Okeechobee, FL Bankruptcy Law Firms & Lawyers

If the vehicle is surrendered before you file bankruptcy, it is likely it will be reported as a respossession.  Once you file, it should then report as included in bankruptcy.   If you file and surrender the vehicle in the bankruptcy, it should not be reported as a repossession, but as included in bankruptcy.   Discussing this with an attorney practicing bankruptcy law in your state would be in your best interest, as there may be options to allow you to exempt both the house and motorcycle.  

If the co-owner is not your spouse whose co-ownership interest is community property, and if the judgment lien attached after the co-owner acquired his or her ownership interest, then the judgment lien against you only attaches to your ownership share of the house. If the co-owner is not your spouse, and the judgment is not against the co-owner of the house, then the co-owner's share of the house is not subject to the lien of the judgment creditor. The judgment lien on a debtor's residence will survive a Chapter 7 or 13 bankruptcy case unless it can be avoided [extinguished] by a motion to the bankruptcy judge for an order avoiding the judgment lien on the ground that the lien impairs your homestead exemption. You will need a bankruptcy attorney to make such a motion. Several conditions must exist for the motion to succeed. First, you must prove you reside in the house. Second, you must prove that you have less equity in your house than the full amount of your automatic homestead exemption, but if the bankruptcy court would make an order reducing or eliminating the judgment lien, then that would produce equity up to the amount of your automatic homestead exemption. The amount of the automatic homestead exemption in California is $75,000 for a single person, and it is higher if you have a spouse or child residing in the house with you, and it is still higher if you are disabled or over the age of 65 or over the age of 55 with limited income.

You will be able to keep your business if you can exempt all the value of the business. If the business is not making a profit then its value is only the fair market value of the assets the LLC owns. You can exempt or protect a certain amount of property. The LLC is property and its value is the sum of the value if the assets in the name of the LLC. You need to see a bankruptcy lawyer to see how much property you can exempt. Property that you can not exempt can be sold by the bakruptcy trustee to pay your creditors. You should not even think about filing a bankruptcy case without an experienced bankruptcy attorney representing you.