In Florida, your home is protected as your homestead under Florida law. If you have a mortgage, you must keep making your mortgage payments, your home insurance and taxes, as well as your HOA, otherwise, you may face a foreclosure. If you are a renter, you must keep making your rent payments if you don’t want to be evicted.
Commonly, one can discharge either secured or unsecured debt. You can discharge your credit card debt, medical, past rent, past bills, unsecured loans. If your debt is secured such as a car loan or a mortgage on your home, you may discharge that that if you don’t want to keep either the car or the home. However, if you want to keep your car or your home, you must keep up your payments.
You will not suffer a tax consequences if your file a bankruptcy, unlike the situation where your creditor forgives your debt. In that case you may experience “phantom income” instead of the forgiven debt, and you may have to pay tax on the phantom income.
If your driver’s license was suspended for not paying certain debts or obligations, filing the bankruptcy may get your license re-instated.
You will keep your IRA and 401K, in fact, if your retirement account was set up according to the rules that are dictated by the IRS, then your retirement account is safe from creditors. However, you may lose the money in your savings or money market accounts, depending on the amount of money and your available exemptions.
No they are not. Support payments are not dischargeable in bankruptcy. Only family court can modify support payments.
Yes. Married individual may file individually. That discharges only the debt of the person who is filing. It does not discharge the debt of the spouse who did not file.
Property Settlement award are dischargeable in chapter 13 only, as long as it is not a result of fraud.