When a person decides to file a bankruptcy, all legal and equitable interest of the debtor in property as of the commencement of the bankruptcy case belong to the bankruptcy estate. The bankruptcy estate becomes the responsibility of the bankruptcy trustee who controls and administers the property of the estate. The bankruptcy trustee has duties to look for a property which he can collect and reduce to money for the benefit of the creditors left unpaid by the debtor who filed bankruptcy.
The trustee has the duty to look for assets which the bankruptcy debtor cannot protect under bankruptcy law. Generally, each debtor has a limited amount of assets that are protected under the law and their attorneys do a good job of listing the extent of the protection of these assets under bankruptcy and state law.
So how can you get in trouble filing bankruptcy in Florida? You can get in trouble by filing a bankruptcy that does not fully, completely, and accurately list all your assets. There must be a good faith estimate of the value of all of your property. Additionally, debtors may be subject to additional investigation by the trustee if there are incomplete and inaccurate schedules, payments to relatives or business associates prior to bankruptcy, undervalued vehicles with equity, tax refunds that are not protected, lawsuits that are pending, and credit card usage immediately before filing the bankruptcy. It seems then, the easiest way to get in trouble filing bankruptcy is filing one without an experienced bankruptcy attorney helping you!
Most people can fill out a few forms but only bankruptcy attorneys know the operating guidelines and reporting requirements of the bankruptcy trustee. Call the Law Office of Alberto H. Hernandez, P.A., at (305)820-0334, to set up an appointment with no obligation to discuss your case and your potential options.