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We are trying to settle our debts with no luck. We are

Customer Question
We are trying to...

We are trying to settle our debts with no luck. We are beginning to think we are going to have to file a Chapter 13 to protect our home and assets. However, we have saved a significant amount of money to settle these debts. What do we do? One lawyer advised us that our cars were old and we should go buy one? That does not seem right.

Lawyer's Assistant: What state are you in? And has anything been officially filed?

Florida. Nothing has been filed, but there has been a motion for summary judgment submitted on behalf of one of our creditors. Their lawyer just keeps telling us that our offer is rejected.

Lawyer's Assistant: Has anything been filed in civil court? If so, what?

The Motion for Summary Judgment. We responded to the initial summons.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Not that I can think of.

Submitted: 10 months ago.Category: Bankruptcy Law
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Answered in 9 minutes by:
9/28/2017
Bankruptcy Lawyer: Ely, Counselor at Law replied 10 months ago
Ely
Ely, Counselor at Law
Category: Bankruptcy Law
Satisfied Customers: 103,583
Experience: Licensed attorney in private practice.
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Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. You may also be offered a phone call, but those don’t come from me and are offered by the website and you are under no obligation to accept.

I am sorry to hear about this situation. I am not sure what you are asking here, please. Are you asking if bankruptcy is the best way to go? Or, ways to "buy time," or what exactly?

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Customer reply replied 10 months ago
We think bankruptcy is our only option because creditors are unwilling to settle (probably because we own a home). However, we have saved quite a bit of money because we thought we would be able to settle instead of file bankruptcy. What do we do? Leave it and the courts will take it against our debt? One attorney advised us to buy a car because we do not own any good ones. It just seems like it would be against the rules.
Bankruptcy Lawyer: Ely, Counselor at Law replied 10 months ago

So you are asking if you should file bankruptcy, or, not?

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Customer reply replied 10 months ago
what do we do about our savings?
Bankruptcy Lawyer: Ely, Counselor at Law replied 10 months ago

I cannot tell you whether to file a bankruptcy or not. This is a personal choice. It would not be fair for me to even suggest what you should do. What I can say however is that in a Chapter 13 Bankruptcy, the money which is EXEMPT will be saved. See HERE and scroll down to Florida Personal Property Exemptions to see what is exempt, and this includes cash in your accounts (savings or not).

As for the vehicle, one can exempt up to $1,000 in motor vehicle equity, more if you are married and filing jointly. For details, so if your vehicle(s) is/are worth LESS than $1,000, that is why possibly your attorney is recommending this.

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