that circuit city regards their purchases as"secured debt". should i expect they'll try to collect these items?

I don't see how they can consider these items as "secured" when you
have possesion of the items. They may ask you to surrender, return or
pay for the items, but chances are they won't bother.
4. in regards to that, i have a few other computers that were paid forwith cash. do these need to be reported?

Personal property. Find a way to fit them into the $1K exemption (or
if they are obsolete you might not bother to list them as they could
be considered "scap" and/or "worthless").
5. i was reading on cnn archives about a new "means test" provision.can anyone explain that in more detail?

See an attorney.
thanks everyone, I appreciate the help.

Just remember that whatever you read needs to be passed through the
standard internet disclaimer. It is hearsay and/or rumor and/or not a
fact until proven otherwise by an attorney. Consult a local attorney
and retain one before starting any serious actions on bk.

-- Styro
Standard internet disclaimers apply. I am not an attorney. Find and
retain an attorney if you need legal advice. You have been warned.

Matt,

In answer to some of your questions:

2. Normally, your income will be listed on the petition even though you are
not filing.

3. You can discuss with Circuit City whether they will be willing to
reaffirm the debts meaning that they will continue to allow you to finish
making the payments or redeem the property for the current value as opposed
to what is owed. Sometimes a lender will allow you to reaffirm and let you
continue making the payments as they will naturally do better with that than
picking up the property and trying to sell it later used.

4. One thing that you definitely need to understand is that when you or
your wife or both of you file bankruptcy, everything you own becomes
property of the bankruptcy estate. That being said, should answer the
question about the computers.
--
Glen Hughes, CPA
www.glenhughescpa.com
glen@glenhughescpa.com
"matt" <mylaptop@cfl.rr.com> wrote in message
news:4d8ed3f2.0308300536.5993b987@posting.google.c om... hi all we're considering bankruptcy and i had a few questions if anyone could give me some advice. 1. we're in florida, is there anything i should be concerned about with florida? 2. all the debt is in my spouse's name and she would be the one to file; however, she's not working and i'm the sole income. will i need to list my income? 3. we have a computer and a camera from circuit city, still being paid off. i've been reading that circuit city regards their purchases as "secured debt". should i expect they'll try to collect these items? 4. in regards to that, i have a few other computers that were paid for with cash. do these need to be reported? 5. i was reading on cnn archives about a new "means test" provision. can anyone explain that in more detail? thanks everyone, I appreciate the help.

I wouldn't reaffirm on the Circuit City stuff...he probably owes more
than what the stuff is worth. Why hold on to a high-interest debt that
exceeds the value of the asset?

J.

Glen Hughes, CPA wrote: Matt, In answer to some of your questions: 2. Normally, your income will be listed on the petition even though you are not filing. 3. You can discuss with Circuit City whether they will be willing to reaffirm the debts meaning that they will continue to allow you to finish making the payments or redeem the property for the current value as opposed to what is owed. Sometimes a lender will allow you to reaffirm and let you continue making the payments as they will naturally do better with that than picking up the property and trying to sell it later used. 4. One thing that you definitely need to understand is that when you or your wife or both of you file bankruptcy, everything you own becomes property of the bankruptcy estate. That being said, should answer the question about the computers. -- Glen Hughes, CPA www.glenhughescpa.com glen@glenhughescpa.com "matt" <mylaptop@cfl.rr.com> wrote in message news:4d8ed3f2.0308300536.5993b987@posting.google.c om...