Spring Hill, FL Bankruptcy Law Firms & Lawyers

You may, but it is not possible to tell from the facts given. Things to consider: 1. The statute of limitations on a contract wholly in writing is 10 years. 2. The statute of limitations on a contract not wholly in writing is 5 years. Both periods are measured from breach, are restarted by payment, and may be extended by at least a written acknowledgment. 3. A contract which is not by its terms capable of being performed in one year must be in writing, signed by the party to be charged, to be enforceable.

Yes, of course it is an asset in any bankruptcy case.  The keys are what it is worth and what exemptions you have available under applicable state law to protect the asset. When you file a Chapter 7 case, everything you own or have a right to becomes--by operation of law--property of the Chapter 7 Trustee until he/she either gives the property back (called abandonment) or decides to sell it to pay your creditors.   If the asset is exempt (protected by state or federal law) then the Trustee cannot sell it without paying the value to you--up to the exemption amount. Do you already have a patent for your product?  If so, that certainly makes it worth more than one without a patent.  You need have your patent valued (perhaps by a patent attorney or another professional depending on what the invention is for) and then determine, along with an experienced bankruptcy attorney in your area, whether Chapter 7 is worth the risk. Chapter 13 may be another option if the value of your patent becomes an issue. Mark Markus has been practicing exclusively bankruptcy law in California since 1991.  He is a Certified Specialist in Bankruptcy Law by the State Bar of California Board of Legal Specialization,  AV-Rated by martindale.com, and A+ rated by the Better Business Bureau.      

Credit Unions often have a "cross-collateralization" clause in their contracts. If this clause is in the contract for one of the car loans (it is probably in both car loan contracts), then the car that is collateral for that loan is also collateral for the credit cards and any other debts you owe the credit union. That means that you will not get the title to the car until all those debts are paid in full. And, if you default on any of those debts the credit union has the right to repossess the car. In some circumstances, if you have had the car loan for long enough you might be able to "cramdown" the credit union debts in a Chapter 13 bankruptcy, where you end up only having to pay the credit union the current market value of the vehicle.