Best Foreclosure Lawyers in Lake Worth, FL

Hardly! While the filing of a Petition in Bankruptcy will remain on your credit rating for ten years (as opposed to simple bad credit which will only remain for seven years), judgments resulting from lawsuits filed against you can remain in place for a maximum time of 20 years. Based upon my experience of representing over 3000 bankruptcy clients, many clients are able to obtain unsecured credit cards after one year, finance a new motor vehicle or purchase a home right after discharge.

If you do not file bankruptcy and a judgment is obtained against you, your wages may be garnished. This can only be accomplished after you have been served with a lawsuit and a judge has ruled against you after trial or based upon your failure to defend your case. If you do file bankruptcy, then your wages can never be garnished and judgments can never be obtained against you so long as all of your debts were listed on your bankruptcy petition.

Generally, the minimum period of time is ninety days. However, under certain circumstances, this period of time may be shorter. In order to use the exemptions available to residents of the State of Florida you must have lived here for the last 730 days (approximately 2 years). In addition, in order to utilize the full Florida homestead exemption, you must have lived within Florida for the last 1215 days (approximately 3 years 4 months).

Federal taxes are generally not dischargeable. However, if your 1040 income tax return was filed on a timely basis and was otherwise not fraudulently filed, then your income taxes may be discharged if they have become due and payable at least three years prior to the time that we file your petition in bankruptcy and if the taxes were assessed by the Internal Revenue Service for at least 240 days prior to the date of the filing. This is an extremely complex area of law and we can advise you better after your case is fully reviewed. If you had employees, then 941 taxes (tax withholding for employees) are never dischargeable nor is any sales tax discharged that is owed to the State of Florida. Penalties and fines may also be assessed. However, generally, if the tax itself is discharged, then the penalties and interest would also be discharged.

Debts obtained through fraud or deceit may not be discharged in bankruptcy. An example of an act which might not be dischargeable is securing a credit card or a mortgage by lying about your income. This is a complex area of law and these matters should be discussed with me.