How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Terry L. Your Own Question

Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2523
Experience:  Better Business Bur 15yrs bankruptcy experience. Chicago Bar
15345323
Type Your Bankruptcy Law Question Here...
Terry L. is online now
A new question is answered every 9 seconds

1. I am presently resolving my debts through a company called,

Customer Question

1. I am presently resolving "my" debts through a company called, "Debt Settlement America" located in Dallas Texas at 1(NNN) NNN-NNNN My wifes debts are not involved. 2. My wife and I are Florida residents. 3. Question #1-Can my assests be siezed ie. car, home, property, retirement wagies( New Jersey State, VA, Air Force, Social Security). 4. Question #2 can my assest as described above be siezed in the state of Florida.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 5 years ago.
I need more information to answer this question.
Are you asking about a bankruptcy case?
Each state has certain state or federal bankruptcy exemptions to use to protect some assets in bankruptcy. If the assets are more valuable than can be protected by the exemptions, then a chapter 13 can be used to pay back a portion of the debts, enough to protect the assets.
If you have any other questions, let me know.
Thanks
Terry
Customer: replied 5 years ago.

1. We reside in Florida 2. Income for retirement comes from U. S. Air Force, VA disability, Social Security, and New Jersey State retirement. I am NOT filing for bankruptcy. 3. I am use a debt settlement company as idicated above with their phone number. 4. I have monthy deductions from my bank account and that is put in to," Rocky Mountain Bank and Trust. Debt Settlement America settles my debt with this accummulated fund.

 

I owen 4 cars free and clear. The mobile home is paid for and is titled in both our names. The property has a lien and is in my wifes name.

 

 

 

 

kWe own

Expert:  Terry L. replied 5 years ago.
If you do not pay, or have made payment arrangements with the creditors, they can sue you and freeze any assets to pay the debt. Normally, creditors look to freeze liquid assets like bank accounts, stock accounts, garnish wages, and put a lien on real estate to secure the debt owed in the even they get a judgment awarded. So, if you continue your payment plan with the debt negotiators, and the creditors accept that plan, you should be fine. Be careful of any tax consequences that may arrise.
Customer: replied 5 years ago.

Thank you in advance for your prompt reply. I mean no disrespect but it appears that you have not researched what a debt settlement company does, I mean how they process clients through the debt settlement process. A reply without all the facts is no reply.

 

Jeffrey Kersey

Expert:  Terry L. replied 5 years ago.
I do debt settlements myself.
1. No assets are seized when you do a debt settlement. You are just negotiating with a creditor to accept a certain amount to call it even.
2. If a creditor sues you, you are allowed to use your state exemptions to protect assets.
Florida's exemption statutes can be found here: http://www.flsenate.gov/Statutes/index.cfm?App_mode=Display_Statute&URL=Ch0196/titl0196.htm

If this does not answer your question, then I do not understand what you are asking, please rephrase your complete question.

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
< Last | Next >
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
  • http://ww2.justanswer.com/uploads/TL/tleeders/2012-6-13_204815_TSL1.64x64.jpg Terry L.'s Avatar

    Terry L.

    Attorney

    Satisfied Customers:

    2204
    Better Business Bur 15yrs bankruptcy experience. Chicago Bar
  • http://ww2.justanswer.com/uploads/mnphillips2/2009-03-13_203105_10984459-249293407.jpeg Phillips Esq.'s Avatar

    Phillips Esq.

    Attorney-at-Law

    Satisfied Customers:

    950
    B.A.; M.B.A.; J.D.
  • http://ww2.justanswer.com/uploads/CO/cortrightlaw/2011-12-5_4117_Kevin.64x64.JPG cortrightlaw's Avatar

    cortrightlaw

    Attorney

    Satisfied Customers:

    490
    Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
  • http://ww2.justanswer.com/uploads/Jay1968/2006-12-03_004423_JoeRossPhoto.jpg JoeLawyer's Avatar

    JoeLawyer

    Attorney

    Satisfied Customers:

    376
    Attorney in the practice of Bankruptcy Law since 1996
  • http://ww2.justanswer.com/uploads/DY/Dylatess/2012-9-11_1968_BHBTemplePhoto.64x64.jpg dylatess's Avatar

    dylatess

    Attorney

    Satisfied Customers:

    370
    35 plus years of experience specializing in bankruptcy law
  • http://ww2.justanswer.com/uploads/US/USLawAnswers/2012-9-20_23143_20090105211638Headshot3b.64x64.jpg Brent Blanchard's Avatar

    Brent Blanchard

    Bankruptcy Attorney

    Satisfied Customers:

    315
    Twelve years experience in all aspects of debtor & creditor BK.