Considering Bankruptcy: Some Questions Re Florida, Spouse, Circuit City, And "means Test"

Question:
we're considering bankruptcy and i had a few questions if anyone could give me some advice. 1. we're in florida, is there anything i should be concerned about with florida? 2. all the debt is in my spouse's name and she would be the one to file; however, she's not working and i'm the sole income. will i need to list my income? 3. we have a computer and a camera from circuit city, still being paid off. i've been reading that circuit city regards their purchases as "secured debt". should i expect they'll try to collect these items? 4. in regards to that, i have a few other computers that were paid for with cash. do these need to be reported? 5. i was reading on cnn archives about a new "means test" provision. can anyone explain that in more detail? thanks everyone, I appreciate the hel

Answer:
I think the means test applies to the new bankruptcy reform bill. I want to say it's not part of current bankruptcy law. As for the exemptions, each state has its own. You need to check with a bankruptcy attorney in your area about that. All assets need to be reported. That means your furniture, clothing, appliances, and computers. Since you have more than one computer, you can list one under the personal property exemption, the other under the tools of trade exemption. Even if the Circuit City computer and camera are used as security against the debt, they cannot take it from you if you are in bankruptcy without first asking the court to lift the automatic stay on any collection actions. They could petition the court to lift the stay, but I think they'll find that more trouble than what it's worth.





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