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I have a question about bankruptcy. Florida. No nothing i am…

Customer Question
Hi i have a...

Hi i have a question about bankruptcy

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

Florida

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

No nothing i am not sure if i want to do it but i have a few questions

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

I guess i can ask him directly ??

Submitted: 10 months ago.Category: Legal
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Customer reply replied 10 months ago
i have a house that i own, and am considering to rent for a short term lease 4-6 months starting in Dec 1.
I want to know is that possible if i dedicde to file my bankruptcy case within the next week or 2 ? or will that effect my case ? I have not filed anything or done anything.
Customer reply replied 10 months ago
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call.
Customer reply replied 10 months ago
Let me know if you need more information, or send me the service offer(s) so we can proceed.
Answered in 24 minutes by:
10/5/2017
Lawyer: KLAW, Lawyer replied 10 months ago
KLAW
KLAW, Lawyer
Category: Legal
Satisfied Customers: 2,493
Experience: I have over 20 years of experience in commercial real estate law, finance, consumer credit, landlord tenant, and business law.
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I​ cannot do a telephone call at this time, but I can answer online.

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Customer reply replied 10 months ago
ok
Customer reply replied 10 months ago
can you write to me here ?
Lawyer: KLAW, Lawyer replied 10 months ago

Yes. Please give me more details on your questions.

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Customer reply replied 10 months ago
i have a house that i own, and am considering to rent for a short term lease 4-6 months starting in Dec 1.
I want to know is that possible if i dedicde to file my bankruptcy case within the next week or 2 ? or will that effect my case ? I have not filed anything or done anything.
please let me know what other details ?
Customer reply replied 10 months ago
it will be a chapter 7 most probably as i have not had a job in the past 10 months
Lawyer: KLAW, Lawyer replied 10 months ago

Ok. Gove me a few minutes to work on your answer.

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Lawyer: KLAW, Lawyer replied 10 months ago

Do you have a mortgage on the house?

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Customer reply replied 10 months ago
i do and i am current on my mortgage and will contintue to be as i start a job Nov 1st
Lawyer: KLAW, Lawyer replied 10 months ago

Does the house have equity?

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Customer reply replied 10 months ago
it does have equity ...but does that matter in chapter 7 ?? in Florida my house is exempt right ?
Lawyer: KLAW, Lawyer replied 10 months ago

yes. Correct.

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Lawyer: KLAW, Lawyer replied 10 months ago

If you file a Chapter 7 bankruptcy, and if you rent out the property, it is no longer considered your primary residence, but the Trustee will consider it rental property. If the property has equity, meaning that the value of the property exceeds what is owed on the property, the trustee would almost definitely seize property and sell it to satisfy some or all of your unsecured debts as a rental.

If you live in the property, and don’t rent it out, the Constitutional Florida Homestead exemption protects the entire value of the home, but it must remain as your primary residence, where you live.

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Customer reply replied 10 months ago
even if i live in the hosue when i am filing ??
Lawyer: KLAW, Lawyer replied 10 months ago

N​O, I didn't know that you would still be living there. If you do live there, it would be considered your primary residence and exempt, but you would need to disclose the rental income on the bankruptcy petition.

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Customer reply replied 10 months ago
i live in my house now if i file next week for chapter 7 a;nd then rent my place Dec 1 will that be ok ?
Lawyer: KLAW, Lawyer replied 10 months ago

Bankruptcy Code Section 521(a)(1)(B)(vi) requires you to include on Schedule I (where you list your income) “a statement disclosing any reasonably anticipated increase in income or expenditures over the 12-month period following the date of the filing of the petition.” In other words, if you know for certain that a new job is about to be offered to you, or you will obtain rental income, you must reveal that fact in your petition. The general rule is that if your financial situation changes more than "nominally" , rental income is not nominal, prior to the close of your case (usually about 5 months after filing), you would need to prepare an amended budget.

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Lawyer: KLAW, Lawyer replied 10 months ago
If you have any other questions please just ask. Please don't forget to rate the question.
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